Multisignature Transaction Creation and Walkthrough

Introduction

Multisignature (multisig) is a technology used to increase the number of signatures required for a transaction from an address. This provides an additional layer of security to cryptocurrency transactions.

In this guide we demonstrate the creation and usage of a 2of2 multisignature wallet. We use two nodes with the KMD main chain.

To accomplish the same task on another Komodo Smart Chain, add -ac_name=NAMEOFCHAIN to each command.

Get a New Address, Public Key, and Private Key

Create addresses on two nodes. We will combine these two addresses into a single multisig address.

Node One

Generate a New Address

Command

./komodo-cli getnewaddress

Response

RDomQ4tftJGjcHBVpAUx549jZfxtJx74r5

Get the Public Key Using validateaddress

Command

./komodo-cli validateaddress RDomQ4tftJGjcHBVpAUx549jZfxtJx74r5

Response

{
  "isvalid": true,
  "address": "RDomQ4tftJGjcHBVpAUx549jZfxtJx74r5",
  "scriptPubKey": "76a91431a8cbc716e21238079729d46cb655ae7fadc9e388ac",
  "segid": 37,
  "ismine": true,
  "iswatchonly": false,
  "isscript": false,
  "pubkey": "02dd22c272504af79b220ba37c12f777596eff4f54598e2db65be325a9393a3a26",
  "iscompressed": true,
  "account": ""
}

Get the Private Key

Command

./komodo-cli dumpprivkey RDomQ4tftJGjcHBVpAUx549jZfxtJx74r5

Response

DO_NOT_USEBnFx9R6iaPmWaBX8iqHzRpFRjNp8kBEQYKNt

A Summarization of Data from Node One

# address: RDomQ4tftJGjcHBVpAUx549jZfxtJx74r5
# pubkey:  02dd22c272504af79b220ba37c12f777596eff4f54598e2db65be325a9393a3a26
# privkey: UrunDGyFJu5UFZG7BnFx9R6iaPmWaBX8iqHzRpFRjNp8kBEQYKNt

Node Two

Follow the same steps.

Generate a New Address

Command

./komodo-cli getnewaddress

Response

RBqZ6nHcANekX3zxF9y4zRyfB6X8VEWF7s

Get the Pubkey Value Using validateaddress

Command

./komodo-cli validateaddress RBqZ6nHcANekX3zxF9y4zRyfB6X8VEWF7s

Response

{
  "isvalid": true,
  "address": "RBqZ6nHcANekX3zxF9y4zRyfB6X8VEWF7s",
  "scriptPubKey": "76a9141c0f1c482d38c43bb847506a527521d2204afe6588ac",
  "segid": 38,
  "ismine": true,
  "iswatchonly": false,
  "isscript": false,
  "pubkey": "032a73cd31fb86150c33f26312b665c21e5f9391829f29cf48aca03bbb4f9a2816",
  "iscompressed": true,
  "account": ""
}

Get the Private Key

Command

./komodo-cli dumpprivkey RBqZ6nHcANekX3zxF9y4zRyfB6X8VEWF7s

Response

UsuE7jG8BD1CV2xuCoBCwgzzbs4HqZ2P2im5fdyJmP2tSd3arAv7

Summarization of Data From Node Two

address: RBqZ6nHcANekX3zxF9y4zRyfB6X8VEWF7s
pubkey:  032a73cd31fb86150c33f26312b665c21e5f9391829f29cf48aca03bbb4f9a2816
privkey: UsuE7jG8BD1CV2xuCoBCwgzzbs4HqZ2P2im5fdyJmP2tSd3arAv7

Create a Multisig Address

Combine the pubkeys to create a 2of2 multisig address.

A 2of2 address requires that both addresses sign for every transaction.

You can customize the signature requirements for essentially any combination. For example, you can make a 3of5 multisig address that requires 3 of 5 available addresses for each transaction.

Execute the following command on either node. The command returns the redeemScript json object, which is required to spend funds.

Command

./komodo-cli createmultisig 2 '["02dd22c272504af79b220ba37c12f777596eff4f54598e2db65be325a9393a3a26","032a73cd31fb86150c33f26312b665c21e5f9391829f29cf48aca03bbb4f9a2816"]'

Response

{
  "address": "bEP3HK73CboW8tGN8obyHUQteBzYjFzgNm",
  "redeemScript": "522102dd22c272504af79b220ba37c12f777596eff4f54598e2db65be325a9393a3a2621032a73cd31fb86150c33f26312b665c21e5f9391829f29cf48aca03bbb4f9a281652ae"
}

Fund the multisig Address

Fund the multisig address.

