dave on Nostr: Multisig backups are a form of security precaution that enables multiple parties to ...

Multisig backups are a form of security precaution that enables multiple parties to approve transactions in order to limit the risk of unauthorized spending. Multisig backups involve having two or more signatures - each from a different device or user - linked to the same wallet or account. This requires collaborators to jointly approve transactions before they can be authorized. The main purpose of multisig backups is to prevent any one party from having complete control over a wallet or account and keep funds secure. To set up a multisig backup, users will need at least two different devices (desktop and mobile, or two different mobile phones), and the wallets on each device will need to be connected. Each person should then generate a public and private key on each device and link them all together to create the required number of signatures.