LOBSTR Vault: New update is live!
Identicons, improvements for transaction signing progress and M-of-N multisig
Download Vault if you haven’t already, and join 500+ users who are using multisignature to protect their Stellar accounts.
LOBSTR Vault uses multi-sig to provide a second layer of confirmation for your transactions.
With multisignature, even if the secret key of your wallet is exposed, your funds are still safe, because any outgoing transaction will require additional signatures from connected accounts (signers).
What’s new in Vault 1.2.0:
1. Identicons for Stellar addresses
Following the introduction in LOBSTR wallet, identicons for Stellar addresses are now coming to LOBSTR Vault app.
Identicons are distinct pixel-style icons generated based on the public key of a Stellar wallet. These easy to remember icons are like an avatar for your wallet.
Each Stellar wallet may be protected by several Vault apps (i.e. have multiple signers) and each Vault app can act as a signer (i.e. protect) for multiple Stellar accounts.
The use of identicons across the interface of Vault allows users to clearly distinguish between protected Stellar wallets and incoming transaction signature requests for each of those.
2. See the progress of the transaction signing process
Transaction Details screen now gives you a nice overview of who has already signed a pending transaction.
This is especially useful for a complex multisig configuration with several Vault signers, as it allows to quickly see how many signers have approved the transaction:
As Vault users continue to sign the transaction, the list will automatically update to show the current status.
3. Setup the M-of-N multisig with Vault in LOBSTR and StellarTerm
When we first launched LOBSTR Vault, users could only setup N-of-N multisig for their account in LOBSTR wallet.
The most simple and common configuration would be a 2-of-2 multisig: a single Vault signer for the wallet, and require both to approve all transactions.
Advanced users looking for more security would configure a 3-of-3 multisig, where a transaction would require 2 additional confirmations from Vaults on different devices.
However, N-of-N multisig configuration is unforgiving.
The loss of even a single key in this multisig setup will lead to funds being locked in a wallet forever. Hence, if your Vault device is lost or damaged, you would need a recovery key to recover Vault on a different device.
People with multiple Vault signers can now adjust the number of signatures required to submit a transaction to the network in LOBSTR or StellarTerm.
This feature is available in the Multisig section of LOBSTR web and mobile apps.
The same functionality is available in StellarTerm, which allows users to enable multisig with LOBSTR Vault, add multiple signers and set number of required signatures:
We generally recommend to use a 2-of-3 multi-signature configuration with Vault, where a single additional confirmation is required from one of the two devices under your control.
With the updates to transaction signing screen and with the new identicons, using LOBSTR Vault for M-of-N multisig protection is now more convenient than ever.
LOBSTR Vault works best with LOBSTR and StellarTerm, but is supported by other great products such as Stellarport. We are working with other providers to enable support for LOBSTR Vault.
There are more exciting updates we are rolling out soon.
Stay tuned and make sure to enable multisig to improve the security of your wallet!