Overview of Gnosis Safe wallet with team member Lukas!
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Teams, governance councils, DAOs and more all use one type of wallet.
They use this wallet because its safe, secure, and most importantly, decentralized. Multi-sig wallet is short for multiple signatures, or for lack of better terms, a wallet that is shared by multiple users which requires some sort of majority vote to conduct TXs.
Alice, Sharkeisha, BobbyD, DeMarcus, and MaryKateElizabeth all share a multisig for their shark fishing club. The multisig has $10k in it for expenses.
They have a 3/5 confirmation rule, majority wins.
There is a trip coming up to go to Guadalajara for prime Great White Shark fishing season, but Sharkeisha is scared of sharks in Mexico and DeMarcus is busy. So they both opt out for the funds to be used for flights, boating, food etc…but, the rest of the gang is all in ready to go. So what happens?
The majority wins and they go on the trip.
Replace this ridiculous example with governance contracts for multi-billion dollar protocols, proposals for DAO grant funding, private company unions and more.
Multisigs give you safety, fairness, and security.
In todays video we show you how to use Gnosis Safe!
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Tap In Tuesday: The Best Multisig Wallet In DeFi
You know what they say…not your keys, not your coins 😉
⚠️ DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. At certain points throughout this post, we might get commission for promoting certain projects, if this is the case we will always make sure it is clear. We are strictly an educational content platform, nothing we offer is financial advice. We are not professionals or licensed advisors.
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