Bitpie Wallet: An Effective Combination of Multi-signature and Smart Contracts

June 12, 2025

Table of contents

Introduction
I. Basic Concepts of Multi-signature Technology

What is multisig?
Types of multisignature

I. Basic Concepts of Smart Contracts

Smart contract
Advantages of smart contracts

The combination of multi-signature and smart contracts

Enhance security
Flexibility and programmability
Practical Case

Practical Tips for Boosting Productivity
5. Precautions for Using Bitpie Wallet
Frequently Asked Questions

Q1: Is there a fee for using multisig in Bitpie Wallet?
Q2: How do I set up a multi-signature wallet?
Q3: In what situations should I use a multi-signature wallet?
Q4: Which blockchains are supported by Bitpie Wallet's smart contracts?
Q5: How can I ensure that my multi-signature contract is not tampered with?
Q6: How to handle a lost multi-signature private key?

V. Conclusion

Introduction

Against the backdrop of the continuous development and popularization of blockchain technology, the functions of digital wallets are also constantly improving. As a leading digital wallet, Bitpie Wallet adopts a method that combines Multi-Signature technology with smart contracts, enhancing both security and flexibility of use. This article will delve into the principles and advantages of this combination, and provide some practical advice and tips to help users make better use of Bitpie Wallet.

I. Basic Concepts of Multi-signature Technology

What is multisig?

Multisignature (multisig) is an account authorization mechanism that requires signatures from multiple private keys to complete a transaction. This mechanism greatly enhances the security of digital assets. Compared to traditional single-signature wallets, if a private key is stolen, the assets are exposed to risk. However, with multisig technology, even if a hacker obtains one private key, they still need verification from other private keys to carry out a transaction, thereby reducing the risk of asset theft.

Types of multisignature

M-of-N modelThis is the most common type of multisignature, meaning that out of N keys, signatures from M keys are required to complete a transaction. For example, a 3-of-5 model requires signatures from three out of five keys.

Bitpie Wallet: An Effective Combination of Multi-signature and Smart Contracts

Complex multi-signature structureDifferent complex signature requirements can be set according to actual situations, such as different organizations, user roles, or temporary multi-signature configurations, enhancing flexibility and security.

I. Basic Concepts of Smart Contracts

Smart contract

A smart contract is a protocol written in code that automatically executes the terms of the contract when specific conditions are met. Smart contracts run on the blockchain, and their core advantages lie in decentralization, self-execution, and immutability. These features have led to their widespread application in various fields such as finance, insurance, and the Internet of Things.

Advantages of smart contracts

High securitySmart contracts leverage the immutability of blockchain to ensure that once deployed, the contract cannot be altered.

EfficiencyBy enabling automatic execution through smart contracts, intermediary steps in the transaction process are reduced, thereby lowering both time and costs.

TransparencyAll contract terms are visible to all on-chain users, enhancing trust.

The combination of multi-signature and smart contracts

Enhance security

Combining multisignature with smart contracts offers the primary advantage of further enhancing security. With smart contracts, conditional rules can be programmed so that transactions are only executed when specific multisignature conditions are met. In this way, a hacker would not only need to compromise each key in the multisignature setup but also manipulate the conditions of the smart contract, adding an extra layer of security.

Flexibility and programmability

The flexibility of smart contracts allows multi-signature wallets to be customized to meet the needs of different users. For example, enterprise users can set specific permissions, such as roles for initiating transactions and reviewing transactions, to ensure that every fund transfer undergoes effective scrutiny. At the same time, individual users can also design relevant operations according to their personal needs, thereby enhancing the user experience.

Practical Case

Corporate fund managementFor companies, multisignature and smart contracts can be used to manage daily expenses and project funds. By setting specific multisignature conditions, multiple key team members can review project funds, thus avoiding risks caused by individual decisions.

Asset custodyIndividuals or institutions can deposit assets into a multi-signature wallet and set conditions so that when assets need to be transferred or liquidated, confirmation from multiple parties is required, thereby reducing transaction risk.

Practical Tips for Boosting Productivity

Reasonably allocate multi-signature permissionsSet reasonable multisignature permissions for each team member based on their responsibilities and authorities. For example, establish different signature requirements for financial staff and management in order to improve decision-making efficiency.

Use smart contract templatesFor different scenarios (such as salary payments, project payments, etc.), use reusable smart contract templates to reduce coding time and improve contract deployment efficiency.

Regularly audit multi-signature contractsFor important multi-signature wallets, conduct regular contract audit assessments to ensure the correctness of contract logic and the reasonableness of related permissions, thereby reducing risks.

Introduce multiple forms of signaturesBy integrating multiple signature methods, such as hardware wallets and mobile wallets, the flexibility and application scope of multi-signature can be enhanced to accommodate various transaction scenarios.

Continuing Education and TrainingRegularly provide training for the team on the use of multi-signature and smart contracts to ensure that every member understands the importance of security management, thereby enhancing overall security awareness.

5. Precautions for Using Bitpie Wallet

When using the Bitpie wallet, there are certain matters that users need to pay special attention to in order to ensure the security of their assets and the effective execution of contracts:

Backup keyRegularly back up your personal private keys and recovery mnemonic phrases to prevent asset loss in case your device is lost or damaged.

Keep the software up to dateEnsure that the software and firmware related to the Bitpie wallet are updated regularly to prevent the exploitation of security vulnerabilities.

Carefully select contract termsSetting overly complex conditions in smart contracts may lead to incorrect use of the contract; ensure that the logic is simple and easy to understand.

Frequently Asked Questions

Q1: Is there a fee for using multisig in Bitpie Wallet?

When using the multi-signature function in Bitpie Wallet, certain fees may be charged depending on the type of transaction. However, the specific fees may vary according to the network conditions and the user's specific operations. It is recommended that users check the relevant fees in advance.

Q2: How do I set up a multi-signature wallet?

Setting up a multi-signature wallet usually requires you to download the Bitpie wallet app and follow the instructions to complete wallet creation. During the setup process, you can choose the multi-signature mode, configure the required number of signatures and participants, to ensure the security of future transactions.

Q3: In what situations should I use a multi-signature wallet?

If you need to manage company funds, participate in investment projects, or wish to ensure asset security through multi-party approval, it is recommended to use a multi-signature wallet. Especially when high-value transactions are involved, a multi-signature wallet can provide additional security protection.

Q4: Which blockchains are supported by Bitpie Wallet's smart contracts?

Bitpie Wallet supports smart contracts on multiple major blockchains, but the specific blockchains supported may change with subsequent updates. Therefore, it is recommended to consult the official documentation for the most up-to-date list.

Q5: How can I ensure that my multi-signature contract is not tampered with?

After combining multisignature contracts with smart contracts, all contract terms and rules will be solidified on the blockchain and cannot be altered. While ensuring that your multisignature setup is reasonable, transparency and auditability of the contract are also crucial.

Q6: How to handle a lost multi-signature private key?

If one of the multisig private keys is lost, whether transactions can still be made depends on the rules of the multisig arrangement and whether other participants can authorize the transaction. If all private keys are lost, it will be impossible to recover these assets. Therefore, it is essential to carefully manage and back up all private keys.

V. Conclusion

By combining multi-signature and smart contracts, Bitpie Wallet enhances the security and management flexibility of digital assets. By effectively utilizing this technology, users can achieve a good balance between security and operability. In increasingly complex digital asset management scenarios, the integration of multi-signature functionality and smart contracts is undoubtedly an important trend for future development. It is hoped that the tips and information provided in this article can help users make better use of this innovative technology.