Security in blockchain and cryptocurrency is not only an added feature but also a fundamental pillar for upholding the technology’s trust, confidence, and integrity.
Transactional security is vital for the success of blockchain networks. A multi-signature wallet can reduce the theft risk and mitigate single points of failure. To provide a secure option for wallet transactions, Zilliqa has launched Zilliqa Safe, one of the most trusted custody protocols emphasizing security.
Introducing Zilliqa Safe will increase the network’s security and benefit ZIL token holders, as the advancements will influence Zilliqa prices.
What is Zilliqa Safe?
Zilliqa and Protofire have collaborated to create a multi-signature Ethereum Virtual Machine (EVM) wallet called Zilliqa Safe.
Zilliqa Safe is a smart account solution that protects the core functionality and security of the technology stack. It also incorporates Zilliqa support and branding for the EVM network.
By linking EVM wallets like MetaMask to the Zilliqa Safe, users, teams, and companies on the Zilliqa blockchain network can protect their funds and assets within their multi-sig smart accounts, which are developed using gold standards for the security of on-chain digital assets.
Understanding Multi-Signature Wallets
Multi-signature or multi-sig wallets require at least two private keys to allow a transaction. Using smart contracts, wallet owners agree to the rules needed to access the wallet, which typically involves a minimum number of keys. The wallets are a seedless form of self-custody, as owners govern on-chain depending on the rules created within the smart contract. Multi-sig wallets are different from traditional wallets that have user-controlled endpoints.
The Zilliqa wallet users have the ability to edit smart contracts at any time they require. This provides greater adaptability. Moreover, smart contracts being open source, any user can edit the codes to get insight into those who are controlling the funds. This provides transparency for joint management.
Setting Up A Zilliqa Safe Wallet
Create a multi-sig wallet on Zilliqa Safe by registering and creating an account with a supported EVM wallet like MetaMask. A MetaMask wallet will be created instantly. After that, follow the steps to create a Zilliqa Safe Wallet –
- Select ‘Connect Wallet’ on the official website and ‘MetaMask’ in the pop-up menu.
- A Safe account list will appear that will be empty.
- Enter Create Account and the name for the new Safe account.
- Click Next
- For 1/1 accounts without multiple signers, enter the name of the primary signer.
- For multi-sig accounts, enter add designer along with their name and address for as many signers as you wish to add. Choose a limit for the multi-signature account, which includes the number of signs required to authorize the transaction.
- Click on next to review details related to account configuration, then enter create. Zilliqa successfully creates a multi-signature account using Silica Safe.
Benefits Of The Zilliqa Wallet
With the launch of Zilliqa Wallet, projects, businesses, and investors of all scales and sizes can comfortably secure their assets in the battle-tested multi-sig wallet built on Zilliqa EVM.
The current Zilliqa news of the Zilliqa blockchain’s commitment to improving EVM compatibility and multi-chain interoperability will help the network grow its accessibility and adoption.
Users can send and receive transactions with single or multiple signers to authorize them before they are validated.
Zilliqa Safe also features many quality-of-life attributes, like two-factor authentication for additional security, a transaction builder, and an address book. The launch of Safe will likely push Zilliqa’s price up, which would benefit those holding Zilliqa Coin (ZIL).
Discover the latest Zilliqa price prediction in our in-depth analysis.
Conclusion
Zilliqa Safe is considered one of the world’s most trusted decentralized custody protocols. It retains higher security through its partnership with Protofire, an industry-renowned Web3 and blockchain expert.
Safe is trusted by leading projects within the EVM space, with over 9 million accounts and more than $100 billion in assets secured. Users will benefit from securely storing their assets within the multi-signature wallet through its launch.
As the network transforms with the Zilliqa 2.0 rollout, EVM compatibility remains a crucial focus of this launch. We recommend that our readers explore Zilliqa Safe before using it for secure asset management.
