Gnosis Safe

From DefiLlama
Jump to navigation Jump to search
Gnosis Safe logo[1]

Gnosis Safe is a smart contract wallet running on Ethereum 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 all 3 people before the transaction is sent. This assures that no single person could compromise the funds.

Most users of Ethereum are used to a single key wallet, often referred to as an externally owned account (EOA). These accounts are secured with a private key, which can be transformed into a 12 word “seed phrase” for the user. If that private key is compromised in any way, the funds can be stolen.

Sources

Gnosis Safe main site