The developer team and the community backing the Monero cryptocurrency is currently working on a very interesting project of incorporating multisignature technology and support. The multi signature implementation is said to have officially entered the testing phase and we could see it merging with the main code anytime soon in the future, although no official date for it has been announced as of now.
Multisignature Wallet structure offers an additional layer of security to your cryptocurrency wallets. Such wallets require authorization from multiple users before transferring of funds. Bitcoin has been using the multisignature wallet structure since long and now even the Monero’s developer community is looking to implement the same in its infrastructure.
The solution for implementing this technology has been in the work since long however, just recently, few changes have been made in the Github report of Monero’s multisig development. Two days back, the community removed the tag “DO NOT MERGE” which indicates that a considerable progress has been done in this project. The person behind this multisig development project has asked the community to test and implement it in near future.
One of the most appreciable thing is that the multisig development project has been funded by the community itself and has not received any financial backing like other cryptocurrencies. This reflects the seriousness and involvement of the community and ensures longevity.
Monero’s multisig project offers all the main benefits like many other cryptocurrencies. Monero community aims to benefit even online stores and third party vendors from this implementation. Many of the darknet marketplaces are waiting for Monero’s mutilsig technology to get fully developed which will later give a green signal for accepting Monero. The recent entry of the project in the testing phase convinces us that the community is actively working on it and may soon implement it for mainstream use.
With darknet marketplaces entering Bitcoin, the growth of Bitcoin was dramatically high and its valuations have soared at unprecedented rate. The same could also be possible with Monero, however it is too early to say anything as of now.
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