Taking advantage of Multisig on Solana

Creating the best Decentralized Prediction Market in Web3

At Hedgehog Markets, we aim to create the best possible Prediction Market, where any user is able to place bets based on the outcome of future events. Building on Web3 enables us to decentralize this process, and allow for a range of use-cases including Peer 2 Peer markets, enabling users to create a market with whichever odds they may choose. This allows users to bet on anything at their preferred odds, with any other Web3 user, without having to manage the betting process.

What is Multisig

A multi-signature wallet allows a group of users to approve a transaction before it can be executed. Many individuals and teams desire to have multiple parties sign off on a transaction, such as payments or withdrawals before it can be executed. This allows for more robust security, as it spreads the responsibility of your digital assets to multiple parties, and avoids a single point of failure in the case of a compromised individual or wallet.

image reference: https://multis.co/post/multisignature-wallets-the-gold-standard-for-companies

How does Multisig relate to Hedgehog Markets

We’ve partnered with Snowflake Safe, to help manage our assets and leverage their in-build on-chain automation to create scheduled transactions. Using a Multisig provides more robust security for our treasury, enforcing multiple sign-offs before a transaction can take place from our treasury.

There are also many future use-cases for the intersection of Web3 and Prediction Markets, particularly Peer 2 Peer Predictions Markets. For example, given two or more parties placing a very large bet on an outcome, you may need a system to store funds within a decentralized escrow account, and ensure there are both parties and a third mediator party to transfer funds after a large outcome. This ensures that there is a decentralized wallet that is able to hold and transfer out funds given with the required amount of signers (e.g. 2 of 3).

Another use-case for Prediction Markets and Multisig is an ability to leverage a Multisig that integrates with other protocols on Solana. Some Multisig platforms such as Snowflake, have already integrated with certain price oracles such as Pyth Network. This allows platforms to build on-top of and create markets where the outcome is automatically triggered from the price oracle. Say for example, you wanted to bet whether the price of BTC > $20,000 in three months. Placing betting funds in a Multisig escrow account, and automatically triggering a transaction from a decentralized Multisig store allows users to easily and automatically create trustless bets using Hedgehog Markets leveraging a secure Multisig on Solana.

How can I learn more?

You can read more about Hedgehog Markets and Snowflake at:

• Hedgehog Markets: https://hedgehog.markets/
• Hedgehog Markets Twitter: https://twitter.com/HedgehogMarket
• Snowflake: https://snowflake.so/
• Snowflake Twitter: https://twitter.com/snowflake_sol?lang=en