Gnosis Safe
Loading...DESIGNED BY SAFE (FORMERLY GNOSIS)
The Gnosis multi-signature wallet, now known as Safe, originated from Gnosis, a blockchain company founded in 2015 by Martin Köppelmann and Stefan George. Initially focused on prediction markets, Gnosis developed the Gnosis Safe in 2017 to address the need for secure digital asset management.
The Gnosis Safe started as a multi-signature wallet, requiring multiple approvals for transactions, which made it ideal for decentralized organizations (DAOs) and teams. Its security features and flexibility quickly made it a standard tool across the Ethereum network, widely adopted by DAOs, DeFi projects, and institutional investors.
In 2022, recognizing the Safe’s broader potential, Gnosis spun it off as an independent entity, rebranding it as simply “Safe”. Today, Safe supports over 7 million smart accounts, secures more than $100 billion in assets, and continues to evolve as a crucial infrastructure for decentralized asset management and governance in the crypto ecosystem.
This governance mechanism effectively supports DAOs in overseeing treasuries, funding proposals, and investment decisions. Enterprises can use Safe to manage corporate digital assets among various stakeholders, while public goods projects can adopt this tool for transparent and accountable fund allocation.
By default, Safe Wallet operates using a multi-signature mechanism where funds are held in a smart contract, and any transaction requires a predefined number of signatures to proceed. Members submit proposals for transactions or fund allocations, and each signer must approve before the action is executed.
Alongside the multisig entrypoint, Safe is also a modular and extensible account standard that can be adopted to many different use-cases, allowing users to evolve their account over time to accommodate changing needs.
Safe Wallet operates as a secure, multi-signature asset management tool built on Safe Smart Accounts. Users start by deploying a multi-signature smart contract on a blockchain like Ethereum. They then configure the wallet by setting a threshold of required signers for transaction approvals, ensuring no single user can act unilaterally.
Once configured, users or organizations deposit funds into the Safe Wallet. When a transaction needs to occur, a member submits a proposal, which is then visible to all designated signers. Each signer reviews the transaction, and if they approve, they provide their digital signature. Only when the predefined number of signatures is collected does the smart contract execute the transaction.
Safe Wallet also offers features like gasless transactions, where relayers cover gas fees, and transaction batching, allowing multiple transactions to be bundled into one for efficiency. All actions are recorded onchain, providing full transparency and accountability for secure fund management.
Users deploy multisig contract on blockchain
Set threshold and designate signers
Users deposit funds into Safe Wallet
Member submits a transaction proposal
Designated signers review the proposal
Signers provide their digital signatures
Smart contract executes when threshold is met
Advanced cryptographic protocols ensure high levels of security.
Flexible threshold settings and signer configurations to fit diverse organizational needs. Organizations can define the number of required signatures (e.g., 2-of-3, 3-of-5, 5-of-7). Organizations can also leverage a large open source library of modular extensions to enhance their safe’s capacity.
Compatible with various blockchain networks and dApps, enhancing usability.
Intuitive design facilitates ease of use for both technical and non-technical users.
Provides detailed onchain records for transparency and accountability.