(You may use either node.)

Command

./komodo-cli sendtoaddress bEP3HK73CboW8tGN8obyHUQteBzYjFzgNm 7.77

Response

194fea388c5474ae25d261d8c57213b79f9a111e774caeea066f796ddd99e81c

Create the Raw Transaction

As input we use the unspent vout of the transaction used to create the multisig address. We also place our desired target destination address in the transaction.

In this example, we send the full 7.77 sum to the destination address.

If you do not want to send the full amount, you must manually specify the "change" address and state how much of the change you desire to keep.

Recall that any amount taken from the initial utxo and not included in either the destination address, or in the change address, will automatically be given to the miners as a mining fee.

Command

./komodo-cli createrawtransaction '[{"txid":"194fea388c5474ae25d261d8c57213b79f9a111e774caeea066f796ddd99e81c","vout":1}]' '{"RP81MSVu39QgXhGDHfnk9d9KMnp4vhEVBu":7.77}'

Response

0400008085202f89011ce899dd6d796f06eaae4c771e119a9fb71372c5d861d225ae74548c38ea4f190100000000ffffffff014014502e000000001976a91497d5106d5f69619803eb8d72a2bf45a4f033338a88ac00000000a80000000000000000000000000000

./komodo-cli signrawtransaction "0400008085202f89011ce899dd6d796f06eaae4c771e119a9fb71372c5d861d225ae74548c38ea4f190100000000ffffffff014014502e000000001976a91497d5106d5f69619803eb8d72a2bf45a4f033338a88ac00000000a80000000000000000000000000000" '[{"txid":"194fea388c5474ae25d261d8c57213b79f9a111e774caeea066f796ddd99e81c","vout":1,"scriptPubKey":"a914121cbc7a828772bd4612bc7b9765cbbf13d0b3cc87","redeemScript":"522102dd22c272504af79b220ba37c12f777596eff4f54598e2db65be325a9393a3a2621032a73cd31fb86150c33f26312b665c21e5f9391829f29cf48aca03bbb4f9a281652ae","amount":7.77}]' '["UrunDGyFJu5UFZG7BnFx9R6iaPmWaBX8iqHzRpFRjNp8kBEQYKNt"]'

Response

{
  "hex": "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",
  "complete": false,
  "errors": [
    {
      "txid": "194fea388c5474ae25d261d8c57213b79f9a111e774caeea066f796ddd99e81c",
      "vout": 1,
      "scriptSig": "00483045022100a5f4bdf5b61a4f4baf0b5b48f69488b8f752e36cbac23ec0c762bba99552ac9e022036e658c7c8c19ec4bd423fcc6a109a811b189311fc874dd466e58a1755ef4e940147522102dd22c272504af79b220ba37c12f777596eff4f54598e2db65be325a9393a3a2621032a73cd31fb86150c33f26312b665c21e5f9391829f29cf48aca03bbb4f9a281652ae",
      "sequence": 4294967295,
      "error": "Operation not valid with the current stack size"
    }
  ]
}

Sign Using Node Two

Use the hex value from node one, but change the privkey to the privkey of node two's address.

Command

./komodo-cli signrawtransaction "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" '[{"txid":"194fea388c5474ae25d261d8c57213b79f9a111e774caeea066f796ddd99e81c","vout":1,"scriptPubKey":"a914121cbc7a828772bd4612bc7b9765cbbf13d0b3cc87","redeemScript":"522102dd22c272504af79b220ba37c12f777596eff4f54598e2db65be325a9393a3a2621032a73cd31fb86150c33f26312b665c21e5f9391829f29cf48aca03bbb4f9a281652ae","amount":7.77}]' '["UsuE7jG8BD1CV2xuCoBCwgzzbs4HqZ2P2im5fdyJmP2tSd3arAv7"]'

Response

{
  "hex": "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",
  "complete": true
}

Broadcast the transaction

Broadcast the raw hex to finish send the transaction.

Command

./komodo-cli sendrawtransaction 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

Response

23c2aaaf458ada3f171ee5d274e8dcfc91b62099ec15e4b2d02da2b2d1172cb1

The above is the output txid which can be used in an online KMD block explorer to verify the transaction.

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Multisignature Transaction Creation and Walkthrough