Multi-signature wallet discussion

[aeuser999]

Hi @arunadaybasu ,

Thank you for asking, and for your comment.

Vegas is committed to carry out his role as coordinator, from the proposal (10936), which has passed governance (the proposal also does outline who can serve as coordinator if he should not be able, or if he should choose to delegate the role - so there should be no concern on the role of coordinator in being able to be carried out, so the proposal can be carried to completion).

Vegas is discussing the possibility of serving as signers with those the proposal outlined as the first in line of potential new signers for the multi-signature wallet, and following the proposals steps. He has reached out to a first group of highest voting-power validators to ask/discuss the possibility of being a signer. Here is what the proposal outlined/outlines in part in regards to signer selection:

@aeuser999

• …

  • NEW WALLET SIGNERS (IF REQUIRED):

    • 9 of the validators that are the greatest voting power shall be selected, with Vegas Validator being disqualified, for those willing to serve as signers, and moving to the next validator, until 9 validators are in agreement of accepting the responsibility. 7 of 9 signers will be required to initiate transactions for the wallet.

      • If there are still remaining signer slots to be filled, due to not enough validators being willing to do this task, then the remaining slots shall be filled through an election of Terra v1 governance community members. For purposes of the election, a candidate must show in the proposal description that they have staked coins on-chain by doxxing their Terra v1 wallet address that verifies there are staked coins (this will be the same wallet address that will be used for any “legal multi-signature wallet” signer or signer address of any on-chain wallets associated with the assets being transferred back to the Terra v1 governance community which this proposal outlines). The election shall be conducted through the Terra v1 governance system. The first number of candidate proposals that have passed, that meet the number of required remaining signer slots, and have given contact information to the “coordinator” (defined below), will be selected. It would be helpful for any election candidates to also outline their participation in the Terra v1 governance community. In addition the signer will have to sign a legal document and be verified using legal identification by an attorney (outlined in detail below). The details of the election, and any independent verification of it, and/or coordination of it, shall be outlined by the “coordinator” (defined below).

      • For the purposes of this proposal, the “coordinator” shall coordinate with validators, and the Terra v1 governance community, for the purpose of verifying potential validators willing to serve as signers, detailing specific times and dates regarding validator selection or community elections for signers, and otherwise coordinating, organizing, and communicating any Terra v1 community elections for those who may be willing to serve as signers if needed, independently verifying required documentation has been signed by the independent attorney for signer roles to be official, independently verifying required legal identification has been received by the appropriate attorney, independently verifying any legal matters pertaining to this task, reporting back to the Terra v1 governance community via the official proposal discussion platform that verification has been successful for all signers, and independently confirming to the current multi-signature wallet signers the persons to serve as signers for the purposes of any wallet(s) associated with this proposal (particularly for transfer of signer roles from current signers to new signers).

        • …

Progress is moving along, but it will take some time as each step in the proposal is followed (which would have been true of most of the other proposals that had open proposal discussions as well).

We will also make sure to pass along updates via this proposal discussion thread as new milestones are finished in the process, and report the next step in the process from the proposal, until the process is completed.

I hope that helps a little bit, and that you are having a great day today

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Current Active Updates:

• Multi-signature wallet discussion - #139 by aeuser999
  • Note: There was a question about new signer selection process, you can see the process in the final proposal text, which has passed as part of proposal 10936, here
• Multi-signature wallet discussion - #144 by aeuser999