Creating Multisig Addresses with Electrum's createmultisig Command
In this article, we will explore how to create two of three multisig addresses using the electrum console and its createmultisig command. This is a useful tool for securing your Ethereum private keys and managing access to multiple accounts.
Background on Multisig Wallets
Multisig wallets are designed to allow multiple individuals or organizations to contribute to the security of an Ethereum address, while still allowing only one person to spend funds from that wallet. In this case, we will create two out of three multisig addresses using public keys, rather than master private keys.
Electrum's createmultisig Command
The createmultisig command is a powerful tool for creating multisig wallets. It allows you to generate multiple multisig addresses with different key sizes and configurations.
Here are the general steps to create two of three multisig addresses using electrum's createmultisig command:
Launch 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 '["1st public key wallet 1", "1st public key wallet 2"]'
This will generate three multisig addresses with different key sizes and configurations.
Example Output
Here's an example output from the command above:
Multisig Address Key Size
1st Public Key Wallet 1:
* Master Private Key: 0x1234567890abcdef (512 bits)
* Second Private Key: 0x8765432109876543210 (256 bits)
* Third Private Key: 0x345678901234567890 (384 bits)
2nd Public Key Wallet 1:
* Master Private Key: 0x101112131415 (512 bits)
* Second Private Key: 0x2223444556667789 (256 bits)
* Third Private Key: 0x3334445556667789 (384 bits)
3rd Public Key Wallet 2:
* Master Private Key: 0x9012345678901234567 (512 bits)
* Second Private Key: 0x1111222233445556 (256 bits)
* Third Private Key: 0x2222223334445556 (384 bits)
Creating a Single Multisig Address
To create a single multisig address using these two wallets, you can use the following command:
electrum createmultisig 1 '["1st public key wallet 1", "3rd public key wallet 2"]'
This will generate one multisig address that uses both of the public keys we created.
Conclusion
Creating multisig addresses with electrum's createmultisig command is a convenient and efficient way to manage multiple accounts on your Ethereum private keys. By following these steps, you can create two out of three multisig addresses using public keys, rather than master private keys. This setup allows for secure sharing of access to funds between multiple individuals or organizations while still maintaining individual control over the funds.