A good and useful cryptocurrency needs specific features to succeed. Not only does it need to be fungible, but it also requires secure storage solutions. In the Bitcoin world, using multisignature support has almost become the new normal. Things are a bit different when it comes to the majority of altcoins. Monero, the coin known for its privacy and anonymity, will receive multisig support soon. The code has been merged into the official development branch as we speak.
Most Monero enthusiasts are all too aware of the multisig development. This code has been worked on for quite some time now. After a thorough testing period, the new feature is now officially merged into the main branch of Monero development. Interested entities can always check out this code on Github. For many people, this is excellent news in every possible way. It shows the Monero team is working hard to make their cryptocurrency better and more secure.
Multisig Support is Coming to Monero Soon
The next Monero client will release will have multisig support. It is unclear when we can expect this new client, although it is good to know what types of features one can expect. There are some other interesting features about this integration as well. More specifically, multisig transactions and addresses look the same as regular Monero transactions and addresses. That is quite different from Bitcoin and any other coin supporting multisignature solutions right now.
Multisig has just been merged into master and will be included in the next release! 🎉
Note that multisig transactions and addresses are indistinguishable from normal transactions and addresses.https://t.co/tx6NIKxcIl
— Monero || #xmr (@monerocurrency) December 17, 2017
In the Bitcoin world, regular wallet addresses begin with a “1”. Multisig wallets have a “3” at the front. In the case of Monero, there will be no way to distinguish between regular and multisignature transactions and wallets. For a currency focused on privacy and anonymity, that is quite a marvelous feat of strength. Moreover, it may help other exchange platforms and services integrate Monero support in the future. Multisignature support is pretty significant in this regard, as it opens up a lot of new opportunities.
Speaking of which, it’s also good news for darknet adoption of Monero payments. So far, most DNMs remain on the fence about XMR due to the lack of multisig support. With the new client due out soon, that will all come to change as well. It will be interesting to see how the general cryptocurrency responds to this new development. Most people focus on profits rather than solid technical developments these days. An interesting future lies ahead for Monero, that much no one can deny.
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