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An overview of Gnosis Safe

Gnosis safe
gnosis wallet

Brief Origin of Gnosis

Gnosis ICO in 2017

TYPES OF ETHEREUM ACCOUNTs

  1. Externally-owned account (EOA)
  2. Contract Account

The New Way

WHAT EXACTLY IS GNOSIS SAFE?

Features of Gnosis Safe

  • Multi-signature: Gnosis safe enables a fully customizable feature on how you manage your company’s digital assets, by allowing for a number of key signatories to the company’s account. These signatories are confined to facilitating, authorising and approving transactions in order to execute it, which helps prevent unauthorized access to company assets.
  • Gnosis Safe supports ETH, ERC20 (Tokens) and ERC721 (Collectibles). And allows you to see the fiat values of your assets.
  • Gnosis Safe also allows you to use your favourite wallet to sign transactions. No matter if it’s a mobile wallet, browser extension, or hardware wallet.
  • The Gnosis Safe Apps is bringing multisig security to Defi. It allows you to utilize your digital assets to invest, earn, borrow, invoice, do payroll and more, directly from the Gnosis Safe Interface. Users are able to customize their own interface by selecting from a list of apps and also add extra apps by simply putting the links
  • Gnosis Safe is available as a mobile app (for both Android and iOS), desktop app (for both Windows, macOS, and Linux), and an in-browser extension.

How to set up the Gnosis Safe Smart Wallet?

  • Download the Gnosis Safe Smart wallet from your desktop or the app store and install the app. Or Visit the Gnosis Safe website and on the top right corner, click on the open app.
Gnosis home page
  • Then click on the “Create a new wallet”, icon, and connect the wallet by selecting the kind of wallet you prefer, either Metamask, pocket wallet, etc.
creating new wallet on gnosis safe
  • Select the network you want, as there are lots of networks like Ethereum, Gnosis chain, Polygon, BNB Smartchain, etc. But I always prefer it to be in the Ethereum network, so, we will leave it at that and click continue.
selecting the right network on gnosis safe
  • Give a name to your wallet, either the name of the organization, group or even personal name
give a name to your wallet
  • Add your name, and add another user who will be a key signatory to the account. Then select the number of signatories you want and continue.
add more signatories to the account
  • Confirm that you are ready to create a wallet on the pop-up window, as you will be charged a certain amount depending on your wallet and tap on create.
review and confirm that you are ready to create your wallet
  • And there you have your Gnosis Safe Smart wallet, which is now active and ready to use
This is how the Gnosis wallet looks like

Why You Need Gnosis Safe

  • Security: This is one of the top concerns of every investor, organization or individual who has plans to dive into the digital space and Gnosis Safe is offering optimal security to all your digital assets. With gnosis, no one individual possesses optimal control over the organization’s funds and in a case of controversy, where one individual is compromised, there is still little or no threat to the organization’s funds
  • All in one asset bank: Gnosis offers an opportunity to have all your assets, both crypto and NFTs, all in one place, thereby reducing the stress of switching from one wallet to another.
  • Smart contract: Gnosis runs as a smart contract which means that there is no need for private and public keys and every fund allocated to the organizations is sent to a particular contract that runs on the gnosis network.
  • Social Recovery: Unlike the regular problems of losing your wallet’s seed phrase, which results in losing all your funds, gnosis safe offers an opportunity for social recovery which will allow an individual to recover his wallet by a confirmation from the other key signatories. What this means is that you can easily recover your wallet in a case where you lose ownership or right to your gadgets.

Conclusion

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Patience Igwe

A talented and result-oriented web3 content writer/community manager, a cryptocurrency thought leader with 2years plus experience in blockchain technology.