Account security is possibly the leading issue with the use of crypto-currency: how can a user secure digital funds so that they are completely safe from theft, given the increasing sophistication of malware and hacking techniques ?
The answer is Account Control: NXT Accounts can be secured by using enhanced multisignature methods.
How does it work?
The owner of a NXT account can make it subject to the NXT Voting System.
In practice this means it is possible to restrict access to an account or to prohibit transactions without approval by multiple parties.
This enables users to create accounts that can only transact with the approval of holders of specified Assets or Currencies, or to make transactions subject to Votes on spendings.
Account control enhances the security of accounts and ensures that only specific people have access to funds, under specific conditions.
- Decentralised Autonomous Organisations (DAO)
- Secure accounts
- Charity accounting
- Private Investment Funds
- Private Insurance Funds
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