Have you really wondered what multi-sig transaction really is? Various multi-sig transaction exists like 4 out of 5, 2 out of 3 . It so happens that 2 out of 3 multi sig transaction is the minimum criteria to materialize this multi-sig transaction concept. In fact, multi-sig concept was the main new feature with Bitcoin 1.5, that was hyped in late 2014.
I have broken it down as below:
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