Quote from: Istanbul34 on February 10, 2015, 01:38:54 PM

Quote from: 13Darko on February 10, 2015, 01:26:13 PM

Quote from: kodtycoon on February 09, 2015, 08:19:12 PM

Quote from: nzminer on February 09, 2015, 08:00:43 PM

What was the big deal about multisig anyway?
Im not sure why the devs wanted to add this before launch, I would have been happy to wait for it to be added later but it is a good feature, but i should also mention that there are other coins currently already using it.

1) devs will be in control of a huge amount of coins and do not want to risk holding them in regular accounts.. 1 hack = devs lose credibility and nem dies.

2) other coins do have multisig, but not blockchain based multisig. there is a MASSIVE difference.

3) the more skeptical investors, or risk averse, will feel much safer investing in Nem knowing they can secure their investment safely with multisig.

4) 3rd parties(exchanges, payment processors et al) will be able to use multisig to secure funds so we wont have any mtgox, bter, bitstamp [and so] type hacks which make the coin stolen look bad even though its nothing to do with the actual coin(most of the time). also we wont ever end up in the position of nxt having to think about a roll back to recover 5% worth of coins that got stolen.

having multisig ready for launch was the BEST move the devs could have made.

Multisig is a great feature, but you are wrong saying that other coins don't have their blockchain based multisigs. Well, maybe at the moment they don't, but the will have it. And I'm talking about NXT right now. They are implementing their own realization of multisig in v.1.6 - 1.7 of NRS called "two-phased transactions", which they state is "much more powerful".

Here is the thread about it on their official forum.

And that's not all!

With their "Account Control" release it will be more powerful.

NXT's multisig is made by Kushti who is a very talented developer and he deserves respect for his hard work. As far as I can the base of their multisig will be more or less like NEM's but it will have some integration with voting and/or account control. At that point multisig does gain a lot more power and utility.

I think it would be really cool if NEM's multisig developed along a similar line. Right now this is just the first version and the devs just wanted to make sure just the basics were working so we can go forward with launch.