Quote from: sevenyears26 on November 28, 2014, 05:35:12 PM

Quote from: patmast3r on November 28, 2014, 05:30:07 PM

Quote from: AmusedClam84 on November 28, 2014, 05:22:41 PM

Quote from: jabo38 on November 28, 2014, 04:06:40 PM

Quote from: gimre on November 28, 2014, 03:54:49 PM

Quote from: mixmaster on November 28, 2014, 12:48:09 PM

For me the most important issue is the not yet implemented/well tested multisig feature. There will be development funds and they should not be managed by singular persons. Everybody should understand that this is for public benefit.

It's good that we have beta builds, that are available for public testing.

having developer funds in multi-sig from day 1 is a very respectable thing to do. it can really instill confidence in NEM

Could someone ELI5 multi-sig? And why it's vital for NEM to have it on launch?

You wanted eli5...here it is.

Imagine you have a huge pile of cookies in a jar that is locked. It's a special lock and you need 3 keys to open the jar. The cookies belong to you, your brother and your sister. To make sure noone is eating everyone elses cookies the jar can only be unlocked when all 3 keys are turned. So noone get's any cookies unless everyone aggrees to take some out of the jar.

jar = wallet
cookies = fuckloads of NEMs
people = NEMs community (obv. there won't be 2000 keys)

the point is to not have a single person in controll of a huge amount of funds. Since we're going to have many NEMs sitting in funds we need multi-sig to make sure noone goes rouge.

Im assuming on this scale that the unlocking of the jar will require a certain percentage of keys?

I'm unsure of how flexible exactly we'll be at launch but yes it's possble to set it up to not require every single key.