xSafe Launches on the MultiversX Mainnet, Enabling Multisig Security at a User and Institutional Level
Custodial or non-custodial, hot or cold, blockchain wallets are built around one core principle: asset security. The MultiversX Multi-Signature (Multisig) Smart Contract was released and open-sourced on December 30th 2020 starting from this very idea, enabling the entire ecosystem to use this powerful feature for enhancing security through on-chain governance: https://github.com/multiversx/mx-sdk-rs/tree/master/contracts/examples/multisig.
Think of a Multisig as a safe that requires multiple keys to be used at once in order to open. In the world of blockchain, it's a way to ensure that transactions are only approved when multiple signatures are used, providing an additional layer of security. This holds tremendous utility, especially for Decentralized Autonomous Organizations (DAOs) or at an institutional level, where mitigating single points of failure is crucial. It can also be deployed by users in other powerful ways similar to 2FA or escrow between two different parties.
Leveraging the audited open-source MutiversX Multisig contract, xSafe, first announced on the X Day Paris stage by Eddie Nuta from ValidBlocks, offers a UI friendly avenue that truly decentralizes decision making in a transparent way. The platform is already live on Mainnet and is available to access here: https://xsafe.io/. For testing purposes, a Devnet version can be accessed: http://devnet.xsafe.io.
xSafe comes packed with features aimed at both individuals, allowing them to use multiple wallets, both cold and hot or a combination of the two, and teams, enabling them to manage their MultiversX crypto assets, by confirming transactions only when quorum is reached, which helps prevent unauthorized actions.
Users can interact with xSafe in two ways, by either creating a new safe (a Multisig Smart Contract) or previewing and/or joining an already existing one, by using the name and address of the safe contract. Becoming a member is only possible through a proposal that has met quorum and has been approved. The safe offers the ability to securely store, send and receive any kind of MultiversX assets, ranging from EGLD and the entire ESDT suite, to NFTs. Moreover, it facilitates the interaction with other smart contracts directly from its interface, by using apps, the first available one being the “Staking” app, with more to follow.
Members already associated with a safe can add or remove other members, which will result in a proposal. If this proposal meets the required quorum (also adjustable through proposals), the action is performed. Pending and past transactions can be easily tracked under the Transaction history.
“With the onboarding scope in continuous expansion, offering a decentralized asset management option easily accessible by any kind of actor, regardless of their size or background, is instrumental. By removing the technical barrier, xSafe enables this extra security layer to anyone.” said Lucian Mincu, MultiversX CIO.
xSafe proves that the open nature of blockchains can create ripples of opportunity for builders to add value back to the network. From an open source contract to a full-fledged solution that brings the benefits of a core blockchain feature to the mainstream, xSafe is a great example of innovation cascading throughout the MultiversX ecosystem.
About xSafe
Based on the audited open-source MultiversX Multisig Smart Contract, xSafe is an on-chain governance solution, enabling individuals or teams to securely manage any kind of MultiversX assets. Built by ValidBlocks, a well-known Staking Provider, xSafe enables anyone to create, preview or join a safe and transparently perform safe-related actions (such as adding new members, transfer assets, change quorum, etc.) based on quorum.
