Multisign

[[NFT DeFi]] [[Security]] TL:DR this issue is solved ✅

Intro

Use multisign for increasing security of NFTs

Have multisign that would control the NFT. But as single artist I'm not really sure how this can be ensured that the NFT can be send after multisig approval. Maybe if there is some high valuable author, like Beeple lets say, he will create multisig with some people that he trusts and this mulltisig can execute tx and approve the NFT to be send to buyer if the permits would be implemented.

Multisign is helpful to be used in the non-art distric
Adding security by allowing DAO to control the NFT itself
NIFTEX is supporting DAOs for controlling the NFT itself

Usecase

Multisign gives users:

The ability to vote with NFT
Mint
Burn

Less of a protocol layer, more of application layer problem.

[[Permits]] vs [[Multisign]]

Permits are signing messages similar to multisign but a single artist may not have enough trust worthy people around so creating a standard that would require multisig for managing NFTs does not really make much of a sense. A single artist can create a bunch of cold wallets that can either give away to family members to sign tx when she releases NFT or have a trust worthy group of friends that can sign the tx with her.

Solution

This multisign problem has been solved as Gnosis Multisign is supporting [[ERC721]] andd [[ERC1155]] which both are [[NFT Standards]]. Anyone can use multisign for Controlling NFT or even a DAO can do it as well. For example NIFTEX are supporting DAOs and multisign for controlling bits of ERC721.

~ There is no source for this doc as this doc was written after conversations with a couple of people while examining [[ERC721]] contract and meditating over how can be increased security of NFTs ~

[[further reading]] "The free option problem is an apparently inescapable problem in state channels. However, it can be mitigated. I'll cover 3 possible mitigations in this blog post. It's a variant of the fair exchange problem, which is a known concept in the field of cryptography as a whole." https://blog.althea.net/the-free-option-problem/

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Intro

Use multisign for increasing security of NFTs

Multisign is helpful to be used in the non-art distric

Adding security by allowing DAO to control the NFT itself

NIFTEX is supporting DAOs for controlling the NFT itself

Usecase

Multisign gives users:

The ability to vote with NFT

Mint

Burn

Less of a protocol layer, more of application layer problem.

[[Permits]] vs [[Multisign]]

Solution

~ There is no source for this doc as this doc was written after conversations with a couple of people while examining [[ERC721]] contract and meditating over how can be increased security of NFTs ~