This is terrible fucking advice. ๐คฆโโ๏ธ
One should NEVER introduce a single point of failure; lose one key & they're fucked. ๐ซ
There should always be at least one contingency key so users don't risk locking themselves out of their own funds. ๐โโ๏ธ
Best multisig practice is:
1. X-of-Y
2. X < Y
3. X & Y are odd
4. X is a majority
Examples (and example use cases):
2-of-3 (single user grade; single contingency)
3-of-5 (small-medium business grade; double contingency)
5-of-7 (institutional grade; double contingency)
5-of-9 (institutional board voting; quadruple contingency)
7-of-9 (institutional high security; double contingency)
7-of-11 (institutional high security; quadruple contingency)
9-of-11 (nation-state security; double contingency)
All of these introduce increased security without introducing single points of failure that could risk fund lockup from lost keys. ๐
Be a good sherpa. ๐ค
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Replies (1)
Different setups work for different people.
Some people the wallet config file, it stresses them out and can be difficult for an heir to figure out if the worst happens.
So a 3of3 or 2of2 is a super viable setup, backups are needed.
View quoted note โ