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LOBSTR Vault update, multisignature on Stellar network, and how to secure your wallet

2. See the progress of transaction signing process

Transaction Details screen now gives you a nice overview of who has already signed a pending transaction.

This is especially useful for a complex multisig configuration with several Vault signers, as it allows to quickly see how many signers have approved the transaction:

We can see that 2 signers haven’t yet signed a transaction request.

As Vault users continue to sign the transaction, the list will automatically update to show the current status.

3. Setup the M-of-N multisig with Vault in LOBSTR and StellarTerm

When we first launched LOBSTR Vault, users could only setup N-of-N multisig for their account in LOBSTR wallet.

The most simple and common configuration would be a 2-of-2 multisig: a single Vault signer for the wallet, and require both to approve all transactions. Advanced users looking for more security would configure a 3-of-3 multisig, where a transaction would require 2 additional confirmations from Vaults on different devices.

However, N-of-N multisig configuration is unforgiving. The loss of even a single key in this multisig setup will lead to funds being locked in a wallet forever. Hence, if your Vault device is lost or damaged, you would need a recovery key to recover Vault on a different device.

People with multiple Vault signers can now adjust the number of signatures required to submit a transaction to the network in LOBSTR or StellarTerm.

This feature is available in the Multisig section of LOBSTR web and mobile apps.

The same functionality is available in StellarTerm, which allows users to enable multisig with LOBSTR Vault, add multiple signers and set number of required signatures:

We generally recommend to use a 2-of-3 multi-signature configuration with Vault, where a single additional confirmation is required from one of the two devices under your control.

With the updates to transaction signing screen ...

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