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Gnosis Safe

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The defacto multi-signature wallet for DAOs

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Founder(s):  
Gnosis
This post was written by 
Justine Humenansky
and edited by 
Justine Humenansky
 & 

Overview

What is it?

Gnosis Safe is a smart contract wallet running on Ethereum that requires a minimum number of people to approve a transaction before it can occur (M-of-N).

Gnosis Safes are commonly used to manage pooled DAO funds. DAOs often require a certain number of members to sign off on any fund transfers. DAO actions are generally voted upon by all members and then executed by the core group of signers.

What problem does it solve?

DAOs require mutli-signature fund management solutions in order to ensure decentralization (so no one DAO member can move funds on their own.) 

Multi-signature wallets enable multiple owners to be in control of their shared assets and can set granular permissions for fund management.

Relative to other multi-sig wallet options, Gnosis Safe offers integration with DeFi protocols, supports NFTs, and is formally verified. 

How does it work?

The Gnosis Safe is a multi-signature smart contract wallet that allows users to define a list of owner/signer accounts and a threshold number of signers required to confirm a transaction. Once the threshold of owner accounts have confirmed a transaction, the Safe transaction can be executed. 

Most DAOs manage pooled funds in a Gnosis Safe, leveraging the multi-sign functionality for collective fund management. 

How do I use it?

DAO Masters Insights

Why it's cool:

There are over $86B of assets currently stored in Gnosis Safes (as of September 15, 2021.)

Companies, like Parcel and others, are integrating with and/or building applications on top of Gnosis Safe, which expands its functionality and makes it more likely to become a core component of the DAO stack. 

Gnosis also offers a mobile version of their product. 

Challenges:

Setting up a Gnosis Safe requires gas fees. See estimates for the costs to set up here. Make sure you add all signers at once to avoid paying extra gas costs. 

Not all platforms integrate with Gnosis Safes yet, so not all transactions can be carried out. 

Words of advice:

Expected future updates:

Gnosis Safe recently introduced Zodiac, four tools available through the Zodiac App on Gnosis Safe: Exit, Bridge, Delay, and Reality. 

  • Exit: This module allows participants to redeem a designated token for a proportional share digital assets, similar to Moloch’s “ragequit.”
  • Bridge: This module enables a DAO on one chain to control assets and interact with systems like a Gnosis Safe on a different chain.
  • Delay: This modifier allows users to enforce a time delay between when a module initiates a transaction and when it can be executed.
  • Reality: This module allows on-chain execution based on the outcome of events reported by the Reality.eth oracle. 

Getting Started

Try the demo

Decide on your set-up parameters (How many signers? What threshold of signers should be required? Which owner wallets should be signers?, etc.)

Create a Gnosis Safe in 60 seconds by connecting your wallet, choosing a name, selecting signers, selecting your threshold, and deploying.

Medium: https://blog.gnosis.pm/tagged/gnosis

GitHub: https://github.com/gnosis

Get in touch with the team. 

View audits and the formal verification report here.

Visit the developer portal

View tutorials here.

Analyze user data here.

Check out FAQ and help docs.

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