Treasury management in Solana: The Age of Multisig
When your treasury needs high-level security and protection from misuse, who do you call? Introducing Multisig, the Avenger of treasury management in Solana.
As a company, you’d want your money to be in safe hands. After all, it includes all your and others’ funds and a lot of lives depend upon it. That’s why you have one trusted administrator to give a green light to all transactions.
But what if the lone administrator is corrupted in itself? Can you trust your transactions are not compromised in that situation?
Treasury Management in need of Multisig
The treasury in crypto functioning extends from governance to token economics. With the rise of popularity in DAO projects and the need for continuous token incentives, treasury management is at its requirement’s peak.
If you’re a company looking to make your transactions decentralized, much like how the token functions on the blockchain, it’s of grave importance to ensure the security of such transactions. That’s where multi-signatures or “multi-sig” come in handy.
So, what’s multisig?
Imagine you have three keys and you need at least two to spend your SOL from the treasury. Each key remains with the founder, CEO, and the CFO of the company. So, every time you want to send some tokens to your developer across the globe, you’ll have one key from the CFO and one from the CEO to confirm the transaction. Even with the CFO tries something funny, without the other two keys, the transaction cannot be possible.
What if a hacker tries to compromise the treasury funds? Impossible. Hacking into one of the keys is already a Herculean task. Trying three will be impossible. Thus, relying on the decentralized form of treasury management means proper collaborative fund management and multiple keys to secure it.
Treasury Management and Multisig in Solana
Big words like “treasury management” can threaten one’s knowledge in globalized finance. But in all honesty, poor knowledge of treasury management almost threatened to bring down Ethereum at one point. The lack of proper treasury management was already killing Ethereum but do we want the same for Solana? Maybe it’s time to call in Multisig.
Multisig is the next leap into the security of DeFi, the distribution of trust into more than one member. Programs such as Gnosis Safe have brought platforms to manage assets on Ethereum where Multi-signature is one of their core features. Its features surpass the traditional forms of ETH to collectibles like NFTs with DeFi integrations which are both formally verified and open source.
For the Solana space, Zebec is finally bringing the A-game. Zebec is now looking to introduce Multisig on Solana wallets for optimum security and verifiable transaction that are impossible to hack. Zebec Pay’s already in function, Zebec’s first application, a low-fee, payroll solution that enables employees to be paid by the second — in USDC or other stablecoins — and immediately use their money. For companies wanting to manage their crypto-payrolls, needing more than one signature means a more secured transaction. It keeps unauthorized access in check and away from autocratic transactions.
If you’re an employer looking to pay your employees in Sol through Zebec Pay, the multisig will make sure the transaction is secure. An employer may need to pay hundreds of employees at once, thus so as not to compromise those hundreds of transactions of a per-second-basis, multisig is the only optimal way.
Stay Tuned!
Thus, with Web3 in line, it’s high time companies opt for the maximum level of security to manage their treasury funds. Who better to trust than Zebec to understand the needs of multi-signatures in Solana? Stay tuned for Zebec’s multisig!
