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A “MultiSig” smart contract, or multi-signature wallet, is one that requires multiple owners to agree upon and approve transactions before they are executed. These transactions can only be executed by a predetermined number of owners. This may be in the form of 2-of-3 or more. Through using a MultiSig smart contract (sometimes called a Vault), the security and execution logic changes from a single wallet interface to interacting with a contract itself. It’s typical for Protocols and Decentralized Autonomous Organizations (DAOs) to hold their treasury funds in multisig wallets for asset protection.

Note: These are non-technical definitions meant for a general audience and should not be used as legal definition
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