The Ripple network is designed to provide a faster, more cost-effective, and reliable method for cross-border payments, with its native cryptocurrency being XRP.
XRP Multi-signing is a transaction authorization method on the XRP Ledger that allows transactions to be signed using a combination of multiple private keys.
Generally, on other networks, you can directly create a multi-signature address. However, because an XRP address can simultaneously enable multiple authorization methods, including a multi-signature list, a Master Key Pair, and a Regular Key Pair, the activation process for multi-signature differs from other networks:
- The XRP network requires a 1 XRP reserve to activate the address in single-signature mode.
- A multi-signature transaction request must then be submitted to activate the multi-signature mode for the address (requiring an additional 0.2 XRP reserve).
- For account security, the Master Key must be disabled to enforce multi-signature transactions exclusively.
Below are the instructions for activating XRP multi-signature:
1. Preparation
Create an XRP address and transfer sufficient XRP to activate your single-signature XRP wallet address.
Since reserves are required for both single-signature and multi-signature activation, it is recommended to deposit at least 2 XRP for the first transfer.
2. Setting Up Multi-signature and Sending a Multi-signature Transaction Request
The XRP network stipulates that its multi-signature feature supports up to 32 signers (addresses) in the signer list. When using CoinEx Vault, you can configure up to 15 signers (addresses).
In CoinEx Vault’s multi-signature mode (m/n), n can be a maximum of 15, while m represents the minimum number of signatures required to approve transactions. Once configured, submit the multi-signature transaction request.
Note:
The XRP network mandates a 0.2 XRP reserve for multi-signature accounts, regardless of the total number of signers or the required signature threshold.
When using CoinEx Vault, the system will verify your account balance. If the address holds at least 1.5 XRP (including the 1 XRP reserve for single-signature activation), the verification will succeed.
Once the multi-signature transaction request is successful, the signer list addresses will be bound to your address.
3. Disabling the Master Key
To ensure multi-signature is the only authorization method, CoinEx Vault will automatically disable the Master Key, deactivating single-signature functionality. A small transaction fee applies for this operation.
4. Testing Multi-signature
Initiate a test transaction by transferring a small amount of XRP to another XRP address. If this transfer meets the multi-sig mode, requiring signatures from the designated multi-sig members (addresses), then a successful transaction confirms that the multi-signature is fully operational!