Send a transaction from a multisig account

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A step-by-step guide for creating and approving a multisig transaction in PolkadotJS Apps

Overview
In our example, MULTISIG-WALLET has two signatories’:
      1. USER
      2. USER-2
Both signatories are required to approve a transfer from the account.
​
Guide
Access PolkadotJS Apps
​https://console.porta.network/#/accounts​
Porta Explorer
​
Go to the Accounts page
Click the send button on the Multi-sig account
Set the ‘destination address’ and ‘amount’ and then click transfer:
You must:
Choose the first signatory (in our example: USER)
Enter the password for the signatory’s account
Ensure multisig approval is OFF
Sign and Submit
The transaction signing will be confirmed.
A notice will then appear next to the multisig account stating that a transaction requires approval.
The funds will only be released once the other signatories (up to the threshold amount) have replicated the transaction that was just done. To this, create the exact same transaction from the other signatory's account. Here we setup a transaction just like before:
This time we:
Choose the second signatory on the account (USER-2)
Enter the password for the second signatory
Ensure ‘final approval’ is set to ON
Setting 'final approval' to ON will load the call hash into the transaction, enable the runtime logic to associate the two separate transactions as a SINGLE multisig transaction, and approve the funds for release.
How this works:
The second transaction (produced just now by USER-2) includes a hash of the call data. This hash matches the hash of the call made by the first signatory (USER) because:
      (a) the amount to transfer is the same
      (b) the destination of the transfer is the same
By comparing these hashes and determining them to be equal, the runtime logic associates the second transaction call (from USER-2) to the first transaction call (from USER) and completes the multisig transaction. NOTE: If you did not turn ON ‘final approval’, then you would have two separate multisig transactions sitting there waiting for approval.
The multisig transaction will now be complete and the ‘pending approvals’ symbol will disappear.

Create a multisig account

Create your own cryptocurrency token

Last modified 1yr ago

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