Why CroSwap brought Gnosis Safe to Cronos
Strengthen the Cronos Chain Ecosystem
The CroSwap team is committed to improving the Cronos ecosystem through innovative new approaches for the benefit of all who use the chain. We are the first project to bring a Multisig tool to the Cronos network, thus ensuring our users, and all users on the ecosystem, are given options to engage as safely and securely as possible on the chain.
Security should be a primary factor of any project, and the CroSwap team is absolutely committed to innovating and improving the overall security for our investors. While we are bringing the Gnosis Safe and additional safety protocols to the Cronos Chain, the CroSwap team will allow all projects on the chain to use this new tool. This will strengthen existing projects that chose to adopt this tool, thereby improving the security of the chain and protecting our investor network.
Peace of Mind
Criminal hackers are always looking for opportunities and exploits, and Cryptocurrency is a prime target for this kind of activity. By adding more layers of security in place, it should give both project owners and investors a greater level of peace of mind that their assets are being secured.
What is Gnosis Safe?
Gnosis Safe is a highly trusted platform for managing digital assets on the Ethereum chain, with Safe Apps acting as a portal to the DeFi ecosystem for secure, accessible transactions directly from the Safe multisig.
Most crypto users (e.g. those who own ETH, CRO or BNB) are accustomed to a single key wallet, often referred to as an externally owned account (EOA). Examples include MetaMask, Trustwallet, Exodus etc. These accounts are secured with a “seed phrase” that consists of twelve keywords which can be transformed into a private key for the user. Funds can be stolen if that private key is compromised in any way.
If your project team consists of more than one person, an externally owned account is not a secure way to manage your project’s crypto funds. If an employee goes rogue or is careless with the private key, the funds are gone forever. Even if your business is made up of just yourself, we would argue it’s still a poor way to manage funds. So, what is the better solution?
Enter the Multisig. Safe is a smart contract wallet already running on a number of blockchains that requires a minimum number of people to approve a transaction before it can occur (M-of-N). If for example, you have 3 main stakeholders in your business, you are able to set up the wallet to require approval from 2 out of 3 (2/3) or all 3 people before the transaction is sent. This assures that no single person could compromise the funds. On top of that, Safe gives you complete self-custody over your funds.
Here’s an overview, comparing the Safe to other digital asset storage solutions:
Gnosis Safe Multisig Features
Fully customise how you manage your company crypto assets, with the option to require a predefined number of signatures to confirm transactions. Require multiple team members to confirm every transaction in order to execute it, which helps prevent unauthorised access to company crypto.
Gnosis Safe Multisig supports ETH, ERC20 (Tokens) and ERC721 (Collectibles). You can also see the fiat values of your assets.
Use any wallet
Use your favorite wallet to sign transactions, regardless whether it’s a mobile wallet, browser extension, or hardware wallet.
Bringing Multisig security to DeFi, you can now put your funds to work directly from the Gnosis Safe interface. Use your digital assets to invest, earn, borrow, invoice, do payroll and more.
What this means for the CroSwap DEX
It goes without saying that all CroSwap Ecosystem assets will now have Gnosis Safe implemented and once CroSwap launches and projects start to move over/launch on our platform, any endorsed project that launches through our Private launchpad will be required to implement Gnosis Safe Multisig protocols before being accepted for launch.
By requiring Multisig, we reduce the likelihood of projects implementing poor personal security protocols or engaging in clandestine/illicit activities, thus giving a greater degree of protection and peace of mind to our investors.
Why is this important for Investors
Cryptocurrency investors are now far wiser and more informed in the tactics implemented by projects looking to act immorally/illicitly. Investors should consider what security features are being implemented by the projects they invest in.
By CroSwap bringing this protocol to the Cronos System, as well as making it a required protocol for their private launchpads, we hope that users can be in a safer and better place to keep their investments secured.
I am a project owner, how can I now use this service?
Other Chains that use Gnosis Safe
Access to a strong Multisig security feature is something that we feel every chain and project should implement. Security for our projects is something we take very seriously. CroSwap is the first to bring the Gnosis Safe Multisig tool to Cronos Chain. We hope that other projects on this chain will take advantage of this free tool in order to support a safer environment for all.
For more information about future products please refer to our future Medium articles, whitepaper or join our social communities
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