- Crypto / Web3
A Smarter Approach to Self-Custody: Integrating 3rd Party Co-signers for Improved Wallet Recovery, Fraud Detection, and Insurance in Multi-sigs and Smart Contract Wallets.
This is inspired by the hybrid custody solution, mentioned by SAFE team in this blogpost
1. SAFE Core SDK - It was used to add gaurdians, sign + fetch transactions, and show the current state of SAFE 2. Gelato Network - Used to enable paymaster and initiate transactions
Full self-custody is perceived as unsafe and inefficient by users.
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.
We enable users to appoint trusted 3rd party Guardians as co-signers in their multi-sig wallets.
Take a peek at our demo to see what we've built:
First step is to setup up your current SAFE account with us:
Through this approach, we offer users a range of key benefits including:
- Wallet recovery: Users can retrieve their assets anytime with the backup key and chosen Guardian.
- 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.
- Enhanced user experience: 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.
Upon adoption of our core features, we will explore the following:
- Asset insurance: We plan to offer insurance on all assets in SAFEs with us as Guardians, delivering additional peace of mind for users.
- Compliance assurance: As signers will be registered and regulated entities, we envision better compliance for all users. Although still in the early stages, we see tremendous potential here.
Preserving the essential advantages of self-custody - such as censorship resistance, no lock-ins, and composability - our platform presents a solution to the challenges faced by exisiting self-custodial wallet users.
Immediate target customers:
- We are targeting individuals who are already using SAFE. This group currently represents around 45% of the existing 120k SAFEs.
Future expansion of target users:
- Our future target customers include retail users who are looking for a secure alternative to Ledger for their "savings account."
- We aim to attract people who are transitioning from centralized exchanges (CEXes) to decentralized exchanges (DEXes) for better security and self-custody.
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