Binance continues to contribute to blockchain technology development, improving the security of funds and information for Binance Smart Chain and more.
Most decentralized wallets use externally owned accounts (EOAs). EOAs are controlled entirely by a private key—it is the only thing that stands between the user and full control of the wallet. This means that if the private key is lost or compromised, funds can be lost or stolen, and the wallet is deemed insecure.
With the integration, BSC users can unlock their wallet and set up a safe that will help them maintain high security of the underlying wallet. Gnosis Safe's multi-signature functionality allows users to define a list of owner accounts and a threshold number of accounts required to confirm a transaction. Once the threshold of owner accounts have confirmed a transaction, the Safe transaction can be executed. Owners can either be EOAs or other smart contract accounts.
Gnosis Safe Multisig
The Gnosis Safe is now the first project on BSC with a different and more secure approach for managing funds. Rather than using an EOA, Safe operates entirely with smart contracts that define access control rights and enable more sophisticated security features.
The Gnosis Safe Multisig supports a wide range of wallets, controlled by one or multiple owners, resulting in increased security of the wallet. One can fully customize and manage personal crypto assets, with the option to require multiple devices (owners) to confirm transactions (hardware wallets, EOA-based wallets, paper wallets, or a combination of them).
Gnosis Safe Multisig comes with some of the latest security standards:
- Multi-signature allows to define an access/control-scheme through multiple signers (people, devices) that need to confirm transactions, this provides protection in case of theft or loss of private key.
- Spending limits through which one can create fund allowances for specific account owners, preventing overspending or potential theft of funds.
As of February 25, 2021, Gnosis Safe securely stores $18,012,394,441 USD worth of digital assets and continues to protect its user’s privacy and wealth.
Read the documentation about Gnosis on the Binance Smart Chain.