MSafe Wallet’s an exciting new project. What’s it offering?
Momentum Safe, a.k.a. MSafe wallet, is a great project that offers interesting opportunities. It is the first non-custodial, multi-signature digital assets management solution built on the Move blockchain. Even though it’s still relatively new on the market, Move is already making a name for itself as a reliable programmable platform for blockchains and other apps. The company takes pride in its high-level security. It uses an executable bytecode language. The team designed the latter to provide customers with safe and verifiable transaction-oriented computation.
What’s The Difference Between Custodial And Non-Custodial Wallets?
Two types of wallets dominate the market currently. These are custodial and non-custodial ones. If customers use the first one, they won’t own the private keys required to gain access to their digital assets. On the other hand, non-custodial wallets allow people to own and manage private keys. Considering that owning these keys grants customers the power to manage their assets as they see fit, non-custodial wallets enable them to be the real owners.
However, in the case of custodial wallets, the company behind them actually controls customers’ funds. Despite that, many people still choose to use them as such wallets allow users to avoid the task of managing their private keys. But it has other drawbacks. For example, such wallets are more vulnerable to financial losses.
A centralized entity (e.g., centralized exchanges) controls the custodial wallet. Thus, when a customer deposits their assets into such a wallet, they automatically transfer the real owner of the assets to the exchange. Non-custodial wallets considerably mitigate risks associated with custodial wallets.
Still, not all non-custodial are perfect. There are different types to choose from, such as single-sig and multi-sig. If a single customer manages a wallet’s private key, it’s called a single signature (single-sig) non-custodial wallet. But that can be risky, too, as that person might lose the private key or inadvertently expose the private key to scammers. That’s why it’s unwise for organizations and businesses to rely on a single user to manage the private key.
The MSafe team offers to use another solution – a multi-signature (multi-sig) non-custodial wallet. The latter requires two or more private keys to sign and authorize a transaction. It works similarly to accessing a safety deposit box in a bank’s vault by the box owner.
See more: DeFi has a hack problem we need to solve
What Are The MSafe Wallet’s Advantages?
MSafe wallet is very secure. The team works hard to ensure that its customers’ funds are safe. Besides, its solution eliminates single points of failure. It substantially reduces risks associated with having a single person authorize fund transfers. Built on Move, the wallet can enhance security through the platform’s proprietary chain-level security system. The latter has already passed the audit by multiple top-tier auditing firms.
Furthermore, unlike many similar wallets, MSafe enables true decentralization and prevents scammers or hackers from transferring assets out of wallets. This wallet also can become integrated with any decentralized application based on the Move-based ecosystems. Thanks to this project, dApp developers and their end users can enjoy full interoperability in asset management across various dApps.
According to the team, customers can use the MSafe wallet for various purposes. For instance, it will enable users to manage treasury. Stakeholders can safeguard the treasury collaboratively by putting an entity’s treasury into a multi-sig wallet.
Moreover, they can easily manage funds with this wallet. Stakeholders must collect enough signatures to execute operations on the wallet. They will not only participate in fund management but won’t have to fear moving those funds without their consent.
The team also pointed out that its wallet is ideal for storing a DAO’s treasury that needs co-managing by DAO members. Typically, selected DAO members to become responsible for managing the DAO treasury. MSafe Wallet offers them to do that in a truly decentralized manner.
How Can Users Manage Their Token Assets?
If a project decides to use MSafe Wallet to manage its tokens, core team members or community leaders can decentralize the access permission of the project protocol and treasury.
The company stated that projects could use its wallet in multiple ways, such as Fund management and project revenue, Project token vesting and distribution, Streaming payments sent to employees or partners, and Smart Contract Deployment and Update. In addition, developers can use MSafe as the contract deployer by leveraging its full on-chain interoperability.
Customers will also be able to use MSafe Wallet to enable protocol administrative control functions, including emergency stop, protocol key parameter change, and community reward change. Using a multi-sig wallet, users can execute admin control functions safely, avoiding single points of failures and fraudulent activities by a single bad actor.
Besides, MSafe also offers its own dApp Store. The latter allows users to interact with any third-party dApp UI that has integrated with this project. MSafe dApp Store is a great platform that displays dApps with enhanced security through its protocol.
What Is Ondefy, And How Does It Work?
Ondefy is another interesting project that has attracted investors’ attention. It is a simplified DeFi Meta Aggregator that offers various benefits to its users.
The company allows easy access to DEX tokens. It also provides a simplified marketplace that lets customers do on-chain operations across different networks. That includes margin trading and swapping at the best rates. Investors can earn major DeFi yields thanks to this platform.
The Ondefy team believes that Defi is the future of the financial world. Blockchain technology brings more transparency compared to the traditional world. It also significantly reduces intermediary fees for retail users.
The company aims to onboard the next millions of customers onto Defi. It plans to achieve that goal by removing its on-chain entry barriers and offering a simple user experience. The team works on various solutions to eliminate the main issues that could block the mass adoption of DeFi technologies.
It will enable people to create an on-chain wallet using a simple email, where they can abstract chains, networks, and gas fees. The team will also offer an advanced platform will a user-friendly interface and allow customers to access various DeFi products.
Source: Finance Brokerage
