A multisig account is a type of account that requires multiple signatures to authorize a transaction. This provides an additional layer of security and reduces the risk of unauthorized transactions.
Multisig accounts work by requiring a predefined number of signatures from a group of authorized signatories before a transaction can be executed. For example, a 2-of-3 multisig account would require two out of three authorized signatories to sign off on a transaction before it can be executed.
The number of signatories (threshold) has to be specified, as well as the specific accounts that are authorized to sign transactions in order to create a multisig account.