What is meant by Update Scheme in Vault Settings in Keeper?

The Update Scheme feature in the Keeper app empowers users to modify their multi-key wallet configuration with ease and security. As your needs change, the flexibility to adjust a multi-key wallet's setup is essential, and this feature delivers just that.

What is the Update Scheme Feature?

Update Scheme allows users to change the configuration of their multi-key wallet, such as increasing or decreasing the number of keys required to approve a transaction or adding/removing participants to the quorum. For instance, if you originally set up a 2-of-3 multi-key wallet, they could update it to a 3-of-5 setup based on new security needs.

When Should You Use the Update Scheme Feature?

• Changing Security Needs: If your security requirements have increased, you may want to update from a simpler configuration (e.g., 2-of-3) to a more complex one (e.g., 3-of-5) for added protection.

• Rotating Out Compromised Keys: If a key or device is lost or compromised, you can use the Update Scheme feature to remove that key from your multisig setup and add a new one, without losing access to your funds.

• Adding/Removing Participants: If you have a collaborative wallet with multiple participants, such as a business or family wallet, you may need to update the scheme when team members join or leave.

How to Use the Update Scheme Feature

1. Initiate the Update: Begin by selecting the Update Scheme option within a vault in the Keeper app.
2. Sign with Existing Keys: To authorize any changes, the current configuration’s prerequisite number of keys must be used to sign the update. For example, if your wallet requires 3 out of 5 keys for transactions, you'll need those 3 keys to approve the update.
3. Set New Configuration: Once the update is authorized, you can specify the new scheme, such as increasing or decreasing the number of keys or adjusting participants.
4. Confirm and Apply: After setting the new configuration, the changes are applied, and your vault operates under the updated rules.

The Update Scheme feature ensures that any change to your wallet's structure is secure, requiring signatures from the appropriate number of existing keys. This process preserves the integrity of your multi-key vault while adapting to your evolving needs.