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Safe Wallet Review: Is Multi-Sig Right for You?

By Jinia06/05/2024

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Regarding multi-sig wallet solutions, Safe Wallet provides one of the most innovative options. It boasts a battle-tested solution that simplifies managing multi-signature wallets, especially for teams and organizations looking to hold assets collaboratively. 

Their dashboard is easy to navigate and offers plenty of features, such as dApp integration, which is ideal for managing assets across multiple networks. 

What’s more, their software is open-source, thus making it easy for users to verify the safety of the code. With a track record of over $100 billion in assets under management, Safe Wallet offers its users unparalleled reliability and peace of mind.

Pros

  • Intuitive multi-sig setup

  • Features fraud monitoring

  • Open-source and transparent

  • Customizable and secure

  • Automatic transaction scheduling

  • Simplified wallet recovery

Cons

  • Features withdrawal limits

  • Does not support Bitcoin

  • It comes with a slight learning curve

Safe Wallet Overview

Safe Wallet is designed to transform the traditional crypto wallet experience with a multi-signature solution built to simplify and secure crypto wallet management. For most crypto users, private keys are the single most significant point of failure, as a user’s private keys are the gateway to accessing and controlling digital assets. However, managing these keys can be daunting, especially for new users. Safe Wallet addresses this challenge with a multi-signature solution designed to mitigate the risk associated with a single point of failure. 

With a vision of bringing complete wallet control and flexibility to every crypto enthusiast, Safe Wallet features a modular smart account infrastructure across multiple Ethereum-compatible networks. 

Moreover, Safe Wallet implements a minimalist design that simplifies personal crypto wallet security for its users, not to mention RFID-blocking abilities for protection against burglary. Developed by the team behind Gnosis in 2017, Safe currently has over $100 billion under management with a growing number of users, including notable individuals such as Vitalik Buterin.

Safe Wallet Set Up and Process

Creating a Safe is incredibly simple. On the dashboard, you must choose your preferred blockchain network, name it, and invite as many signers as you need. What I found most surprising was the level of flexibility the platform gives you. There is no cap on the number of accounts you can add. You can add over 25 accounts, making Safe Wallet an ideal solution for large organizations and teams collaborating on a crypto project.

Managing Funds With Safe Wallet

Safe Wallet’s simple user interface is excellent for everyone, whether you’re just starting with crypto or you’ve been in the game for a while. It’s easy to track who’s involved and add or remove signature accounts whenever needed.

It’s important to know that Safe Wallet needs a minimum number of signature accounts to work correctly. So, I wanted to set up a multi-sig wallet with five signature accounts.

I began by selecting my preferred blockchain network and giving my Safe a catchy name – “CryptoFortress.” Then, I invited four friends who are also into crypto to join me as signers. We each have our private keys, and all five of us must agree for any transaction to go through.

Setting up each signature account was a breeze. I could easily monitor and manage everyone’s addresses right from the dashboard. Plus, if we ever needed to add more people or remove someone from the group, it was just a few clicks away.

With our multi-sig Wallet set up, we all feel more secure knowing that no single person can decide what happens to our funds without the rest of the team agreeing. It’s like having multiple locks on a vault – it just feels safer.

Supported Networks and dApps

Safe Wallet has integrated over 200 dApps across 14 Ethereum-compatible networks. Here is a list of a few examples of the networks, including testnets supported on the platform,

  • Arbitrum
  • Polygon
  • Avalanche
  • Gnosis Chain
  • Aurora
  • Cello
  • Ethereum Mainnet
  • BNB Smart Chain
  • Optimism

In terms of decentralized applications compatible with Safe Wallet, you can connect your Safe Wallet with dApps such as Aave v3 and 1inch Network, thus giving you access to a diverse set of tools and capabilities.

Safe Wallet’s Security

Safe Wallet is a non-custodial solution that ensures you retain full control over your private keys. Its multi-signature feature gives you absolute authority over your funds.

Moreover, in addition to utilizing Safe Wallet for your crypto needs, you can actively engage in Safe’s DAO (decentralized autonomous organization). This vibrant community consists of over 5,000 delegates and 16,000 delegators, collectively responsible for overseeing the Safe Wallet ecosystem. 

This collaborative effort is made possible by Safe’s foundation on an open-source platform, fostering transparency and community-driven governance. This transparent DAO approach to how Safe Wallet is run makes it easy for users to verify that the code is safe.

Fees

Safe Wallet is free to use as there are no charges for creating a multi-sig wallet. However, as is the case with crypto transactions, you’ll need to pay gas fees with every transaction. Also, since Safe Wallet is built on Ethereum smart contracts, you must pay a one-time gas fee to set up your safe account. Remember that this fee increases with every new signature account you add to the Wallet.

Conclusion: Who Benefits the Most From Safe Wallet?

If you are a casual crypto user with a small portfolio to manage, Safe Wallet might not be the right fit for you. For the security of your funds, you can use alternative crypto storage solutions, such as a hardware wallet.

Safe Wallet is ideal for security-conscious organizations and individuals looking for a safe, non-custodial multi-sig solution. Safe Wallet is also great for DAOs, thus allowing transparency and accountability in the management of the funds. However, one of Safe Wallet’s most outstanding features is its smart-contract-based solution, which is built on open-source software to ensure complete transparency. Safe Wallet is also building its platform with the backing of an engaged community, thus priming its ecosystem for organic growth going forward. 

Article tags

Wallets
Jinia

Author

Jinia is a fintech writer focused on the cryptocurrency market and passionate about blockchain technology. With years of experience, she contributes to some of the most renowned crypto publications such as Cointelegraph, Coinmarketcap and others. She also has experience writing about the iGaming industry.

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