🔐What is Wallet Multi-Signature + Timelock
1⃣ Multi-Signature
✅ Definition:
A mechanism that requires multiple private keys to jointly sign to execute a transaction (e.g., 2/3 means that 3 people hold private keys, and at least 2 people must approve to transfer funds)
✅ Mainstream Tools:
Gnosis Safe (most commonly used on Ethereum)
Bitcoin Core (native multi-signature for Bitcoin)
Ledger/Trezor (hardware wallet multi-signature solutions)
2⃣ What is a Timelock?
⏳ Definition: A smart contract feature that enforces a delay before executing a transaction (e.g., it can only take effect after 24 hours).
⏳ Core Function:
Prevent hacking: Even if the private key is leaked, there is time to cancel the transaction
Prevent rug pulls: The project team cannot suddenly withdraw funds
Governance transparency: DAO proposals must be executed after a public notice period
3⃣ Multi-Signature + Timelock Combination
🛡 An operation that increases security level by 10 times:
Set up 3/5 multi-signature (5 devices/people manage the keys)
Bind a 72-hour timelock (all large transactions are delayed for 3 days)
Emergency freeze function (can terminate pending transactions if anomalies are found)
4⃣ How do ordinary users configure it?
🔧 Simple Solution:
Use Gnosis Safe to create a 2/3 multi-signature wallet
Store 1 private key each on a mobile phone + computer + hardware wallet
Enable a 24-hour transaction delay
Test with small amounts before depositing large amounts
