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RE: Should community curation accounts use multisig
Should this account use multisig active authority?
What is "multisig active authority"? Would you please explain.
In our community the authority is called TRUST - an I'm very happy with it.
Yes. So, in my past experience, we had a community curation account that would also send out delegation rewards. The problem arose towards the end of 2021 when the curator account was 100% powered down. The reason that was given was that these funds would be distributed to the delegators within the community.
When the funds finally arrived in liquid Steem, they were withdrawn to exchange and none of it went to the delegators. This happened twice in a row and I was kept in the dark. This is why most of the community members including me lost trust and ended up withdrawing delegations.
The way I see a multisig active authority account is that more than 1 signature would be required to make any transactions using the active key.
Let's take the example of @deutschunplugged. I believe that you and the other two MODS all have access to the active key of the account. In this case, either one of you can(not saying that any of you will) initiate a power down and worst-case scenario steal the funds of that account and disappear(Pretty much what happened in the case of Best of India).
However, if this was a multisig account, you along with the two mods would have partial access to the funds. So, in order to make transfers, you would require the signatures from either all three or the majority of the MODS/ADMINS(This part will be configurable).
This I feel helps bring trust back. Additionally, this would also help all the high stakes holders like yourself to add an additional layer of security to your funds. If you made your own wallet a multi-sig wallet, then one would require more than 1 active key signature to move funds out of the wallet.
Oh No, this is so sad. This can really hurt. Thanks for explaining this, its much more clearer to me what multisig is .
And i'm so sorry that you had such sad experience.
Oh, many, many thanks for this detailed comment - now I understood the question.... 😇
Okay, since the embezzlement of community credits has obviously already taken place and also takes place "in secret" (accounts are called community accounts, but in the end only one account owner enriches himself from them), I think your suggestion is very good. Even if it will be a bit annoying sometimes. For example, I'm thinking of our weekly payment of contest winnings - it's a bigger hassle to have to coordinate for that first.
Nevertheless: If the idea is feasible, I think it's good!
I was about aking this , thanks for asking that same question sir.
I‘m a lady… 😉
Oh wow😃, thank you for the correction. And trust me i never knew this and i beleive many doesnt know as well, but its nice to know this today.
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