I’m going to cover the basics here and not dive into any amount of great detail. I’ll come back through later and fill in some details if you can’t follow along but I don’t want to write a bunch of stuff that isn’t really helpful. KISS principles apply (Keep It Simple Studid).
But basically, a Gnosis Multisig wallet is a really great choice as an added layer of security for your crypto assets. It is exactly what it’s name implies, just a wallet that requires multiple signatures to be signed before any contract is executed. If, for example, your account is somehow compromised this multisig wallet would remain secure as it would require more than just your signature to execute. So although your account might be compromised, your funds would remain safe within the Gnosis wallet.
This added security also adds the functionality of adding an easy social coordination layer wherein you can define the investment structure of your funds. The wallet allows you to define what percentage or number of signatures are required to actually move funds. This is a really easy way to add governance to funds and basically bootstrap the early beginnings of a DAO-like organization.
So, let’s explore how to deploy a Gnosis Multisig to the Rinkeby Testnet:
1. First navigate to your wallet of choice (I use Metamask and highly recommend it)
2. If you need some funds, then go and claim them at the Rinkeby faucet.
3. Go the the Gnosis Safe Rinkeby app
4. Connect your wallet
5. Create a safe
6. Add a name to your multisig safe
7. Add whatever accounts that you would like to be signatories to the wallet. This is also where you assign how many votes will be required for a transaction to be executed.
8. Review everything to make sure you’re happy with it before deploying because deploying the wallet does require spending ETH.
9. Now that your multisig has been deployed, you can send some funds to it and start playing around!
What’s next? I explored some of the apps and I think I should write up some of the experiences that I’ve had but I’ve also realized that I need to learn how to interact with contracts through the ABI. This means I need to get more acquainted with solidity! So right out the gate, I need to get digging into the code and learn some new stuff. Hope you, and me obviously, are ready for this next adventure!