Secure Multisig Wallets: Unlocking New Possibilities for Mainnet Pi Apps

Exploring the Promise of Multisig Wallet Integration 

As the world of Decentralized Applications (dApps) continues to grow, developers are constantly seeking solutions to increase security and user engagement. 

To meet these demands, the Pi Network declared its plans to release a secure multisig (multi-signature) wallet system for Mainnet Pi Apps. These wallets will offer unprecedented security for Pi assets and streamline transactions between Pioneers and apps. 

“Multisig (or multi-signature) wallets for Mainnet Pi Apps are set to be released soon, offering developers the ability to enhance the security of the Pi received and held by their apps,” Pi Network wrote on June 28. 

Dual Wallets: Receiving and Sending 

The new Mainnet Pi Apps system will maintain two wallets. The first is the Receiving Wallet, similar to a savings account, where developers can gather Pi from app users via Pioneer-to-App payments. The second is the Sending Wallet, comparable to a checking account, for paying Pioneers. 

The Receiving Wallet: The Multisig Cold Wallet 

The Receiving Wallet, designed as a multisig cold wallet, will securely store the bulk of an app’s Pi reserves. Functioning offline, this wallet requires multiple signatures for transactions, thereby fortifying the safeguarding of Pi assets. This mechanism heightens security, particularly aiding collective team governance by mandating multiple members to sign off before dispatching any Pi. 

To further enhance security, developers will not need to input any associated passphrase online, a measure that ensures intruders can’t access the app's primary Pi reserves, even in case of server compromise. 

The Sending Wallet: Automated App-to-Pioneer Payments 

On the other hand, the Sending Wallet facilitates automated App-to-Pioneer payments, operating as a standard wallet without the multisig feature. Unlike its cold wallet counterpart, this wallet can reside on the application server, and the application code can utilize its secret seed to streamline transactions. 

Developers manually feed the Sending Wallet with Pi to secure outgoing payments from the Receiving Wallet. Since this wallet facilitates automated transactions, developers are encouraged to limit the Pi balance to meet daily payment needs, regularly reassessing this amount as necessary. 

Revolutionizing Pi Apps Ecosystem 

With the integration of these two wallets, Mainnet Pi Apps will experience a transformation. The Receiving and Sending Wallets cater to the Pioneer-to-App and App-to-Pioneer payments, unlocking many features and business models for Pi app developers. 

By enhancing Pi reserves' security and transactional flexibility, these wallets will drive the Pi app ecosystem's growth, facilitating the development of diverse use cases for the Pi cryptocurrency. Developers and Pioneers should watch out for upcoming instructions on applying for and setting up these developer wallets.

Introducing the innovation is a significant milestone for the Pi Network, signaling its commitment to user security and fostering a thriving dApp ecosystem. As the world watches with anticipation, it's clear that these advancements will chart a new path for the future of Pi Apps when Open Mainnet goes live.

What is Pi Network?

Pi Network is a mobile mining blockchain with an application that lets people earn Pi coins by doing simple tasks on their phones. However, the project remains in its development stage with delivery of an open mainnet still a matter of speculation, with no launch date confirmed. 

With this in mind, the protocol remains in its testnet stage and will apparently go live when many users (Pioneers) complete the mandatory KYC procedure while the core team works on developing its ecosystem.

Pi Network is also reported to be under investigation by authorities in Vietnam and users should exercise a high degree of caution when interacting with the project and ensure they have conducted sufficient research before doing so.