A popular multi sign smart contract wallet is Safe Wallet, previously known as Gnosis Safe. Its users include Vitalik Buterin, and it manages over $100B. It is the best non custodian, multi chain wallet for iOS and Android. A quick expanding client base together with a large number of downloads set it apart. It is used by many people to perform decentralized trading, protected storage and 60+ chain support. However, is it the right crypto wallet for you? Keep reading to find out!
What is Safe Wallet?
With Safe Wallet, several Ethereum compatible accounts can launch themselves into an on-chain smart wallet for handling funds together.
It is run on several Ethereum Virtual Machine (EVM) blockchains supporting Ethereum style smart contracts. Among these are Avalanche, Gnosis Chain, and many popular Layer 2 networks that will be added in the future.
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However, Safe Wallet only works with assets from the supported chains and with others like Solana or Bitcoin, it doesn’t.
Safe includes a wallet that requires multiple approval to make a transaction when you set up a Safe. In other words, funds or a transaction can’t be moved by any one person, but only if others agree first.
You can connect Ethereum compatible wallets to your Safe account, including hardware wallets. Also, Safe Wallet supports a variety of popular dapps and you can use them directly from the very interface.
Pros and Cons of Safe Wallet
Pros
- It works with most wallets, and certainly most hardware wallets as well.
- Supports more than 14 networks.
- It connects with more than 200 dapps for simple and safe operation.
Cons
- The importance among all signers is the same.
- Works only on EVM chains.
- The regular account is more expensive than gas fees.
How Does Safe Wallet Work?
This is pretty easy to do for someone who is familiar with crypto. Their web and mobile app allows you to finish the entire process quickly. But if you’re new to crypto, it might initially feel complicated.
Multiple accounts can be added by users to manage their assets together. They can also choose how many of those accounts would need to approve a transaction for it to go through.
For instance, you can use a size of four and create a Safe wallet with the four of your business partners in it, in which case you’ll be able to set the wallet up so that only three out of the four of you need to approve a transaction.
Key Features of Safe Wallet
- Multi-Signature Transactions: Crypto Safe Wallet works as a shared bank account for the crypto. You can establish the rule that a transaction cannot go through without the approval of a number of people. By specifying the number of approvals needed, many approvals are ideal for teams such as DAOs.
- Flexible Security Settings: You can specify how many accounts may be linked, how many approvals are needed for a transaction to proceed.
- Supports Many Wallets: Most Ethereum compatible hardware wallets, software wallets and even other Safe Wallets work with Safe Wallet.
- Built-in DeFi Access: It has popular DeFi apps that one can use for secure transactions. Over 200 well known dapps are supported by Safe Wallet.
- Open-Source and Transparent: The code is public and can be verified so that it is secure.
- Trusted by Many: Safe Wallet is used to manage over $100 billion in assets today.
- Transaction Preview: Transactions can be tested before confirming, so you always know what to expect.
- Full Control of Funds: Safe Wallet operates in a decentralized and non custodial manner, this implies that only you and the approved signers can access your financial information.
Is Safe Wallet Legit?
Since Safe Wallet is built on smart contracts, this is quite a valid concern regarding trusting someone’s code with your money. Yet, Safe Wallet is believed to be a reliable and a secure interface based on data and history.
Definitely, over $100 billion in assets are accumulated in Safes right now, though that’s proof in user’s trust towards the product. Safe is one many well known protocols and high profile users have come to rely on.
The code is fully open source and the code has been reviewed by several smart contract auditors a few times already.
Customer Support
In any case, Safe Wallet does not hold your funds for you so you are fully responsible for them. If there is a loss of any wallet keys or if you forget one of the wallet keys, nobody can assist you to get access. The recovery steps that you have set up determine your ability to get back in.
Safe has a help center on its webpage where common questions and answers provide information for other issues. In addition, an AI bot chat was there to reply fast enough to provide tips on the platform.
Conclusion
Despite being a powerful platform, Safe Wallet provides a simple, smooth experience. The multi-signature smart wallet is easy to set up for any number of crypto users for different needs. For regular users, it is probably not necessary, but for someone with large crypto holdings or businesses, it will be very useful. You simply link one or more accounts, require a certain number signatures and create a secure business wallet. It could use some user permissions and better spam filters, but overall, it’s a great product!
FAQs
What is a Safe wallet?
A Safe wallet is a smart contract wallet that facilitates group funds management with multiple people. For crypto businesses or DAOs where no person should have full control, this works well. You can configure it as a multi signature account, so a set number of people would need to approve the transaction before it goes through.
How do I set up a Safe wallet?
To create a Safe wallet, you may use the Safe web app or the Safe mobile app. First of all, you need an Ethereum compatible wallet and some coins to pay a one time gas fee.
Why should I use a Safe wallet?
We need a Safe wallet if more than one person must approve transactions. It also works great for business accounts, DAO treasuries, or as an added security layer.
How many accounts can I connect to a Safe wallet?
You can have as many accounts as you like linked but each additional account can incur gas fees and security risk.
Does Safe have a mobile app?
Safe does indeed have a mobile application for iOS and Android. It allows you both, and your team, to approve transactions anytime. Same features of the web app can be found on the mobile app.
Also read: Zengo Wallet Review
