The security of digital assets has always been one of the most concerning issues for every cryptocurrency investor. Some people choose to deposit their tokens on centralized trading platforms, while others are worried about the recurrence of FTX Black Swan and choose to keep their tokens in their own digital wallets.
As the founder of Ethereum, V God holds more than 32 Ethereum in his hands. With such a large amount of wealth, V God chose to deposit these tokens, which were then worth 1.30 billion USD, into a multi-signature wallet address generated through Gnosis Safe in 2021.
On multiple public occasions, V often promotes the benefits of multi-signature wallets. On March 17, 2023, V stated, " Multi-signature wallets (such as Gnosis Safe) are a simple and secure way to store funds. Self-custody is very important, and both individuals and the Ethereum Foundation use multi-signature wallets to store most of their funds."
What is a multi-signature wallet? The core concept of a multi-signature wallet is to decentralize the control of private keys to multiple participants, authorize transactions by requiring multiple signatures, and thus improve the security of funds. On this basis, Safe, recommended and used by V God, provides a secure, reliable, and feature-rich multi-signature wallet solution through Ethereum's smart contract technology. This solution not only ensures the security of funds, but also provides flexible operability to meet the diverse needs of different users.
On October 29, 2024, The First announced that the spot area will launch the Safe ecological token $SAFE. What is the significance of multi-signature wallets? How does Safe protect our property? What is the appreciation value of choosing to invest in Safe in the future? Today, let's approach The First's newly launched token $SAFE together
What is Safe?
Gnosis Safe is an on-chain multi-signature wallet solution on Ethereum. It was launched by Gnosis in 2018. On July 12, 2022, Gnosis Safe announced that it had received $100 million in financing, which will be used to unlock digital asset management. It was also renamed Safe.
Safe, as an infrastructure with multiple attributes such as "smart contract wallet" + "multi-signature wallet" + "account abstraction concept", is also the absolute leader in the market share of DAO fund management tools. It has built a conversion cost Competitive Edge and cost advantage Competitive Edge . Its co-founder Lukas Schor announced the SAFE token economic model at the Governance Forum as early as August 2022.
As a smart contract wallet, Safe can be used to set up multi-signature wallets on various EVM-compatible blockchain platforms. In addition to specifying the number of signatures required to approve wallet transactions, Safe wallets can also include consumption limits and organizational hierarchies. Wallets created through Safe can also be used to schedule transactions or send transactions in bulk.
Safe has gained widespread adoption due to its self-custody solution and is the most trusted digital asset management platform today, processing over 600,000 transactions and protecting over $40 billion in digital assets. Additionally, many high-value NFTs, including 13% of all Cryptopunks, are currently protected with Safe.
The ecosystem built on Safe is thriving, with multiple projects completing financing of over tens of millions of dollars. As a underlying protocol/framework that can be installed and built on it, the project "Mini Program" , the Safe open source project code library is also giving back to the Web3 community., and build a Network Effect Competitive Edge .
Safe has multiple attributes and is a leader in the field of DAO fund management tools. Safe is also highly respected by V God and OpenAI CEO, and is considered the pure status of cryptocurrency wallets. As the pioneer of the new infrastructure track, Safe has brought broad imagination space to ecosystem builders and participants.
Safe operation mode
Safe multi-signature wallet uses a multi-signature mechanism called "n-of-m" (where n is a subset of m). This mechanism requires at least n owner signatures among m wallet owners in order to execute transactions. The execution process is as follows:
Transaction proposal:
Any wallet owner can initiate a transaction proposal, including specifying a payment address, transfer amount, gas fee limit, and other information.
The proposer needs to sign the transaction and submit the signed proposal to the smart contract of the Safe multi-signature wallet.
Signature collection:
Other owners (i.e. owners who did not initiate the proposal) can review the transaction offline after receiving the transaction proposal.
If the review is correct, these owners will sign the transaction with their own private keys and return the signature to the proposer or designated collector.
The signature collection process can be synchronous (i.e., the owner signs the proposal immediately after receiving it) or asynchronous (i.e., the owner signs at different points in time).
Transaction execution:
Once enough signatures are collected (reaching the preset signature threshold), anyone can submit the signed transaction to the Ethereum blockchain for execution.
The person who executes the transaction needs to pay the corresponding gas fee.
Smart contracts will verify the validity and quantity of signatures, and execute transactions if conditions are met.
Security and flexibility:
Safe multi-signature wallet ensures the security of transactions through the n-of-m multi-signature mechanism, that is, only transactions that reach the preset signature threshold can be executed.
Users can set different signature thresholds according to their own needs, thus balancing security and flexibility.
Safe financing information
Safe raised $100 million in a strategic financing round led by venture capital firm 1kx. About 60 investors, including Tiger Global, A & T Capital, Blockchain Capital, Digital Currency Group, Greenfield One, Rockaway Blockchain Fund, ParaFi, Lightspeed, Polymorphic Capital, participated.
IV. SAFE Token Economics
The total amount of SAFE is fixed at 1 billion pieces, minted by the Safe Foundation. Among them:
5% of users (50 million).
Ecosystem Member/Guardian 5% (50 million): 25 million have been allocated ownership, of which 12.50 million have been fully unlocked, and the ownership period of 12.50 million is 4 years. The remaining 25 million will be allocated to future guardians.
Institutional investor 8% (80 million): Unlocked starting from July 8th, 2023, with a vesting period of 4 years.
Safe Foundation 7% (70 million): vesting period is 4 years.
Core team members 15% (150 million): vesting period is 4 years.
GnosisDAO Vault 15% (150 million): The vesting period is 4 years, starting from May 1, 2022.
SafeDAO Vault 40% (400 million): vesting period is 8 years.
GnosisDAO & SafeDAO Joint Vault 5% (50 million): Fully unlocked.
How to buy $SAFE
As the Gnosis Safe multi-signature wallet with the widest audience in the EVM ecosystem, Safe has supported more extended functions, such as pre-transaction inspection & APPS. We look forward to Safe training the process of integrating with other projects to be more standardized and simplified in the future. Smart contract wallets are one of the core prerequisites for large-scale application of blockchain, and have already demonstrated high-quality features such as account retrieval, adjustable Gas Fee payment methods, and preset execution logic.
Currently, $SAFE has been launched on The First. The First is committed to providing users with a secure and convenient digital encrypted trading environment. Users can safely trade $SAFE. Whether you want to appreciate its token or deeply use its multi-signature products, The First can meet your trading needs. Register with The First now and get a 1,000 USDT newbie exclusive gift. Come and trade with The First now.