MultiSigWallet Enhances Security for Transactions on BitTorrent Chain (BTTC)

Alvin
Lang

Aug
28,
2024
08:38

Discover
how
the
MultiSigWallet
smart
contract
is
revolutionizing
secure
transactions
on
the
BitTorrent
Chain
(BTTC)
with
multi-signature
functionality.

The
introduction
of
the
MultiSigWallet
smart
contract
on
the
BitTorrent
Chain
(BTTC)
is
set
to
revolutionize
how
secure
transactions
are
conducted
on
the
blockchain,
according
to

BitTorrent
Inc..
This
innovative
smart
contract
enhances
security
by
requiring
multiple
approvals
before
executing
transactions.

The
MultiSigWallet
Contract:
A
Collaborative
Digital
Vault

The
MultiSigWallet
contract
functions
like
a
digital
vault
that
requires
multiple
keys
to
open,
ensuring
no
single
individual
can
access
the
funds
alone.
This
feature
is
particularly
advantageous
for
managing
shared
funds
with
enhanced
security
and
consensus.

State
Variables
and
Structs:
The
Building
Blocks

The
core
components
of
the
MultiSigWallet
contract
include:

• 
  owners:
  An
  array
  of
  addresses
  with
  ownership
  rights.
• 
  numConfirm:
  The
  number
  of
  confirmations
  needed
  to
  execute
  a
  transaction.
• 
  Transaction:
  A
  struct
  defining
  the
  structure
  of
  each
  transaction.
• 
  isConfirmed:
  A
  nested
  mapping
  to
  track
  confirmations
  for
  each
  transaction.
• 
  isOwner:
  A
  mapping
  to
  quickly
  verify
  if
  an
  address
  is
  an
  owner.
• 
  transactions:
  An
  array
  storing
  all
  submitted
  transactions.

Events:
Ensuring
Transparency

Events
are
crucial
for
off-chain
tracking
and
transparency:

• 
  TransactionSubmitted:
  Fired
  when
  a
  new
  transaction
  is
  proposed.
• 
  TransactionConfirmed:
  Emitted
  when
  an
  owner
  confirms
  a
  transaction.
• 
  TransactionExecuted:
  Logs
  when
  a
  transaction
  is
  successfully
  executed.

Constructor:
Initializing
the
Wallet

The
constructor
of
the
MultiSigWallet
contract
initializes
the
wallet
with
specified
owners
and
a
confirmation
threshold:

constructor(address[] memory _owners, uint _numConfirmationRequired) {
require(_owners.length > 1, "owners required must be greater than 1");
require(
_numConfirmationRequired > 0 &&
_numConfirmationRequired <= _owners.length,
"Num of confirmation is not sync with num of owner"
);
numConfirm = _numConfirmationRequired;

for
(uint
i
=
0;
i
<
_owners.length;
i++)
{
require(_owners[i]
!=
address(0), “Invalid
Owner”);
owners.push(_owners[i]);
isOwner[_owners[i]]
=
true;
}
}

This
ensures
the
wallet
has
at
least
two
owners,
a
valid
number
of
required
confirmations,
and
all
provided
owner
addresses
are
valid.

Key
Functions:
The
Heart
of
Multi-Signature
Operations

Submitting
a
Transaction

Anyone
can
propose
a
new
transaction
using
the
following
function:

function submitTransaction(address _to) public payable {
require(_to != address(0), "Invalid address");
require(msg.value > 0, "Transfer amount must be greater than 0 ");
uint transactionId = transactions.length;

transactions.push(
Transaction({to:
_to,
value:
msg.value,
executed:
false})
);

emit
TransactionSubmitted(transactionId,
msg.sender,
_to,
msg.value);
}

Confirming
a
Transaction

Only
owners
can
confirm
transactions:

function confirmTransaction(uint _transactionId) public onlyOwner {
require(_transactionId < transactions.length, "Invalid transaction");
require(
!isConfirmed[_transactionId][msg.sender],
"Transaction is already confirmed by owner"
);
isConfirmed[_transactionId][msg.sender] = true;
emit TransactionConfirmed(_transactionId);

if
(isTransactionConfirmed(_transactionId))
{
executeTransaction(_transactionId);
}
}

Checking
Transaction
Confirmation
Status

This
view
function
checks
if
a
transaction
has
received
the
required
number
of
confirmations:

function isTransactionConfirmed(
uint _transactionId
) public view returns (bool) {
require(_transactionId < transactions.length, "Invalid transaction");
uint confirmation;
for (uint i = 0; i < numConfirm; i++) {
if (isConfirmed[_transactionId][owners[i]]) {
confirmation++;
}
}
return confirmation >= numConfirm;
}

Executing
a
Transaction

Once
the
required
number
of
confirmations
is
reached,
the
transaction
can
be
executed:

function executeTransaction(uint _transactionId) public payable {
require(_transactionId < transactions.length, "Invalid transaction");
require(
!transactions[_transactionId].executed,
"Transaction is already executed"
);

(bool
success,
)
=
transactions[_transactionId].to.call{
value:
transactions[_transactionId].value
}(“”);

require(success, “Transaction
Execution
Failed “);
transactions[_transactionId].executed
=
true;
emit
TransactionExecuted(_transactionId);
}

Beyond
the
Basics:
The
Power
of
Multi-Signature
Wallets

The
MultiSigWallet
contract
offers
numerous
benefits:

• 
  Enhanced
  Security:
  Multiple
  approvals
  reduce
  unauthorized
  transactions.
• 
  Shared
  Control:
  Ideal
  for
  business
  accounts
  or
  shared
  funds.
• 
  Transparency:
  Blockchain
  records
  ensure
  accountability.
• 
  Flexibility:
  Customizable
  number
  of
  owners
  and
  confirmations.

Conclusion:
Securing
the
Future
of
Digital
Assets

The
MultiSigWallet
smart
contract
represents
a
significant
advancement
in
digital
asset
security
and
management.
By
requiring
multiple
signatures
for
transactions,
it
creates
a
robust,
trustworthy
system
for
handling
funds
on
the
blockchain.
This
innovation
is
poised
to
set
a
new
standard
for
secure
digital
finance.

Image
source:
Shutterstock