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The term "multisig" stands for "multi-signature" and it's used to describe accounts associated with more than one private key. The account is created with a list of owners and a policym-out-of-n ; when transactions are approved by at least m owners, they can be executed. The multisig account eliminates the single point of failure in case of attacks and it allows the implementation of a variety of use cases where one or many parties are involved.