<aside> 💡 Enhanced security and recovery solutions for Smart contracts and Multi-sig wallets

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The Challenge:

Full self-custody is perceived as unsafe and inefficient by users.

Self-custody is one of the most important pillars of decentralisation, offering transparency and censorship resistance to users. By retaining control of their funds, users can ensure that their assets are safe and secure, free from the risks associated with custodial solutions. However, setting up and managing self-custody environments can be challenging, and there are several problems with this approach, including the fact that the users themselves can be a single point of failure.

Users face the following problems: 1. Cumbersome key management - Users lack a convenient method for storing private keys in the form of 12/24-word phrases. 2. ’Heart attack’ - Users feel unsafe transacting on different dApps. 3. Subpar experience - UX deteriorates when using multi-sig.

On Ethereum, self-custody is currently facilitated through two account types: Contract Accounts and Externally Owned Accounts. In externally owned accounts, private keys become a vulnerability, putting accounts and funds at risk if lost. Account abstracted wallets, like Gnosis Safe, offer a more secure m/n signature requirement for transactions. Here, 'm' refers to the number of required signatures, and 'n' refers to the total number of owners. However, user experience suffers when m > 1 due to the need for multiple devices for transaction processing. Conversely, when m == 1, user experience is excellent, but security is compromised, as a single compromised account key endangers all funds.

Solution:

We enable users to appoint trusted 3rd party Guardians as guards (additional co-signers) in their multi-sig wallets. This happens without comprising control or censorship resistance.

Take a peek at our demo to see what we've built:

https://www.youtube.com/watch?v=tbW4MenSSV4

Through this approach, we offer users a range of key benefits including:

1. Wallet recovery: Users can retrieve their assets anytime with the backup key and chosen Guardian.
2. Fraud protection: Our platform utilizes advanced fraud detection and fallback mechanisms to protect users against fraudulent activity. Every approved transaction is co-signed by the guardian to attest to its authenticity.
3. Enterprise-grade security for retail users: By performing multi-sig safe transactions co-signed by guardians with just a single click, users can experience the convenience of signing with a single wallet while ensuring their SAFE is still 2/n protected. Moreover, they have the option to pay gas fees via their safe contracts in ETH and other ERC20 tokens.