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Leveraging Up Risk Management with MultiSig Wallet

Based Nouns Has Implemented MultiSig Wallet on The Treasury

As per Proposal #03, Based Nouns has implemented MultiSig Wallet to leverage up risk management on the treasury. Based Nouns has chosen Safe{Gnosis} Wallet, with considerations as follow.

Gnosis Safe is a multi-signature Ethereum wallet that provides additional security and control over digital assets. Here are some key things to know about Gnosis Safe wallets:

  • Multi-Sig - Gnosis Safe requires a predefined number of account signatures (keys) to approve each transaction. This prevents unauthorized transactions.

  • Owner Accounts - Owners can be added or removed from the Safe with approval from existing owners. All management is on-chain.

  • Flexible Thresholds - The signature threshold required for transactions can be customized - e.g. 2 of 3 owners must sign.

  • Compatible Assets - Gnosis Safe supports ETH, ERC20, ERC721 and other token standards on Ethereum. Users retain custody of assets.

  • Execution Gas - Owners pay gas fees for transactions, no additional platform fees. Transactions execute directly on-chain.

  • Security Modules - Optional add-on modules like social recovery wallets, time locks, daily limits etc. can enhance security.

  • Open Source - Gnosis Safe is non-custodial and the contracts are open source for transparency and audits.

  • User Interfaces - Various client interfaces like Safe Multisig, Argent and Zodiac provide easier access and usage.

  • Owner Apps - Owners can selectively permit access to dApps and sites to manage assets in the Safe.

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