Multisig For `miden-lib`

Multisig for miden-lib: Enhancing Private and Compliant DeFi

Introduction

In the realm of decentralized finance (DeFi), security and compliance are paramount. Miden, a cutting-edge platform, aims to provide a private and compliant DeFi experience. One of the core use cases for Miden is private, compliant DeFi, where investors, such as venture capitalists (VCs) or whales, can anonymously hold and trade assets on Miden's Over-the-Counter (OTC) market. To facilitate this, a robust multisig implementation is essential. In this article, we will delve into the concept of multisig for miden-lib, exploring its design, functionality, and importance in the DeFi ecosystem.

The Need for Multisig

In traditional DeFi applications, especially those catering to institutional investors, a multisig mechanism is crucial. This is because it allows multiple parties to jointly manage and control assets, ensuring that no single individual has complete control over the funds. A multisig contract enables a group of signers to collectively approve transactions, providing an additional layer of security and accountability.

Designing the Multisig Contract

The design of the multisig contract is not yet clear, and various ideas are being explored. However, a basic multi-sig contract can be envisioned as an account component that requires n out of m signatures to execute a transaction. This means that at least n signers must agree on a transaction for it to be executed, providing a robust security mechanism.

Storing Public Keys in a StorageMap

In the current implementation of the auth smart contract, a public key is stored in slot 0. For multisig, this approach can be modified to store a StorageMap containing multiple public keys. This allows for the storage of multiple keys, enabling the multisig contract to verify signatures from multiple signers.

Signing the Account Delta

To facilitate the multisig process, a message M reflecting the account delta after a proposed change is created. This message can be signed by each signer using their private key, ensuring that the transaction is legitimate and authorized. The signed message can then be stored on-chain or passed around off-chain, allowing other signers to verify the transaction.

Executing the Transaction

Once the required number of signatures is obtained, the last signer injects the signed message into the transaction. The multisig contract then verifies the signatures against the stored public keys in slot 0, ensuring that the transaction is legitimate and authorized.

Efficient Transaction Execution

To optimize the transaction execution process, the transacting account can inject the signing parties' information as TransactionArgs. This allows the contract to efficiently verify the signatures and execute the transaction.

Next Steps: Discussing Different Designs

To move forward with the multisig implementation, the following steps are proposed:

• Collect ideas on how the multisig could work end-to-end
• Research how Gnosis Safe works on Ethereum, including its signed message and passing mechanisms
• Create a proof-of-concept (PoC) in MASM to demonstrate the multisig functionality
• ...

Why is this Feature Needed?

The multisig feature is essential for private and compliant DeFi applications, providing a robust security mechanism for institutional investors. By allowing multiple parties to jointly manage and control assets, the multisig contract ensures that no single individual has complete control over the funds, reducing the risk of unauthorized transactions.

Conclusion

In conclusion, the multisig feature for miden-lib is a crucial component of private and compliant DeFi. By designing a robust multisig contract, Miden can provide a secure and accountable experience for institutional investors, enabling them to anonymously hold and trade assets on the platform. The next steps involve discussing different designs, researching existing implementations, and creating a proof-of-concept to demonstrate the multisig functionality.

Future Work

Future work on the multisig feature will focus on:

• Implementing the multisig contract in MASM
• Integrating the multisig contract with the auth smart contract
• Testing and validating the multisig functionality
• Optimizing the transaction execution process

By continuing to develop and refine the multisig feature, Miden can provide a secure and compliant DeFi experience for institutional investors, further establishing itself as a leading platform in the DeFi ecosystem.
Multisig for miden-lib: Frequently Asked Questions

Introduction

In our previous article, we explored the concept of multisig for miden-lib, a crucial feature for private and compliant DeFi applications. To further clarify the design and functionality of the multisig contract, we have compiled a list of frequently asked questions (FAQs).

Q: What is a multisig contract?

A: A multisig contract is a type of smart contract that requires multiple signatures to execute a transaction. This provides an additional layer of security and accountability, ensuring that no single individual has complete control over the funds.

Q: Why is a multisig contract necessary for DeFi applications?

A: A multisig contract is essential for DeFi applications, especially those catering to institutional investors. It allows multiple parties to jointly manage and control assets, reducing the risk of unauthorized transactions and providing a secure and accountable experience.

Q: How does the multisig contract work?

A: The multisig contract works by storing a StorageMap containing multiple public keys. When a transaction is proposed, a message M reflecting the account delta is created and signed by each signer using their private key. The signed message is then verified against the stored public keys, ensuring that the transaction is legitimate and authorized.

Q: What is the role of the StorageMap in the multisig contract?

A: The StorageMap is used to store multiple public keys, allowing the multisig contract to verify signatures from multiple signers. This provides a secure and efficient way to manage and control assets.

Q: How does the multisig contract handle multiple signatures?

A: The multisig contract requires n out of m signatures to execute a transaction. This means that at least n signers must agree on a transaction for it to be executed, providing a robust security mechanism.

Q: Can the multisig contract be integrated with existing DeFi applications?

A: Yes, the multisig contract can be integrated with existing DeFi applications, providing a secure and accountable experience for institutional investors.

Q: What are the benefits of using a multisig contract?

A: The benefits of using a multisig contract include:

• Security: The multisig contract provides an additional layer of security, reducing the risk of unauthorized transactions.
• Accountability: The multisig contract ensures that multiple parties are accountable for transactions, providing a secure and accountable experience.
• Efficiency: The multisig contract allows for efficient transaction execution, reducing the risk of delays and errors.

Q: What are the next steps for implementing the multisig contract?

A: The next steps for implementing the multisig contract include:

• Implementing the multisig contract in MASM
• Integrating the multisig contract with the auth smart contract
• Testing and validating the multisig functionality
• Optimizing the transaction execution process

Conclusion

In conclusion, the multisig feature for miden-lib is a crucial component of private and compliant DeFi. By answering frequently asked questions, we have provided a clearer understanding of the design and functionality of the multisig contract. We hope that this article has been informative and helpful in understanding the importance of multisig in DeFi applications.

Future Work

Future work on the multisig feature will focus on:

• Implementing the multisig contract in MASM
• Integrating the multisig contract with the auth smart contract
• Testing and validating the multisig functionality
• Optimizing the transaction execution process

By continuing to develop and refine the multisig feature, Miden can provide a secure and compliant DeFi experience for institutional investors, further establishing itself as a leading platform in the DeFi ecosystem.