Creating MultiSig Addresses with Electrum createmultisig
Command
In this article, we will look at how to create two out of three multisig addresses using the electrum console and the createmultisig
command. This is a useful tool for securing Ethereum private keys and managing access to multiple accounts.
Background on Multisig Wallets
Multisig wallets are designed to allow multiple people or organizations to contribute to the security of an Ethereum address, while still allowing only one person to spend money from the wallet. In this case, we will create two out of three multisig addresses using public keys, rather than master private keys.
The Electrum createmultisig
Command
The createmultisig
command is a powerful tool for creating multisig wallets. It allows you to create multiple multisig addresses with different key sizes and configurations.
Here are the general steps to create two of the three multisig addresses using the electrum createmultisig
command:
- Start Electrum: Start by launching the electrum console on your computer.
- Set up your Electrum wallet: If you haven’t already, set up an electrum wallet with the private keys for each of the two public key wallets we will create.
- Generate multisig addresses: Run the following command in a new terminal window:
electrum createmultisig 2 '["Public key wallet 1", "Public key wallet 1"]'
This will generate three multisig addresses with different key sizes and configurations.
Example Output
Here is an example of the output from the above command:
Multisig Address Key Size
Public Key Wallet 1:
- Primary Private Key: 0x1234567890abcdef (512 bits)
- Secondary Private Key: 0x8765432109876543210 (256 bits)
- Secondary Private Key: 0x345678901234567890 (384 bits)
Public Key Wallet 2:
- Primary Private Key: 0x101112131415 (512 bits)
- Secondary Private Key: 0x2223444556667789 (256 bits)
- Secondary Private Key: 0x3334445556667789 (384 bits)
Public Key Wallet 3:
- Primary Private Key: 0x9012345678901234567 (512 bits)
- Secondary Private Key: 0x1111222233445556 (256 bits)
- Tertiary Private Key: 0x2222223334445556 (384 bits)
Create a Single Multisig Address
To create a single multisig address with these two wallets, use the following command:
electrum createmultisig 1 '["Public Key Wallet 1", "Public Key Wallet 3"]'
This will generate a multisig address that uses both of the public keys we created use.
Conclusion
Creating multisig addresses with electrum’s “createmultisig” command is a convenient and efficient way to manage multiple accounts on Ethereum private keys. By following these steps, you can create two out of three multisig addresses using public keys rather than a master private key. This setup allows you to securely share access to your funds among multiple individuals or organizations while still maintaining individual control over your funds.