Here is why you should not miss xSafe
Imagine a group of people responsible for a wallet with a huge sum. It can go well until there is a conflict or one of the members are initiation withdraws the others don’t agree with.
Join us exploring xSafe in a testdrive scenario
Today our friend Eddie from Valid Blocks published their excellent application xsafe.io to manage assets requireing multiple signatures. Let’s see how to use it and if you find it comfortable and convenient. It is one of the most secure to manage wallets and share them between multiple people.
Here is the story we are telling….
Once upon a time there were five girlfriends. Judy, Grace, Heidi, Carol and Eve.
They had pooled together and bought EGLD a long time ago. Through staking it has become a small fortune.
Charlie recommends the friends to replace the common wallet with an xSafe. Just in case the best friends have a fight. The xSafe can ensure that for each transaction, for example, 3 out of 5 of the girlfriends must agree to sign.
And this is how it happened. Now let’s see how the 5 friends create their xSafe and agree to each other’s transactions.
Firstly… we can load an existing Safe. But most probable you will need to create a new Safe now.
You can connect with all 4 types of wallets typical for MulitversX applications:
* MultiversX Web Wallet (Keystore file or Private Key)
Create a new Safe
Now we create a new Safe. We assume there are 4 friends: Heidi, Grace, Eve, and Judy. They want to use a shared wallet to share their EGLD wealth and earn from staking.
Anyway, to keep it well, Charly initiated to create a Safe and add the five friends later.
What was happening technically so far? Here is the link to the smart contract xSafe was deploying for us. We see also the change of ownership transaction, transferring the ownership to itself. There is no other owner. This way, the smart contract cannot be updated by the creator anymore.
Explore the dashboard
Now we managed all the preparation. Our Safe is created, and we can begin to add members, receive tokens and be safe.
Who is who?
Naming of the addresses brings more clarity. When your addresses registered a herotag already, you will see the @herotag here immediately.
Add your friends
Now it is time to add all addresses as a member. One after another for Judy, Grace, Heidi, Carol and Eve.
Double check, please!
All new members need to be approved, and the addition needs to be performed.
Everybody on board?
All these addresses are members now.
The friends want to remove Charlie and Andrea to be the group of five, again.
In order to approve from at least 3 friends, Charlie advises setting the quorum to 3.
Before adding funds, we remove all addresses which should not have a vote.
So Charlie supposed to leave by himself. Judy and Eve gave her votes and finally Charlie performed the change.
Sign here, please!
Now, at least 3 members need to sign before the creator of the proposal can perform the execution of the action proposed.
xSafe empowers groups of people to keep control of assets in a user-friendly way. Once the setup is there, the group can send assets like EGLD, ESDT tokens like Itheum and NFTs.
It is also useful when you are holding very valuable assets. You are using two-factor authentications already? Why not with your valuable assets on your wallets?
For interaction with other smart contracts, a separate app is needing. Valid Blocks already integrated an app for staking. Please find my excursion on staking below. We are looking forward to seeing the next Apps arriving, which will extend the use cases of xSafe!
Every decision is written on blockchain and in addition everybody can log in into xsafe.io and connect to a xSafe smart contract. You won’t be able to see wallet names, but you can explore proposal and transaction history very easy. Are you curious about my test drive on Devnet? Log into Devnet Version of xSafe and connect to the SC erd1qqqqqqqqqqqqqpgqjm8paughv0usw2hqzrf8smkgfyndak6l6swqrxytgf.
I suggest voting against a proposal because a proposal is pending until the creator is withdrawing it. This way maybe some members are signing here, but other members were against, but had no voice to speak-up and show their disagreement.
With xSafe, the five friends Judy, Grace, Heidi, Carol and Eve had kept their assets very safe for a very long time.
Excursion: Staking App
xSafe has already a Staking App to install with one click. This enables the group of friends to delegate EGLD to the staking providers of MultiversX.
Install the Stake App
Choose a Staking Provider
Valid Blocks created xSafe. So credits for Valid Blocks Staking Provider.
3 members need to sign and creator needs to perform
Voilà, 500 EGLD are staked! Happy rewards!