How secure is Safe Wallet? Is Safe Wallet safe and reliable?

The most common method for newbies is to deposit cryptocurrencies into large exchanges. However, for those users who pay more attention to asset security or frequently interact with Defi, they are more inclined to use hardware wallets to improve security. Safe Wallet is a relatively good choice, it is the most trusted decentralized custody protocol and collective asset management platform on Ethereum and EVM.

How about Safe wallet?

Safe was originally developed by the Gnosis ($GNO) team and is an open source multi-signature smart contract wallet. After the airdrop and currency issuance, Safe became independent and focused on building an account abstract smart contract wallet. Thanks to its self-custody solution, Safe has seen widespread adoption and become one of the most trusted digital asset management platforms today. To date, Safe has processed over 600,000 transactions and protected over $40 billion in digital assets. Many high-value NFTs, including 13% of Cryptopunks, choose to use Safe for protection.

Safe is a project formerly known as Gnosis Safe. Its goal is to establish better standards for smart contract account ownership. Since 2018, Safe has grown to support multiple EVM chains and passes the highest security standards in the industry, including formal verification. It is widely trusted to safely store and protect billions of dollars in assets. Safe can be used on more than 12 networks such as Ethereum, BNB, Polygon, etc., and is recognized by the best people.

Safe is managed by SafeDAO, a decentralized collective composed of core contributors, supporters GnosisDAO, users and ecosystem contributors (i.e. Safe Guardians). Safe is built on the most secure account abstraction stack, using the most secure multi-signature wallet in wb3, powering over 130 projects in the wb3 ecosystem. These projects include those building DAO tools, DeFi, NFT collectives, and institutional custody. Safe's goal is to provide safe and reliable solutions to protect users' assets and interests. Through SafeDAO's collective management and community participation, Safe is committed to building a healthy and strong ecosystem.

Is Safe wallet safe?

Safe wallet is relatively secure because it requires the authorization of multiple private keys to complete transactions, thereby increasing the security of cryptocurrency wallets. However, to ensure safety, reasonable use and management are required. The following are 7 key points about security:

Prevent single-point risks and require multiple private keys to cooperate to complete transactions. Even if one private key is leaked or attacked, the attacker cannot control the funds in the wallet alone.

Improve security: By decentralizing the storage location of private keys, the security of funds is enhanced and losses caused by theft of private keys are reduced.

Can be designed to require a specific number of private key authorizations to increase fine-grained control over the flow of funds. This can be very practical for a business, organization or team.

4. Management complexity: The need to manage multiple private keys may increase some complexity. Losing or forgetting one of the private keys may result in inability to access funds.

5. Backup and recovery: The loss of private keys may lead to irrecoverable loss of funds, so backup and recovery strategies are particularly important.

6. Technical requirements: Setup and operation may require some technical knowledge, and users need to ensure they understand how to set up and use it correctly.

7. Security measures: Although it can provide higher security, it is not absolutely safe. Private keys still need to be kept secure to prevent leakage or loss.

The above is the detailed content of How secure is Safe Wallet? Is Safe Wallet safe and reliable?. For more information, please follow other related articles on the PHP Chinese website!