Gnosis Safe X ConsenSys: Bringing self-custodial digital asset solutions to enterprises
Today Gnosis Safe and ConsenSys jointly announce a strategic partnership to build customised enterprise-grade applications and access control permissions on top of the Gnosis Safe.
ConsenSys, specifically their Professional Services division, will now be the trusted development studio for designing and implementing these bespoke solutions.
The partnership outlines that ConsenSys will work with enterprises to integrate Gnosis Safe into their operations and build customized solutions. These solutions will be built on top of Gnosis Safe’s industry standard multi-signature functionality and will come in the form of additional:
- Process requirements
- Capital limits management
- Transaction checks
- Custom applications
- Recovery mechanisms
- Roles-based access control
“We see many organisations navigating the Web3 ecosystem, ranging from financial institutions, companies and NGOs. They all require specific processes and controls to directly facilitate their organisation’s unique access control and operational security requirements. This partnership with our long-term colleagues and friends, ConsenSys, is an important step to help these organisations gain the security and confidence they need to embrace digital assets in the age of Web3 .”
— John Ennis (Ecosystem Lead, Gnosis Safe)
The key Issue for digital assets — single points of failure and individual burden of security
Digital assets are fundamentally different from traditional assets and come with particular challenges in respect to security and usability. Specifically, whoever has the private key is able to authorize transfers! Keeping the private key secure from both internal and external threats is essential to the integrity of the assets, and relying on one single private key (or one single point of failure) for an organisations’ assets is an existential threat in the blockchain industry currently.
Why smart contract wallets?
The only viable offering for organisations that features both convenient fund access and the highest level of security are smart contract-based wallets. These fund storage solutions manage access to funds through predefined cryptographic access-control schemes with multiple private keys(multisig). This allows organisations to specify granular permissions and remove the single point of failure of a single private key.
Gnosis Safe is a smart contract wallet built for security and extensive customization( Figure 1). With the expertise of ConsenSys as the trusted partner, organisations can now configure their preferred policy-scheme according to their exact operational needs such as pre-defined allowance limits per team / role, allowlisted access to certain DeFi protocols, social recovery and emergency condition setting etc.
About Gnosis Safe:
Gnosis Safe is the safety standard of Web3 and the most trusted platform to manage digital assets for individuals and communities. It is a programmable account that enables users to control their digital assets with much more granular permissions. Gnosis Safe stores ~100 billion USD worth of digital assets today.
Connect with Gnosis: Website, Discord, Twitter, Gnosis Forum
About ConsenSys:
ConsenSys is the leading Ethereum software company. We enable developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Our product suite, composed of Infura, Quorum, Codefi, MetaMask, Truffle, Diligence and our NFT platform, serves millions of users, supports billions of blockchain-based queries for our clients, and has handled billions of dollars in digital assets. Ethereum is the largest programmable blockchain in the world, leading in business adoption, developer community, and DeFi activity. On this trusted, open-source foundation, we are building the digital economy of tomorrow. To explore our products and solutions, visit http://consensys.net/
