What is a shared wallet?

When I tried to add a wallet in Daedalus, there is an option to join a shared wallet with up to 5 people, but this option is disabled. I guess that this feature is still under development, but I wonder what a shared wallet is, is there any scenario that people would use a shared wallet?

Yes, imagine you have a roommate and you would like to split the bills on food, housing etc. Or maybe you are getting married and you and your significant other are saving up for the wedding.

Perhaps you create a betting pool among friends. You can chip in for gifts with multiple people. There are a lot more scenarios, this is just of the top of my head.

Iā€™m thinking that a combination of some dApps and shared wallets will produce some amazing new experiences in this regard.

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