We're proud to announce a partnership with Vultisig!
Vultisig is a secure Web3 and DeFi wallet that uses threshold signatures for maximum security, usability, and flexibility. Most importantly, it allows you to achieve hardware wallet-level (and more) security without special devices or even recovery phrases: just devices you already own.
Vultisig also supports Dash's flagship feature: instant transactions.
Vultisig works with cryptography called threshold signatures. Very simply put, it uses multiple devices to construct a single signature for signing transactions, sending funds and so on. To make a payment, for example, you can require 2/3 devices to authorize the payment.
Many crypto users may be familiar with multisignature, or multisig, setups. Threshold signatures work similarly, except with a few important advantages:
You can read more on the list of differences between Vultisig and multisig here.
The benefit is that, instead of juggling hardware wallets, seed phrase backups, and more cumbersome self-custody issues, you can just install an app on a few different devices, link them, and you're good to go.
The Vultisig app is a wallet where you can securely store, receive, and send your Dash and other cryptocurrencies. It also includes a built-in swap function leveraging THORChain and the Maya Protocol to let you swap in-app between a number of different cryptocurrencies (
You can also connect Vultisig to Vulticonnect, a browser extension that lets you connect to Web3 interfaces. It looks similar to something like MetaMask or Ctrl, but is just a tool for connecting your existing Vultisig wallet to DEX interfaces and more. This lets you connect to Web3 interfaces much more safely, as you don't actually have direct access to your own funds in the browser extension.
Another great feature is something called Vultisigner, which basically allows you to set certain transaction policies and limits. For example, you can set a limit of spending a certain amount per day with just one device, with larger limits requiring another device to sign. This can be very handy for letting you easily spend small amounts on the go, but giving you security from losing all your money if someone steals your phone, for example.
Read more about Vultisigner here.
Here's how to get started with Vultisig. It's extremely customizable and adaptable, but we'll describe two different basic setups: basic (for a basic user who wants it to be as easy as possible), and advanced (for someone who values high security and may keep considerable funds in Vultisig).
Basic: Collect 2+ devices, for example, a phone, a tablet, and a computer.
Advanced: Same as above, plus a USB drive or other storage solution per device. This could also be cloud storage, but only if access to all the separate storage locations isn't accessible if a single device is compromised.
You would also want a secure password manager.
Basic: Download Vultisig and create a new vault on one of the devices.
Advanced: Same as above.
Basic: Pair vaults with each other by scanning the QR code on the main device, or sharing the image and manually importing. When all devices are connected, click "continue" to generate the vault.
Advanced: Same as above, except with more devices and higher thresholds for higher security.
Basic: Back up your vaults by saving and password protecting the files on each device.
Advanced: Password protect your vault share backups with a different password for each, and save the files to separate storage each. Save the passwords into your secure password manager.
This will ensure that if you lose all your devices, you can still get your funds back. You also prevent a potential thief from finding just the backups and a single password and stealing your funds. It basically offers the highest level of security and redundancy.
With the basic version, you're pretty much trusting your devices. If you lose one, you'll be fine, but if you lose many devices, you could lose all your money. It's much easier to set up the basic version, but shouldn't be trusted with your life savings.
Watch this quick setup video for more help, and also refer to Vultisig's documentation.
We're thrilled to be working with Vultisig to give Dash users another powerful tool for managing and using their coins. Welcome!
