1. Introduction of Mutual Wallet
Mutual Wallet is defined as a wallet initiated by one person and managed by multiple persons. It is independent of individual wallet and utilizes identity information, payment password and face recognition to protect assets safety, which is suitable for partner team, friends and couples to use.
Features: mutual asset management, transfer authorization and bill sharing
2. Wallet Rules & Authorization Mechanism
I. Wallet rules
l Only C3 verified users can be set as mutual managers.
l Once created, mutual managers and authorization numbers cannot be changed. No support for modifying authorization numbers, adding or deleting mutual managers.
l It takes both the payment password and face recognition to pass authorization.
l The depositing and transaction records are visible to all mutual managers.
II. Authorization mechanism
x-y authorization mechanism means a minimum of x out of y mutual mangers need to approve sensitive operations.
2-2 authorization mechanism needs at least 2 out of 2 mutual mangers to approve.
3-6 authorization mechanism needs at least 3 out of 6 mutual mangers to approve.
5-7 authorization mechanism needs at least 5 out of 7 mutual mangers to approve.
Note: The approver numbers are set by people who has initiated the mutual wallet. After being successfully created, the numbers of mutual managers and approvers are not allowed to change.
3. Usage Scenarios
I. Couple or friend’s mutual asset management
If a couple adopts 2-2 mutual wallet to manage their digital asset, any transaction only can be approved with their both authorization, which ensures the safety of mutual property as well as serves as a means of saving.
II. Partner team’s mutual asset management
If a partner team with frequent and large fund flows adopts 3-5 mutual wallet, any member can see the movements of fund. And the assets under account will only be released after approval of 3 mutual managers’ authorization, which significantly ensures transparency of fund in team members and mutual proper management.
III. Multiperson of small and medium-sized enterprise’s finance management
For an enterprise, there is no better way to manage the assets than by decentralisation. If it adopts 5-7 mutual wallet, it not only keeps transparency of finance, but also eliminates unnecessary workflow and maximizes efficiency.
4. Advantages of Mutual Wallet
l Safe and reliable: face recognition and password 2FA to safeguard assets
l Convenient and simple: various authorization mechanism to choose and online coordination to achieve one-click asset management
l Open and transparent: mutual assets, bill and authorization records visible among all managers
l 5 cryptos available：BTC, ETH, USDT, EOS and LTC available for mutual asset management