About Squads
Summary
Squads Protocol is a multisig management protocol for web3 native teams.
Squads enables anyone to create a multi-signature wallet in minutes, is the cheapest option across blockchains, and has numerous features built on top of the multisig primitive to enhance the multisig experience. Squads makes it easy for web3 teams to manage their on-chain assets, facilitating seamless on chain collaboration and co-ownership.
A multi-signature wallet is the most secure, censorship-resistant, and convenient way for a team to democratically manage their on-chain assets. Multisigs allow teams to define the number of private keys required to confirm a transaction, and these private keys can be dispersed amongst team members. The Squads multisig experience is easy, secure, and intuitive.
Who is Squads for?
Squads Protocol is built for web3 native teams. Whether you have a startup, an NFT community, a DAO, or an investment club you can rely on Squads to securely store and manage your on-chain assets.
What is a multisig?
Whenever you send crypto from your wallet, a transaction is created and signed by the wallet’s corresponding private keys. Thanks to the invention of the multisig, it is now possible to further protect our funds by requiring approval from multiple private keys in order to transact. This means you can have a shared wallet with multiple parties approval necessary to execute transactions. You can think of a multisig as a decentralized, co-owned bank vault that needs multiple keys to open, with no middlemen sitting between you and your vault.
Multisig configurations are commonly known as requiring m out of n signatures, where m is the number of private keys required to approve a transaction and n is the total amount of private keys associated with the multisig wallet.
For example, you could have a “2 out of 3” multisig which has 3 private keys associated with the storage of the funds, and requires signatures from 2 out of these 3 keys to execute transactions. This way, if one key is compromised, a hacker would only be able to access the funds if he gets his hands on another key. “Multi-key one vault” technology has actually been used to secure treasuries for centuries! Only difference now is that it’s on the blockchain.
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