Multisignature wallets are cryptocurrency wallets that require multiple cryptographic signatures from a pre-defined owner group to execute a transaction.
For example - N is the group of trustworthy individuals and the transactions need to be approved by a few selected users (M) simultaneously.
Hence, the attackers must target at least M owners to get access to an admin account. Assuming there are at least two owners, physical or electronic attacks become much more challenging, particularly when owners are dispersed geographically and use various technologies.
When dealing with funds, cryptocurrency businesses are vulnerable to a very literal version of this risk. Fortunately, multisignature cryptocurrency wallets include a built-in method for managing this type of risk.
By leveraging the power of human collaboration, multi-sig eliminates a single point of failure in the event of a compromised person or wallet and spreads the responsibility of your digital assets among several parties, enabling more robust security.
Hence, it works great for crypto projects and DAOs or any organizations that have crypto assets and require multisig wallets to manage their assets and resources.
Unfolding the First & Best Multi-Sig Wallet on MOVE, Momentum Safe (MSafe)
Momentum Safe (MSafe) is the first, most secure and most interoperable non-custodial multi-sig wallet solution on the Aptos/MOVE Ecosystem.
We have worked extremely hard over the past few months to bring the most feature-rich, safe, and reliable multi-signature product to the MOVE Ecosystem.
With our team’s extensive knowledge and experience in both product and web3 infrastructure, we are able to build a safe, open, extendable multi-sig product for individuals, enterprises, and organizations.
That’s why, we decided to launch our multi-sig wallet MSafe on the MOVE ecosystem to make MOVE assets, resources, and code more secure for you and your organization. (Momentum Safe is currently LIVE on Aptos DevNet & TestNet.)
Why Did We Choose to Launch Our Multi-sig Wallet on MOVE? The Backstory!
Momentum Safe is the first multi-sig wallet on Aptos/Move Ecosystem, designed to deliver outstanding security & user-experience to Move users.
Momentum Safe, founded by a highly accomplished team of engineers Wendy F (former senior engineer of Diem’s Novi Wallet team) and Jacky W (former Sr. Blockchain Engineer in Harmony) is inheriting the mission from Libra to bring the next billion users to the blockchain and provide them with a much richer, more secure, and more enjoyable product experience.
In the short term, we aim to enhance the security of the Move ecosystem by adding another layer of security to protect user wallet, assets, code and accounts and a secure infra to support legit business / projects / DAO run on MOVE.
In the long term, we are dedicated to reducing the barrier for web2 enterprise to get into web3 space. We are building not only a wallet that helps enterprises manage their assets but also a service that takes care of all financial services an enterprise needs such as accounting, recurring payments.
This bridges the gap and reduces the churn for web 2 enterprises such as Nike, MicroSoft to join the Move ecosystem, and enjoy the benefits brought on by its superior performance.
3 Amazing Features Momentum Safe Offers As Your Multi-sig Wallet
Momentum Safe addresses one of the most important concerns for all crypto holders - Security. However, there are 4 major features that MSafe offers. Let’s have a look!
Momentum Safe uses MOVE modules to hold crucial information for transactions. Aptos supports native multi-signer authentication that means to complete any transaction, the multi-sig wallet address specified by the authentication key must amass K out of N signatures.
Momentum Safe adopts this strategy and ensures that our product has the same level of security as Aptos core protocol.
The Aptos core protocol strengthens the security of the Momentum Safe wallet since the final momentum safe transaction is carried out using the native multi-ed25519 standard of Aptos. The signing function is the lone point of vulnerability which is virtually impossible and is protected by cryptographic precepts.
Other than that, adopting Aptos native multi-ed25519 also helps Momentum Safe free from some other potential security concerns of smart contract implementation of multi-sig wallet, like double spending, transaction execution sequence, e.t.c. All these concerns have been already addressed in Aptos transaction model.
Other than being used just as a wallet, Momentum Safe makes it possible to interact with other protocols/dApps on the MOVE ecosystem. By using the native multi-ed25519 wallet from Aptos, Momentum Safe can send transactions with any transaction payload supported by Aptos core, especially calling any entry functions from any MOVE modules.
This allows Momentum Safe to interact with any system / third party MOVE modules, and will lead to various use cases and features supported by Momentum Safe, including -
- Treasury Management.
- Interact with any third party dApps.
- Interact with system function publish_function to publish a move module owned by momentum safe.
- Serve as an admin account of a move module to control over the protocol level parameters.
Since all backends of Momentum Safe are implemented in Aptos MOVE, the only dependency relies on the Aptos network. Aptos offers a flexible and modular blockchain architecture to enhance the state-of-the-art in blockchain reliability, safety, and performance.
Hence, Momentum Safe is constructed using the following fundamental architectural tenets of Aptos Network to satisfy the requirements of secure, quick, dependable, and upgradeable web3 infrastructure for mass adoption –
- · No Single Point of Failure
- · Robust Infrastructure Design
- · Fully Decentralized Transactions.
The Road Ahead
With Momentum Safe, we want to bring the most dependable, secure, and feature-rich multisig product to the market. We want to give users and teams unlimited access to an unparalleled number of protocol connectors to do Token Vesting, recurring payments, scheduled transactions, token exchanges, and more.
We appreciate you coming along on our journey so far. We have put in a lot of effort to release our products, and we appreciate all of your support. We especially like to thank our key investors and partners. Also a massive thanks to our team without whom we couldn’t build what we have dreamt for.
We are just getting started, and we won’t be stopping anytime soon. To discuss your multisig needs, feel free to contact us at any time.