Welcome to xSafe!
Learn the basics about xSafe
Last updated
Learn the basics about xSafe
Last updated
Most blockchain users on MultiversX ecosystem are used to a single key wallet, derived from a 24 words seed phrase, be it the official web wallet, an app (such as xPortal (previously Maiar), Trust Wallet, etc) or hardware wallets like Ledger. The seed phrase can be transformed into a private key, and if the seed phrase or the private key are compromised in any way, the funds can be stolen.
If your project comprises more than 1 person, a single key wallet is not a secure way to manage your business’s crypto funds. If an employee goes rogue or is careless with the private key, the funds are gone forever. Even if your business is made up of just yourself, it’s still a poor way to manage funds. So, what is the better solution?
This is where xSafe takes the stage! xSafe is a web interface for the Multisig Smart Contract developed by the MultiversX team, that requires a minimum number of people to approve a transaction before it can occur (M-of-N). If for example you have 3 main stakeholders in your business, you are able to set up the wallet to require approval from 2 out of 3 (2/3) or all 3 people before the transaction is sent. This assures that no single person could compromise the funds. On top of that, xSafe gives you complete self custody over your funds. There is no risk of a bank giving you a hassle for running a crypto business and the smart contract that is deployed is completely trustless and in your control.
Developed by Valid Blocks, and announced in November ‘22 at X-Day in Paris, xSafe is now live on MultiversX and the code has been open sourced and is available at .
xSafe has been developed with the goal of bringing the benefits of a multisig wallet into the hands of everyone, by adding an extra layer of security and empowering users to take control of their digital assets.
With xSafe, users can securely manage their cryptocurrency and other digital assets, knowing that their transactions require multiple signatures to be approved.