The Triple Confirmation Project has four different multi-sig Wallets: Our Treasury, a Marketing Wallet, a Deving Wallet, and a Charity Wallet. We have nothing to hide, that's why we're sharing this.
Let's break down the difference between standard crypto wallets and multi-sig wallets. Conventional non-custodial crypto wallets have one private key that provides access to funds. As a result, only this key needs to sign an outgoing transaction — no further authorization is required.
In contrast, a multi-signature wallet utilizes a unique digital signature that requires more than one private key to sign an outgoing transaction. In some cases, several different keys can generate a signature. We can use an analogy from everyday life to explain: Let's imagine there's a bank safe with two locks and two keys. Bank employee Jack holds one key, and Jill has the other. For them to open the safe, both of them use their keys simultaneously. In this scenario, one wouldn’t be able to open the safe without the consent of the other.
In the same way, funds stored on a multi-sig crypto address can only be moved if multiple parties provide their signature. This additional layer of security is beneficial when managing crypto, given its digital nature. Specifically, funds are more likely to be stolen with only one private key. Further, this can make losing the funds less likely as well, provided you use a combination that doesn’t require all the keys, like a 3-of-5 scheme. Mandating all the signatures (as in a 3-of-3 combination) would require even more diligence and trust. The requirement of multiple signatures helps ensure that transactions made to and from that wallet are in accordance with the intentions of those who hold the keys.
Whether two, three, four, or more signatures are needed, a multi-sig wallet is designed to mitigate the possibility of a single point of failure. For this reason, many blockchains, exchanges, and wallet providers enable the creation of some version of a multi-signature wallet to protect user funds.
Gnosis has been developing blockchain-based financial and infrastructure products since 2016. During that time in the blockchain ecosystem, Gnosis has earned a reputation for expertise in engineering. There are currently more than
50,000Safe wallets deployed, with the top
25instances alone holding a combined volume of
1.7MEther and more than
$90Bin digital assets. The Gnosis Safe core smart contracts have passed the highest possible security standard in the industry: Formal Verification. This in-depth review and testing of the codebase were conducted by Runtime Verification, a trusted pioneer of formal verification, for over six months. And that's one of the million reasons we use and trust Gnosis Safe. ➡️ Check out Gnosis Safe ➡️ Check out the latest Gnosis Audit