Post
Topic
Board Altcoin Discussion
Re: XC uses multisig address and transaction? The answer is NO!! Look at facts here!
by
synechist
on 17/08/2014, 07:52:39 UTC
If EVERY node has to sign(meaning multiple signers)  it is multi-sig.  It is a trustless version, unlike supers where coins can be stolen.

lol - every node on the network? You understand that multi-sig is just an extension of pay-to-script-hash, right? When you understand P2SH we can talk.

No, not every node on the network.

For a transaction, an ad-hoc "network" is set up between participating nodes.

Most nodes participating will receive fragments of the transaction and sent them on.

Some nodes are redundant.

If a node fails to sign, then it gets booted out of the transaction, the ad-hoc network resyncs, and another node takes its place.

If all participating nodes sign, this sends the fragments onwards to other nodes.

As such, m-of-m signatures are required for each fragment to be sent, hence the term "multisig".

You're all welcome to dispute the applicability of the term, since multisig addresses aren't used. However regardless of what you call it, multiple signatures are required for each transaction.