Creating Multisig Addresses Using Electrum’s createmultisig Command
In this article, we will explore how to create two out 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 the three multisig addresses using electrum’s 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 your Electrum wallet with private keys for each of the two public key wallets we’re going to 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.
Sample Output
Here is an example of the 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)
Second Public Key Wallet 1:
- Master Private Key: 0x101112131415 (512 bits)
- Second Private Key: 0x2223444556667789 (256 bits)
- Third Private Key: 0x3334445556667789 (384 bits)
Wallet with third public key 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 a single multisig address that uses both public keys we created.
Conclusion
Creating multisig addresses using electrum’s createmultisig command is a convenient and efficient way to manage multiple accounts on your Ethereum private keys. Following these steps, you can create two of the three multisig addresses using public keys rather than master private keys. This setup allows for secure sharing of access to funds among multiple individuals or organizations while maintaining individual control over the funds.
