The recent multimillion-dollar hack has shed light on the vulnerability of crypto wallets. There’s really no time better than now to switch to Multisig Treasury.
Over 8,000 Solana wallets were targeted in the hack that went down on August 3, 2022. The interconnected wallets were targeted and drained of the funds without the knowledge of the wallet owners. At least $5 million tokens have been reported missing.
This unfortunate event has brought our attention to hackers now using third-party services to obtain the ability to sign off transactions, without the user’s knowledge. Thus, it begs the long-running question of the safety of these hot wallets.
The Saviour: Multisig Treasury
Multisig is a new concept yet surpasses the advancements in the safety and security of hot wallets. Multisig basically distributes the access to any funds and requires a specific number of such access before making a transaction.
Multisig is the next leap into the security of DeFi, the distribution of trust into more than one member.
For instance, a company could have a massive fund in their treasury. The “key” to their treasury can be distributed among the CEO, CFO and the Development Head. Prior to using multisg, a specific number of keys shall need to be registered for making transactions. Let’s say, we need 2 out of 3 keys to using the company’s fund. Then, if the CEO wants to make a transaction, either of the keys of the CFO or Development Head will be required to carry out the transaction.
This immaculate process of authorization prior to making transactions is the basis of the strong security provided by multisig. Even if the hacker gets access to one key (which will be too difficult in itself), getting another key is impossible.
Multisig is Superior
You might ask why. Well, first of all, every project needs security. Multisig is the foundation of ultimate security. But what else can it do?
Optimal usage for DAOs
DAOs rely on the executability of the security at all times but the voting period may be slow. That’s where multisig comes in. The speed of multisig is unbelievable. If among 5 keys, 3 keys are present, the process of using funds is much faster. It can be so easy as to just 3 people getting on the phone with three other people and get it done. Multisig makes the project process faster and easier.
2. Ledger wallets
Ledger wallets use cryptographic signatures in a safe and secure way whereas multisg provides multiple signatures for a transaction. So, a ledger wallet for an individual can be connected to multisig services such as provided by Zebec Multisig Safe. So, even as an individual, your funds will be safe and secure via multisg on ledger wallets.
Zebec Multisig Safe
The Zebec Multisg Treasury, also known as the Multisig Safe, is working for Zebec’s continuous streaming protocol where transactions cannot be complete without the established number of keys. This feature has allowed thousands of users to retain the maximum security of their funds.
For the Solana space, Zebec is finally bringing the A-game. Zebec is now looking to introduce Multisig on Solana wallets for optimum security and verifiable transaction that are impossible to hack.
Don’t let the next attack on wallets be your story—gear up with Zebec’s Multisig Safe to keep your funds safe and secure. Contact Zebec on Discord or Telegram to learn how to use the Multisig Safe.
Source : solana medium.com