Research
The concept of a multisignature wallet in the crypto field was relatively new to me as stated earlier, I've only come across the web 2.0 alternative which was a joint bank account.
Naturally this was where my research started - knowing WHAT it is, HOW it can be setup and used, WHERE it fits within the already existing technologies. This helped me ask the right questions and understand what I should look out for during my competitive analysis session.
WHAT is a multisig wallet?
A multisignature/multisig wallet is a type of wallet that allows multiple parties to validate a single transaction. By contrast traditional wallets only need a single validation for a transaction to go through.
Multisig wallets allow also gives the user the option to choose the number of signatures needed to perform a transaction.
They are often labelled as 2 out of 3 or 3 out of 5. It is more ideal for the number of signatures needed to be less than the total number of signees – this way, if a private key is lost (especially in a 2 out of 3 situation) the other signees would still be able to complete transactions. Setting up a 2 out of 2 wallet would likely lead to assets getting stuck if one signee loses access to their private keys.
HOW can it be setup and used?
They are often labelled as 2 out of 3 or 3 out of 5. It is more ideal for the number of signatures needed to be less than the total number of signees – this way, if a private key is lost (especially in a 2 out of 3 situation) the other signees would still beable to complete transactions without any more steps.
To create a multisignature wallet, one has to create/connect a traditional wallet first to get a unique private key. This private key is then used to authenticate and create the joint wallet. Wallet addresses of other signees are then added and the threshold is set.
Multisig wallets allow also gives the user the option to choose the number of signatures needed to perform a transaction.
Setting up a 2 out of 2 wallet would likely lead to assets getting stuck if one signee loses access to their private keys.
Once everything is set up and a transaction is to be made, amotion to transfer funds is first made. In a 2 out of 3 wallets, another vote is needed to initiate the transfer of funds. Once the threshold is met, the transaction begins without any more steps.
WHERE this all fits in
A multisig wallet has a lot of advantages, one of which is to be able to quickly prevent a lost or stolen private key from being used orstill having access to one’s assets even after losing one’s private keys.
Using a 2 out of 3 multisig wallet setup as an escrow is another very good use case. Imagine a seller A, sells goods to buyer B. B releases the funds (votes in this case) once the authenticity of the goods have been confirmed. If the B fails to vote and transfer the funds, an arbitrator C can step in and approve the transaction.
On the other hand, if the goods inexchange fail to meet the already approved standard, the transaction can easily be called off.
User Interviews
To get a clearer picture of user needs I asked 3 users comfortable with web3 products and 2 users without web3 knowledge what they’d expect from a joint wallet. The interviews were conducted to form the basis for which features will be supported and which would not make the cut for the time being.
01
Multisig wallets are a relatively new trend in web3 but it is the basis for which Decentralized Autonomous Organisations exist.
02
Choosing a network at the beginning of the onboarding process is more ideal as compared with choosing a network when creating the joint account.
03
Web3 concepts are new and as such, creating an intuitive interface with info tips helps in bridging the knowledge gap
04
Users don’t really fancy a messaging feature but will use it if it’s available
05
Signees should be able to remove other signees by voting
06
Using a joint wallet might make the decision process slower
07
A notification feature is super important
08
A dark-mode feature is a great addition but not a necessity
Competitor Research
Now that I know the WHAT a multisig wallet is, HOW it works it fits within the current market and a few use cases and gotten a better perspective from users, I decided to do a competitive analysis to know how other start-ups might have approached the user experience and also get more insight on what’s obtainable.
There were specific features I looked out for during my research – platform it was built for (mobile, web, desktop), messaging feature, notification feature, add signees, create motion, remove signees, ease of use, modern ui.
Insights from competitor research
I noticed from my research that not many web3 services offered multisig wallets.
Also, the stand-out features for all the apps I used were "remove/add singee" and "create motion" as these were the core features of a multisignature wallet.
Most of these solutions were dated too and as such had poor user experience. About half of them were only available as executable software for desktop devices.
Define
User persona
From my research on the user needs and most important features, I created personas to reflect what users intend to use a multisig wallet for – the single user who wants to just store funds away safely and multiple users who generally want to have a single wallet and prevent funds from being in the hands of one person alone (more or less a trust-less wallet).
User stories and feature mapping
Mapping user stories to features helped me understand and synthesize the all the research information I’ve gathered from the conceptualization stage to now. Each synthesized story was mapped to a feature within the multisig feature.
Once everything is set up and a transaction is to be made, amotion to transfer funds is first made. In a 2 out of 3 wallets, another vote is needed to initiate the transfer of funds. Once the threshold is met, the transaction begins without any more steps.
Design
Sketches
Starting the design process with sketches helped me rapidly ideate and transfer my ideas into digital paper since it was alot faster than wireframes and gave me the flexibility to iterate and understand the flow. I used figjam for this phase.
Mid-Fidelity wireframes
I used wireframes to practically see what the multisignature feature would look like while at the same time collecting user feedback and expectations.
UI design
I've tried to make the interface have a feel of vitex (trading platform of VITE) but still maintain a unique approach. The screens start with an onboarding screen and walks you through to adding signees, adding a new wallet or creating a motion.
Onboarding screen
Users are able to use their Vite app, a ledger device or manually add their passphrases.
Choose wallet screen
An overlay screen that allows you to go to a pre-existing wallet or create a new one.
Create new wallet screen
If a user chooses "create a joint wallet" it takes the user here. Any name can be chosen. Users can play around with it.
Add a signee screen
In order to use a multisignature wallet, at least one more signee needs to be added. The threshold has to be lower or have the same number as the total number of signees.
Dashboard overview screen
Dashboard of an active user. It spots the number of singees (joint account holders) and the most recent motions.
Transaction history screen
Shows the most recent transactions carried out within a certian joint account.
Create a motion screen
Motions are requests made to transfer funds, remove/add a signee or increase the threshold for a certain joint wallet. The threshold needs to be met in order to the motion to be approved.
All motions screen
Shows all the motions created by all the signees.
My motions screen
Shows motions created only by the current user.
