The difference between single-sig and multi-sig wallets lies in the number of private keys required to authorize a transaction.
Single-sig means only one private key is needed to sign and approve a transaction. This means whoever holds that single private key has full control over the funds. It’s simple but less secure if the key is lost or compromised.
On the other hand, multi-sig wallets require multiple private keys to authorize a transaction, which adds an extra layer of security. This can be useful for joint accounts or cases where multiple people need to approve a transaction before it’s completed.