What is Safe wallet?
Safe is a MultiSig wallet that allows co-management of assets with multiple private keys, the same account can be jointly managed by many, enabling decentralized co-ownership for DAOs, groups and enterprises.
Safe gives you complete self-custody over your funds. There is no risk of a bank giving you a hassle for running a crypto business and the smart contract deployed is completely trustless and in your control.
What problem does Safe wallet solve?
Most crypto users are used to a single key wallet and accounts are secured with seed phrases, which can be transformed into a private key. If that private key is compromised in any way, the funds can be stolen.
If a project comprises more than one person, an externally owned account is not a secure way to manage your business’s crypto funds If an employee goes rogue or is careless with the private key, the funds are gone forever
Safe wallet provides solutions to these problems with multi-signature. It runs on several blockchains that require a minimum number of people to approve a transaction before it can occur (M-of-N). Safe wallet also gives you complete self-custody over your funds.
What can Safe wallet do?
- Transaction batching: Send multiple transactions at once.
- Fraud monitoring
- Interaction with decentralized finance
Who can use Safe wallet?
Safe wallet is accessible to all cryptocurrency users to build project on also financial institutes, personal use and groups
How to get started?
To create a Safe account, you need to connect a signer wallet as a first step. Your Safe address will be different from the address of your signer wallet.
Safe wallet supports a variety of signer wallets.
Once a wallet is selected, you can start the process of setting up your Safe by clicking on "Create New Safe". First, you'll need to give a name to your new Safe. This name is only stored locally on your computer and never shared with any third party.