EOS Guide: Keep your EOS account SAFE using Multisig Structure

eosdacvietnam (46)in #eos • 6 years ago (edited)

_{Please read this first: Advanced EOS Multisignature Tutorial to understand EOS Multisignature}
Recommend: Using Scatter Desktop, not Scatter extension on Chrome

Look at my testing account first:

What is the problem here?
_{If I lose my Active Key, I can use my Owner Key to change it.}

If someone steals my Owner Key, that bad guy can take over my account. I will lose it forever.

To avoid that, we should apply Multisig Structure on our EOS accounts.

1. Set up multisig permissions on your account:

Login your EOS account with your Owner Key on bloks.io => Wallet => Permissions Manager
I focus on Owner first. You can use this guide for your Active later. Let's change it.

What changes on the above picture:
_{* Owner is the first layer, so let its Parent blank}
1)Threshold: 2 (always >= 2)
2)Keys: delete all keys (because a key without the highest threshold cannot make a msig transaction)
_{* We should use accounts, please prepare the number of accounts > Threshold. In this guide, I prepare 3 accounts. The reason is that if you lose 1 account, you still have 2 left to make a msig transaction}
3)Accounts: add 3 accounts 13jjjjjjjjjj@active, iloveueosdac@active, and 1rtkjeosdac1@active with threshold 1 for each

Click Save Permission
When completed, check out your account permissions

2. Create a msig transaction (change permissions, tranfer tokens, stake, unstake, delegate, undelegate, buy/sell RAM, etc.):

In this guide, I am gonna transfer tokens

Pick up 1 of 3 accounts to login (I choose 13jjjjjjjjjj@active) and turn on Multisig Mode
Go to Wallet => Transfer Tokens
Click Transfer 0.01 EOS to iloveueosdac
Then, you will turn to Propose Multisig Transaction
Put on the transaction information

_{* Proposal name: put on anything you want, but it is not longer than 12 characters}
_{* Requested Approvals: my Owner Threshold is 2, so just pick up 2 of 3 accounts}

_{* Authorization: put on your Sender account. Here is account4test and owner (I put on owner because all of my Requested Approvals are on Owner Permissions)}
_{* Data: from: change 13jjjjjjjjjj to account4test (tranfer tokens from account4test, not 13jjjjjjjjjj)}

Click Propose
When completed, click on msigtxtest

Turn off Multisig Mode
Use the first approval account 13jjjjjjjjjj and click Approve Transaction
Logout and Login the second approval account iloveueosdac and click Approve Transaction
Now you have 2 approvals, then click Execute Transaction
Congratulations! Your msig transaction is done!
When completed, click F5 and you will see
Check out the transaction on account4test