1-of-N

1-of-N refers to a scenario in which a certain number of participants out of a group are required to agree on a decision or transaction. This means that out of the total N participants, only 1 participant needs to validate or authorize the action for it to be executed.

In the context of cryptocurrency, 1-of-N can be used as a form of multi-signature authorization, where multiple parties have control over a single account or wallet. For example, a 3-of-5 multi-signature setup would require any 3 out of the 5 parties to approve a transaction before it can be completed.

This feature adds an extra layer of security and control, as it prevents a single individual from having full access to the funds or making transactions without the consensus of the group. It is commonly used in situations where trust among parties is limited or when additional verification is needed for high-value transactions.