ICYMI: Cardano developers propose stake-based threshold multi-sig solution Mithril ADA $ADA CardanoCommunity
In some multi-sig designs, the limit is even higher: the crypto segment knows 6/7 and 7/8 multi-sig wallets. Mithril multi-sig architecture advances this procedure: it allows users to consider the number of ADA staked by signers to weight their roles in approval processes.
This solution, proposed by Input Output Global's lead developers Pyrros Chaidos and Aggelos Kiayias, makes multi-sig designs fairer and more inclusive:To a sign a message, m possible signers are randomly selected based on their stake. If k out of m sign, a full signature is obtained The parameters for this are very important, as you wouldn't want just 3 holders"representing" the entire network.
Mithril design would be relevant for numerous use cases in Web3. Mr. Schmiedel is certain it can be useful for approval of blockchain checkpoints and even a Voltaire-era upgrade.Mithril's efficiency is guaranteed by its logarithmic complexity and sophisticated software design. As covered by U.Today previously, in Q2, 2022, the growth of Cardano's ecosystem accelerated: it onboarded over 1,000 applications from various spheres.