Twenty authorized signatures! Sounds good for institutions, but is it really necessary for individuals?

Individuals don’t need a complex 20 signature setup, but requiring one or two additional signatures, absolutely! Put simply, if your Stellar wallet holds more value than you normally keep in your physical wallet, you should consider adding a multiple signature requirement. This is especially true if you do not use a hardware wallet (e.g., Ledger and Trezor) that has the capability of signing transactions without ever revealing your secret key. But, even with a hardware wallet, adding a multiple signature requirement to any wallet with significant balances may be worth considering on the off chance someone discovers your 24-word recovery phrase.

Want to know why adding a multiple signature requirement is especially important for non-hardware wallets?

Well, it’s because secret Stellar keys are just like eyeballs – if you want to see the beautiful world around you, you have to open your eyes at the risk of damage, or even the inadvertent iris scan. Similarly, if you want to use your Stellar wallet, you have to sign transactions with your secret key at the risk of inadvertently revealing your secret key to someone else. Granted, this is a rather silly analogy and some methods of storing and using your secret Stellar key are safer than others, but the point stands and the risk real.

So how do you add the safety of multiple signature to your Stellar wallet?

Good question! There are several ways to do it, some easier than others. Some people choose to add it themselves through the Stellar Laboratory, but this requires some technical know-how. Others skip the technical know-how and choose to use services like Lobstr Vault or StellarGuard.

And with that, I hope you now better understand the multiple signature feature built into Stellar and consider using it for that next level of security it provides you and your Stellar wallet!