A Multi-Tool is your best friend in No Man's Sky. It can do practically everything, from mining resources to shooting down Sentinels.
No Man's Sky How to Change the Multi-Tool
It can be useful to have more than one Multi-Tool in No Man's Sky, for example if you want to spec one for mining and the other for fighting. Some Multi-Tools don't have enough slots to house both.
This also means you need to be able to quickly switch between Multi-Tools in case something happens. Here's how to switch between Multi-Tools in No Man's Sky.
You can switch between custom Multi-Tools via the Utilities menu once you purchase a second Multi-Tool from a space station or outpost. Make sure you are on the ground and not in the ship when you switch, otherwise the menu options will be different.