What is MSafe Wallet | What is MSafe Platform

In this article, we'll discuss information about the MSafe Wallet project. What is MSafe Wallet | What is MSafe Platform?

What is MSafe Wallet?

MSafe wallet (A.K.A. Momentum Safe) is the first multi-signature, non-custodial digital assets management solution built on Move.

What is Move?

Move is a new programmable platform for blockchains and other applications where safety and correctness are paramount. It is an executable bytecode language designed to provide safe and verifiable transaction-oriented computation.

MSafe Wallet Key Benefits

Security: MSafe wallet solution eliminates single points of failure and reduces risks associated with having a single person authorize fund transfers, giving financial institutions, enterprises, and individuals peace of mind. Built on Move, MSafe enhances security through its proprietary chain-level security system that passed the audit by multiple top-tier auditing firms.

Decentralization: MSafe enables true decentralization that is missing in custodial wallets and single-signature non-custodial wallets but needed to prevent bad actors from transferring assets out of wallets.

Interoperability: MSafe can be integrated with any decentralized applications (dApps) on the Move-based ecosystems. Both dApp developers and their end users can gain peace of mind and enjoy full interoperability in asset management across dApps.

Use Cases

1. Treasury Management

One of the key use cases enabled by the MSafe wallet is treasury management. By putting an entity’s treasury into a multi-sig wallet, stakeholders can safeguard the treasury in a collaborative manner.

Fund Management: MSafe Wallet can be used to hold a fund that is created and managed by a set of stakeholders. Thus, all operations related to the wallet are executed by collecting enough signatures of the stakeholders, and the stakeholders are able to participate in fund management.

DAO Treasury: MSafe Wallet is also ideal for storing a DAO’s treasury that needs to be co-managed by selected DAO members. These selected DAO members are responsible for managing the DAO treasury according to DAO votes or DAO policies. Managing a DAO’s treasury using MSafe Wallet enables the true decentralized nature of DAO, where community members can have voices, including treasury management.

Project Token Management: When a project uses MSafe Wallet to manage its token assets, core team members or even community leaders can decentralize the access permission of the project treasury and protocol. Projects can use MSafe Wallet in multiple ways, such as:

• Project token vesting and distribution.
• Fund management & project revenue.
• Streaming payments sent to employees or partners.

2. Smart Contract Deployment & Update

By leveraging MSafe’s full on-chain interoperability, developers can use MSafe Wallet as the contract deployer or admin role to decentralize the ownership of the protocol.

MOVE Module Publishing

First of all, the Aptos MOVE module is totally different from an Ethereum account model. The deployer address will always have the permission to upgrade the smart contract to an arbitrary logic. Thus it is very important to have a multi-sig wallet like MSafe Wallet to deploy the smart contract, so that there will be multiple people, who own the permission, responsible for the Move module upgrade. This will decrease the risk of rug pulls by the project developer.

3. Protocol Admin Control

MSafe Wallet can be used to enable protocol administrative control functions, such as:

• Protocol key parameter change
• Emergency stop
• Community reward change.

By using a multi-sig wallet like MSafe, admin control functions can be safely executed, avoiding single points of failures or fraudulent activities by a single bad actor.

4. dApp Store Integration

MSafe dApp Store allows users to interact with any third party dApp UI that has integrated with MSafe. Integrating a dApp with the MSafe dApp Store enables multiple approvals for a dApp function call. This brings composable security to the Aptos ecosystem. MSafe dApp Store is a convenient place that displays all dApps with enhanced security through MSafe.

Key User Benefits

• Enhance security by preventing single points of failures.
• MSafe dApp Store directs users to most popular projects on Aptos.

User Flow:

• Enter a dApp.
• Select an MSafe wallet.
• Select the dApp tab.
• Select a dApp, start interacting with the dApp interface.
• When a transaction proposal is submitted, the user waits for the other manager’s approval / confirmation.
• Upon receiving enough approval, the transaction with the dApp will be executed on chain.

User guide

1. Connect wallet

Upon open the MSafe wallet web application, you will be asked to establish a connection with any of the Aptos wallets supported by MSafe.

You may also connect the wallet through the Connect Wallet button.

Choose one of the wallet extension, and approve the wallet to interact with MSafe.

After successfully connecting the wallet, you shall able to see the wallet address on the top right corner.

Disconnect wallet

If you want to disconnect wallet, you can click on the address and select disconnect.

