Blockchain Hustlers has released its second episode detailing how entrepreneurs use the BSV blockchain to power innovative new products and services. This episode features Mohammad Jaber from Elas as he showcases the world’s first multiparty Bitcoin wallet.
What is Signavera?
Jaber begins by describing that Signavera was built by Elas after they identified the need for a multi-signature wallet using the Paymail protocol.
It soon became something much bigger due to the realization that many different aspects of online collaboration require multiple parties to engage and digitally sign documents. He gives the example of attestation. In this way, it became much bigger than a multi-signature wallet.
Revealing Signavera’s world-first multi-party wallet!#BlockchainHustler, @elas_co's @mojaber @mojaber shows how to set up and use the Signavera suite’s Paymail-enabled multi-sig Bitcoin wallet.
Watch the sleekest Bitcoin multi-sig experience unfold: https://t.co/HFYRoOWWLs
— Bitcoin SV (@BitcoinSVNode) November 10, 2022
Users will enjoy a seamless user experience thanks to handy Paymail handles. Users can also set conditions that each will have to fulfill to sign.
For example, three friends could share a wallet with a Paymail handle. For any activity to occur on this wallet, it would require two out of three to be able to send the transaction.
Jaber explains that these features are already in place for the money management aspect. It will soon be in place for all other features that require multi-party attestation.
A Signavera product walkthrough
Jaber explains that when you create a Signavera account, you’ll automatically be given an individual Paymail account which is the standard in all wallets.
He then shows us how to build additional accounts with additional members.
- First, he creates an additional account name.
- Next, he adds users to the account.
- He then funds the account from his HandCash wallet.
- He enters a recipient username and amount to send.
- He waits for two other parties to sign.
- He then signs himself to verify the transaction.
- The transaction then arrives in the HandCash wallet.
How Paymail and Bitcoin SV make this possible
“Paymail makes all of the activity between wallets interoperable and seamless,” Jaber says. This helps attract users who aren’t necessarily tech-savvy.
The bare cost of doing the transaction would be quite expensive on other blockchains due to the additional weight in the script, but Bitcoin SV makes it cost-effective.
Key takeaways from this episode of Blockchain Hustlers
- Elas is building Signavera, a multi-signature wallet using the paymail protocol.
- Signavera will allow multiple users to set up wallets where the majority will have to sign before funds can be moved.
- This makes the most sense on Bitcoin SV thanks to its low transaction fees and high throughput.
Watch: The BSV Global Blockchain Convention presentation, Elas: Creating private, permissioned ledgers on the public blockchain
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.