Protofire Secures Assets and Transactions in Moonbeam with a Fork of Gnosis Safe
This milestone will improve security and boost adoption for the recently launched Ethereum-compatible smart contract parachain on Polkadot.
Multisig integration with Moonbeam
Security is always a top priority for crypto and decentralized finance apps. Establishing security protocols and securing crypto wallets are crucial in preventing any tampering or theft. Basic or single signature crypto wallets provide ample security and functionality for individual users. However, businesses in the crypto space are likely to find basic wallets lacking proper security measures, as having a single person responsible for all the digital assets of an organization is risky.
In response to this need, multisignature (multisig) wallets were created and have grown in prominence in the past few years. Multisig wallets remove the risk that comes with single private key mechanisms. It requires two or more private keys to sign before a transaction is approved. By requiring multiple signatures, multisig wallets minimize the chances of a successful cyberattack.
In October 2021, Protofire deployed a fork of Gnosis Safe on Moonriver to bolster security of the network. Now, the team has taken the next step by completing the integration of Gnosis Safe into Moonbeam.
What’s the difference between Moonriver and Moonbeam?
Moonriver is an Ethereum-compatible smart contract parachain on the Kusama network. Moonriver serves as an incentivized canary network, where code is deployed, tested, and verified under real economic conditions. Once tested and verified, the code can then be deployed on Moonbeam.
Moonbeam is an Ethereum-compatible smart contract parachain on the Polkadot network. Moonbeam is compatible with the Substrate and Polkadot ecosystems, which include block explorers, parachains, wallets, etc. The parachain also offers a simplified deployment process for blockchain developers combined with powerful Polkadot features, such as scalability, cross-chain integrations, and on-chain governance.
In a nutshell, Moonriver and Moonbeam can be seen as preproduction and production networks, respectively. Prior to deploying code on either network, developers can opt to test Moonbeam features using free tokens on Moonbase Alpha, a testnet for Moonbeam.
Securing Moonbeam with Gnosis Safe
Gnosis Safe is a fully customized multisig wallet that has emerged as a standard for ensuring the safety of digital assets, including nonfungible tokens (NFTs), while providing advanced transaction capabilities in a cross-chain environment. The multisignature wallet prevents unauthorized access and token loss by requiring a predefined number of team members to approve a transaction. Additionally, Gnosis Safe allows signatures to be collected off-chain, enabling gasless voting.
Besides improving security, Gnosis Safe enables running decentralized autonomous organizations (DAOs) through SafeSnap, a decentralized governance tool suite. By integrating the multisignature wallet, Moonbeam can attract existing projects that use Gnosis Safe, expanding the ecosystem.
“Large protocols, DAOs, and DApps join networks only if such wallets and other critical infrastructure exist on the network. Gnosis Safe is recognized and used by protocols such as Aave, Balancer, yearn.finance, SushiSwap, 1inch, and many others. The total amount of stored funds in Gnosis Safe is around $100+ billion right now.”
— Ivan Bandaryk, Field CTO at Protofire
Similar to the deployment on Moonriver, the major Gnosis Safe services that have been integrated with Moonbeam include:
- Gnosis Transaction Service that keeps track of the transactions sent via smart contracts.
- Safe Client Gateway for clients (Android/ iOS/ web) and back-end services (transaction service and Ethereum nodes).
- Safe Config Service that provides configuration information in the context of the Safe clients environment (e.g., a list of the available safe apps).
- Gnosis Safe User Interface that enables users to manage assets from a web browser.
With the recent completion of Moonbeam’s launch process to Polkadot on January 11, the integration of Gnosis Safe is a crucial milestone for bolstering security on the network and attracting new projects. To help ensure the success of the launch, Protofire will deliver ongoing support and maintenance for the integration. You can start using the delivered wallet at the official web page.