You can now select another wallet extension to interact with MSafe.

2. First time registration

After connecting wallet, MSafe will run a check to see whether your wallet has been registered with MSafe. If this is the first time the connect wallet interacting with MSafe, a window will popup. Click on Register.

 

Registration is only needed once when the wallet interacts with MSafe dApp for the first time.

3. Create an MSafe

Step 1. Initialize MSafe creation

Click on Create a Safe button to initialize MSafe creation process.

Fill in the information about MSafe creation info, including:

• Safe managers: a list of addresses manage the MSafe wallet. The connected wallet is automatically filled in as the first manager of the MSafe wallet.
• Initial balance: The initial balance sent to the MSafe account. The initial balance is used for gas fee during registration.
• Signing threshold: Minimum approvals required for each transaction for MSafe wallet.

After filling the MSafe creation information, click on the next button.

Confirm whether the information about creating a MSafe wallet is correct, and hit "Sign" button to initiate an MSafe creation request.

 

You will need to sign two messages in wallet extension to initiate the MSafe creation process.

After the transaction is submitted and confirmed on blockchain, you need to wait for other managers to sign on the wallet creation to collect enough approvals to create an MSafe wallet. In this case, two approvals are required to finish the creation process.

 

It's safe for the wallet creator to close the MSafe app and leave the session. To get back in the session, hit hamburger menu on the top right, and select the MSafe wallet (in pending creations) with MSafe address.

Step 2. Other managers' approval

The creation of a MSafe wallet also need confirmation from other managers.

Connect the wallet of the other manager's to MSafe, and you shall be able to find the MSafe in pending creation wallet list.

Click on the wallet address, and the pending creation is waiting for manager's approval signature.

Click on Sign now and follow the instruction to approve the MSafe wallet creation.

Step 3. Complete the creation

Once enough approvals has been collected from the Safe managers, any of the Safe managers is able to click on Create MSafe Account button to finish the registration.

After the transaction is confirmed on blockchain, a success window will pop out. You can view assets in newly created MSafe wallet.

Congratulations, you have successfully created an MSafe wallet!

3. Add a new coin

To view, receive, and send tokens other than ‘Apt Tokens’, you will have to first add a new coin in the MSafe wallet account.

To add a new coin to MSafe wallet, click on ‘New Transaction’ and then ‘Add New Coin’.

In Step 2, choose a coin from the drop-down list to register and click on ‘Add coin’.

Confirm with wallet extension twice to initiate the coin register transaction.

Wait until other users have also confirmed with their signatures. After enough approvals are collected, the transaction will be executed. After execution, you are able to see additional coin type in the 'Asset' page of the MSafe account.

4. Address Book

MSafe wallet provides the feature "address book" so that user can save the address name alias in local storage for easy fund management.

Click on the ‘Address Book’ option from the Dashboard. You will see all default addresses listed here.

The MSafe wallet address and MSafe manager addresses are automatically added upon successful account creation.

a) Add Address alias

To add an address alias, click on the ‘Add’ option given at the top-left of the dashboard.

Enter the Name and Address and Click ‘confirm’.

Added address alias will be shown in the address book.

b) Remove address

Click on the 'Bin' icon given next to the edit option of each address.

Click ‘Delete’ to permanently delete the address from your MSafe Address book.

c) Modify address

Click on the ‘edit’ icon to modify any address details.

d) Using address alias

The address will automatically show in the drop-down list whenever you try to transfer the coin from your MSafe wallet.

Also the address name alias is visible in all transaction queue / history.

5. Permissions

You are able to view the current permission settings for the MSafe wallet, including:

• Safe Managers: List of managers of the MSafe wallet.
• Signing threshold: Minimum number of approval required for each transaction.

The change of MSafe wallet permission will be available in the future.

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How and Where to Buy token?

You will have to first buy one of the major cryptocurrencies, usually Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

☞ SIGN UP ON BINANCE

Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase token from the exchange.

Top exchanges for token-coin trading. Follow instructions and make unlimited money

☞ Binance ☞ Poloniex ☞ Bitfinex ☞ Huobi ☞ MXC ☞ ProBIT ☞ Gate.io

🔥 If you’re a beginner. I believe the article below will be useful to you ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner

🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.

I hope this post will help you. Don't forget to leave a like, comment and sharing it with others. Thank you!

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