• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
ERC-6551: ability to manage multiple signatures

ERC-6551: ability to manage multiple signatures

user avatar

by Alexandra Smirnova

2 years ago


ERC-6551 is based on ERC-20, but expands the capabilities of ERC-20 tokens, allowing them to be issued and controlled by multiple signatures. This means that to perform any transactions with ERC-6551 tokens, the consent of multiple token holders is required.

Contents:

ERC-6551: Multi-Signature Control Capability - news

How ERC-6551 Works

The ERC-6551 standard was proposed in 2022 by a team of developers from Conflux. It was designed to address the issue of centralized control of ERC-20 tokens. Currently, most ERC-20 tokens can be issued and controlled by a single individual or organization. This can lead to abuses, such as fund withdrawals or changes to token rules without the consent of token holders.

ERC-6551 addresses this issue by allowing the creation of tokens that require the consent of multiple holders to execute any transactions.

This makes ERC-6551 tokens more decentralized and resistant to abuse.

ERC-6551 adds two new properties to the ERC-20 standard. The first determines how many signatures are required to execute a transaction. The second - who can sign the transaction. This can be a list of individual addresses or a list of addresses belonging to multiple organizations. To execute a transaction with this token, two out of three signatories must sign the transaction.

Advantages and Applications of the New Ethereum Standard

ERC-6551 offers several advantages compared to ERC-20 tokens without multi-signature support. First and foremost is enhanced security. ERC-6551 makes tokens more secure, making it difficult to withdraw or change them without the consent of token holders. Increased decentralization allows for the distribution of control over tokens among multiple holders. Improved transparency enables tracking of who signed a transaction, enhancing token transparency.

ERC-6551 can be used to create various types of tokens, including:

Feature Description
Tokens with Limited Emission ERC-6551 can be used to create limited-emission tokens that can only be issued and controlled by a few people or organizations.
Collective Investment Tokens ERC-6551 allows for the creation of collective investment tokens that require the consent of multiple investors to make decisions.
Management Tokens ERC-6551 can also be used to create governance tokens that allow token holders to vote on changes to protocol rules.

 

Examples of ERC-6551 Tokens

The most popular tokens issued in accordance with the ERC-6551 standard include::

  • Conflux Token (CFX): This is a governance token for the Conflux blockchain.
  • OpenDAO Token (DAO): This is a governance token for the decentralized autonomous organization OpenDAO.
  • Gnosis Safe Token (GNO): This is a governance token for the Gnosis Safe vault.

ERC-6551 is an important standard that makes ERC-20 tokens more secure, decentralized, and transparent. It has the potential for wide-ranging applications in various areas, including collective investment, governance, and decentralized autonomous organizations.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other articles

Golden Tides - Conquer the Seas in an Epic Online Strategy Game

chest

Golden Tides is an exciting naval strategy game where players become captains, build fleets, and fight for dominance in the ocean. Combining tactics, economics, and large-scale battles, the game offers a unique pirate experience.

user avatarMax Nevskyi

DigitalX Project Overview: Bitcoin Funds, ETFs and Blockchain Solutions

chest

In-depth analysis of DigitalX — from its origins in mining to launching regulated Bitcoin ETFs, blockchain enterprise tools, and long-term BTC reserve strategy.

user avatarAlexandra Smirnova

Footium — Blockchain Football Manager with NFT Clubs

chest

Detailed Review of Footium — A Web3 Game with NFT Clubs, In-Game Tokens, and Transparent Economy. Learn about Blockchain, Tokens, Gameplay, and Project Prospects.

user avatarEve Adams

Space Hunters Ecosystem is a future game with NFT and blockchain technologies

chest

Space Hunters Ecosystem is an innovative P2E game that combines blockchain technology and space strategy. Players become captains, explore the galaxy, mine resources, and trade using NFT assets.

user avatarMax Nevskyi

Exploring My Lovely Planet — Eco-Friendly Blockchain Game Powered by $MLC on Polygon

chest

A deep dive into My Lovely Planet — a blockchain game that combines match-3 gameplay with real-world tree planting and a Web3 economy powered by the $MLC token.

user avatarElena Ryabokon

What Is NEXPACE: Gameplay, NXPC and NESO Tokens, and the MapleStory Universe Ecosystem

chest

NEXPACE is a blockchain game by Nexon in the MapleStory Universe, featuring NXPC and NESO tokens, NFT economy, Henesys Layer-1 network, and a unique Reward Experience model.

user avatarElena Ryabokon
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.