Stellar: Set up Multi Signature Wallet using Lobstr Vault

Guides April 19, 2020
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Stellar: Set up Multi Signature Wallet using Lobstr Vault
Stellar set up Multi Signature Wallet

Multi signature function is fully supported by Stellar ecosystem. Multi signature feature allows users to set up wallet to require two or more secret key signature. This is an easy way to increase security of your account. In this article, we will show you how to setup a Stellar multi signature wallet.

To keep everything super simple, we will be making use of popular Stellar app, Lobstr Vault that lets you easily implement multisig function. This app is free and available for both iOS and Android platforms.

Lobstr Vault is supported by almost all Stellar decentralized exchanges, including Stellarport.io, StellarTerm.com etc.

* Install LOBSTR wallet app on your device and login into your account
* Make sure you have a Stellar account linked to your LOBSTR account in the app
* Make sure your Stellar account activation credit provided by LOBSTR is paid off
* Your Stellar account should have a sufficient balance to enable a multisig solution – each additional signer increases the base reserve by 0.5 XLM
* Install LOBSTR Vault app on your device

Then, to enable multisig solution in Lobstr wallet using a new signer account from LOBSTR Vault app, follow the steps below:

  1. In LOBSTR Vault, select ‘Create Account’ option.
  2. Carefully read the description and tap the ‘I Understand’ button.
  3. At the ‘Recovery Phrase’ screen, write down the presented Recovery Phrase and tap ‘Next’ button.
  4. Verify your Recovery Phrase by tapping the words in the correct order and tap ‘Next’ button.
  5. Create your custom 6 digit PIN.
  6. Confirm your custom 6 digit PIN.
  7. If enabled on your device, protect your account by enabling biometric authentication.
  8. You will be transitioned to the screen with the Vault public key and the QR code.
  9. In LOBSTR wallet app, open the ‘Settings’ screen and select the ‘Multisig’ option.
  10. Tap ‘Enable Multisig’ button.
  11. LOBSTR wallet should detect LOBSTR Vault account automatically and prompt to use it.
  12. Tap ‘Yes, Use This Device’ button.
  13. At this step, you will need to confirm that you want to add a new signer to your Stellar account. Carefully read the description and tap the ‘Continue’ button.
  14. If the ‘Multisig enabled’ screen is displayed, the singer account should be successfully added to your Stellar account.
  15. To complete the setup at LOBSTR Vault side, open the app and tap the ‘Next’ button at the screen with your Vault public key.
  16. If required, tap the ‘Re-Check’ button at the next screen.
  17. You will be transitioned to the ‘Home’ screen of LOBSTR Vault app.

And that is it, you have successfully setup multisignature wallet.

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