Safe (SAFE): Everything You Need to Know about Multi-Sig Wallet

Bittime - Safe, previously known as Gnosis Safe, is a multi-signature wallet that operates on multiple blockchain networks. In this system, a transaction can only be carried out after obtaining approval from a predetermined number of users. 

This feature is critical for businesses and individuals who want to manage assets securely and conduct sensitive transactions with guaranteed redundancy.

What is Safe (formerly Gnosis Safe)?

Safe is a multi-signature wallet that supports various networks such as Ethereum Mainnet, Ethereum Testnets, Arbitrum, Aurora, BNB Smart Chain, Gnosis Chain, Polygon and others. 

These wallets require approval from a number of users before transactions can be executed, which is often referred to as an M-of-N system. This differs from more common single key wallets, such as MetaMask or Trust Wallet, which use seed phrases for security.

Single key wallets carry high risks, especially if the private key is lost or stolen, which can result in total loss of access to assets. In projects involving multiple owners or managers, this risk becomes more significant. 

Therefore, multi-signature wallets like Safe are an ideal solution to reduce the risk of losing assets due to someone's irresponsible or careless actions.

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Safe way of working

To understand how Safe works, it is important to know the two main types of accounts on Ethereum: Externally Owned Accounts (EOAs) and Contract Accounts. 

EOAs are standard web3 wallets like MetaMask that use public-private key pairs to access and manage digital assets. In contrast, Contract Accounts do not have private keys, but instead run program code that implements specific instructions. 

Safe, as an example of a multi-signature wallet, is a smart contract that requires multiple keys to sign transactions, ensuring that no single individual can access or control funds alone.

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Unique Features of Safe

Safe offers several key features that differentiate it from other crypto storage solutions:

1. Multi-Signature: Users can specify the number of signatures required to approve a transaction, preventing unauthorized control of assets.

2. Multiple Asset Support: Safe supports a variety of asset types, including ETH, ERC20 tokens, and ERC721 collectibles. Additionally, Safe also provides USD conversion values ​​for user assets.

3. Wallet Integration: Safe can be integrated with various wallets such as hardware, software, or paper wallets to sign transactions.

4. Safe Application: Safe implements multi-signature security in DeFi, allowing users to manage their assets directly from the Safe interface.

How to Use Safe

Here are five steps to set up a Safe wallet:

1. Make Safe: The Safe creation process takes approximately 60 seconds. Visit the Safe web app and click “Create New Safe” to get started.

2. Connect Signer Wallet: Connect a signing wallet such as MetaMask, Coinbase, or Ledger. Make sure to have the relevant network token for transaction fees.

3. Select Signer: Add a wallet that will be used to sign and validate transactions. The number of signatories required should be determined as needed.

4. Define Confirmation Threshold: Determine the number of confirmations required for transaction execution. Make sure there are enough signers to reach that threshold.

5. Review and Apply: Review the specified parameters before clicking the “Create” button to complete Safe creation.

Safe Manufacturing Costs

The transaction costs to create a Safe depend on several factors such as gas price, number of signatories, and additional logic applied. 

To put that in perspective, creating a Safe with two signers requires around 0.00263 ETH ($3.55), while with three signers it costs around 0.00309 ETH ($4.17).

Airdrop Token SAFE

Safe also recently launched an airdrop of their native token, SAFE, to nearly 43,000 qualified users. This airdrop is part of the founding of SafeDAO, an organization formed after the rebranding of Gnosis Safe. 

SAFE token holders have voting rights in SafeDAO and can delegate their voting rights to custodians with similar governance interests.

Tokenomics SAFE

The SAFE token is planned to be Safe's native currency, with an allocation that includes 5% for active users, 5% for the ecosystem, 7% for the Safe Foundation, and other allocations for strategic contributions and GnosisDAO. The total supply of SAFE is expected to be fully dispersed by 2030, with a maximum supply of 1 billion.

Conclusion

Secure access and management of crypto assets is critical to the growth and use of blockchain technology. With their background experience in building crypto asset management solutions, the Safe team has the potential to strengthen Safe's position as an important element in the web3 ecosystem.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.