Solana Cash Time-lock with reasonable latency and multi Signature wallet Implementation:
SolanaCash is on a mission to take over the financial industry by focusing on decentralized finance to provide product that people will use in their day to day lives. With that in mind, ensuring the safety of our users and investors in our top priority by improving security operations and level of decentralized by not using private keys for the storing of our instead, we implemented centralized privileges via smart contract based accounts with enhanced security practices such as multi signature wallets. We requested an audit with CertiK, leading security-focused ranking platform to analyze and monitor blockchain protocols and DeFi projects.
What is a multi signature wallet:
According to bitstamp.net, A MultiSig wallet is a digital wallet that operates with multisignature addresses. This means that it requires more than one private key to sign and authorize a crypto transaction or, in some cases, that several different keys can be used to generate a signature.
From a security perspective, it is vital that coins and tokens are stored in a way that eliminates the risk associated with a single vulnerable point that can compromise the entire wallet. If only one private key is necessary to sign a transaction, this presents a major risk to your assets in case of theft or loss.
To mitigate this problem, we have done three things:
- Time-lock with reasonable latency, e.g., 48 hours, for awareness on privileged operations;
- Assignment of privileged roles to multi-signature wallets to prevent a single point of failure due to the private key compromised;
- A medium/blog link for sharing the timelock contract and multi-signers addresses information with the public audience.
We added a Time-lock with reasonable latency hours. The contract deployment on bsc is as follows 0xe87d0b2cb431bd485e3f8eb531b4b52720261a34cc82ad1fb174b9286171ac2b
Multi-signature wallets as follows with 4 keys needed to sign transaction.
As a project on Solana, we are proud users of cashmere wallet; a Solana Multisig wallets with our Vault address being 5nPMoqFXF4xPuPpygTmK1crNV5NCW8LdvZP3Rc7bET5B.
Multi Signature wallets for cashmere are:
SolanaCash is the decentralized p2p payment system.
Our core ecosystem includes:
1.Solana Cash App