Signing

Signing must be completed with a private key to transact digital assets. Octet provides two types of signing methods.

1. Multisignature

Multi-sig is a signing method that requires m number of signatures out of n number of keys (M-of-N) to approve a transaction. This requires multiple signatures, to prevent theft of assets. Octet provides 2-of-2, dividing a private key into two separate multi-sig keys, which consist of one Octet key and one user key managed by Octet and the client, respectively.

Types of Multi-sig Key

Generating Multi-sig Keys

The client directly generates multi-sig keys with the key-generating program. The program does not gather any information, and the generated information is only stored in the device that ran the program. Octet only stores the encrypted Octet key given by the client and does not know the client’s private key.

2. Single-sig

Octet manages the whole private key. Octet uses the private key to approve withdrawals when the client requests it. Octet generates a private key automatically for the single-sig method.

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Key Management Methods

The signing keys can be managed in two methods. You choose one of the two when creating a wallet, and this determines the signing and withdrawal processes.

1. Joint Management

Octet and the client each manage one of the two multi-sig keys. This provides strong security against outside threats. However, you must keep the multi-sig key safe and prevent any leakage. When managing the keys jointly, you can use API calls to withdraw, but it cannot be done on the console.

2. Consignment

Octet manages the private key. It is highly recommended for clients that do not have strong security systems implemented. If you choose to consign, you can use both API calls and the console for withdrawals.