Guide To Using The Gnosis Multisig Wallet- ETH

Published in

Coinmonks

6 min readJan 24, 2019

This article will walk through how you could deploy your own multisignature wallet, using the Gnosis Multisig Wallet and having it act as a Light Wallet.

In this guide, I will be using:

Ropsten Testnet network
the Gnosis Multisig UI at https://wallet.gnosis.pm/, with settings selected to the Ropsten network
Ropsten Testnet ether
MetaMask

If you don’t install please install MetaMask and get Ether by the following link

MetaMask Installation

Get Ether from Ethereum ROPSTEN testnetwork

Also Read: Best Bitcoin Hardware Wallets

Connected to Metamask

navigate to https://wallet.gnosis.pm/#/wallets
It will be connected to Metamask when open gonsis。
Check whether it is in Ropsten Test network . If not in Ropsten Test network, Change to Ropsten Test network on MetaMask

4. Please click ”Setting” Tab if you cannot change to Ropsten test network. Select ” Default (MetaMask, Mist, Parity …)” under Web3 Provide and then click ”Update settings”. You may have to refresh your web browser page for the settings to become active.

5. Select “remote node” under Web3 provider, select “Remote Ropsten” under Ethereum node and click ”Update settings”. You may have to refresh your web browser page for the settings to become active.

Step:

Create a wallet and confirm who has a multi-sign wallet
Transfer Ether into multi-sign wallet
Transfer Ether from multi-sign wallet, but the trade fair will be on hold and wait for the account 2 to sign
confirm the Account 2’s signature in transaction
Confirm the Account 2’s signature and then transfer Ether

1. Deploy a new multi-sign wallet

1.1 Click “Add” on the right side of Wallet

1.2 Click “Create new wallet” and “Next”

1.3 Enter Name 、 Required confirmations 、 Daily limit (ETH) and the addresses of the owners and then “Deploy with factory”:

Name : Wallet name
Required confirmations : The number of approvals needed from the owners (signatories) of the multisignature wallet (not to be confused with transaction confirmation). Here I enter 2, meaning that at least two people need to sign for a transaction.
Daily limit (ETH) : A limit which could be withdrawn without the need of required confirmations as configured in Required confirmations.
ADD: These are the owner addresses acting as a signatory for changes to the wallet, notably withdrawals, confirmation changes, daily limits, and ownership changes.

Names on the Gnosis Multisig Wallet
The names (i.e. wallet name, owner names) are stored locally and not on-chain on the Gnosis multisignature smart contract, so do not be surprised upon reinstalling and reinstating the multsignature wallet address after a computer reformat, the names are not there. On-chain, the smart contract expects only the owner addresses, confirmations/approvals required, and the daily limit figure.

1.4 Click ”Send Transaction” to deploy MultiSig Wallet but it will need Ether to pay gas fee. You should be greeted with a “Deployment transaction was sent” message on the top right corner.

1.5 Click “CONFIRM” in MetaMask popup .

That didn’t take long. Once the transaction was confirmed, we can see the wallet showing up on the Wallets tab. Please check whether your transaction is successful if wallet did not show up.