Members and Signatures
A standard cryptocurrency wallet has a single owner who can authorize transactions. Unfortunately, this means that if the user is unable to perform a transaction, then the funds in the wallet will it be lost forever. This could happen for any reason including simply losing your phone without a backup.
Unido overcomes this problem by allowing you to add multiple team members to a wallet.
This provides:
- redundancy – in the event that a member is unable to sign
- governance – no single team member possesses the ability to move funds without team consent
- security - the complete signing key is not held by one member, but is divided among them. If a person or device is compromised, the wallet key is not.
A standard Unido wallet is a “1 of 1” wallet. This means that there is one member in the group (you) and only one member is required to sign transactions (you). This is a single user wallet. 
Unido allows you to easily extend the number of members and required signatures at any time.
Here’s how it works:
Add extra members to your account anytime. Members will be notified of any pending transactions, and have the right to vote on important transactions such as adding or removing new members, movement of funds, changing the number of required signatures or deleting the account. Click here to see example scenarios and notifications.
Once you have set up extra members in your account then you may choose how many signatures will be required for the wallet. You can choose between one signature right up to the total number of members that you have in the wallet.
For example, you could start with a "1 of 1" wallet and then add an extra 5 members so that wallet has a total of 6 members (including yourself). You could then add an extra 3 required signatures to make a total of 4 required signatures.
In the example, a "4 of 6" wallet scenario means that:
- any member of the wallet may set up a transaction
- all 6 members of the wallet will be notified that the transaction has been set up
- at least 4 of the 6 members must sign the transaction for it to be successful.
Further changes to the members or signing structure can be made at any time.