The Hong Kong-based cryptocurrency exchange, Bitfinex, has recently released a new ‘smidgen’ IOTA multisignature wallet. The exchange was one of the first ones to trade IOTA for USD/BTC/ETH in June this year.
So far, IOTA fans had only two options: either keeping funds on an exchange or use an original, online-based, IOTA wallet.
Multisignature wallet adds an extra layer of security. Such a wallet has multiple addresses which require more than one seed for each transaction. One or multiple people own each seed (password).
For a transaction to go through, it has to be confirmed with a chosen amount of seeds. It can be done by either one person who owns all seeds, or multiple people that will have their seed.
IOTA is an open-source cryptocurrency that is built on a blockless distributed ledger ‘Tangle’ that has unlimited scalability. The new technology is used for IoT and machine-to-machine payments.
Tangle allows some users to grow continuously and the more users there are, the faster the network becomes.
How to Set Up IOTA Multisignature Wallet
The multisig wallet is still in its beta version, but you can already start the installation process. Bear in mind, the installation process is not the easiest, and it requires a basic JavaScript and coding knowledge.
The entire process is explained on Bitfinex website, including the commands you have to input to install the wallet.
But the first steps is to download Node.js on your computer. Without it, you won’t be able to install the relevant code from IOTA JavaScript library and execute the correct command for a wallet.
What you need is:
- Node.js installed on your computer
- IOTA JavaScript code: npm install iota.lib.js
- IOTA Multisig Wallet command: npm install -g smidgen
- Your seed that should have been created before (you can use the official IOTA channel)
Afterwards, follow the correct commands from Bitfinex. The process should be straightforward but keep in mind that it’s still a test version so do not transfer all of your funds immediately. Spread them between your Light wallet and multisig.
If you want to buy one of the fastest growing cryptocurrencies, IOTA, you can do it with Bitfinex without a lenghty verification process.
Let us know your experience with installing the IOTA multisignature wallet and if you found everything you needed in the comments below!
