In this article, we’ll be looking at how secure Hamsterswap with time-lock and multi-sign wallet.
In a typical contract, there is a risk that third party can involve because there are lots of hacking possibility. We try to evade from these risks with multi sign contract and time-lock.
You have to create a transaction and sign it when you sending funds to another crypto wallet. The signature implies the approval of the user for the transaction. As you know cryptocurrency wallets require only one signature for signing transactions, just your signature. When we look multi sign wallet, it is considerably different. There are two or more users sharing the wallet, and all transactions completed signatures from all users.
Multi sign wallets need more than one private key for authorizing crypto transactions. In addition, you can configure the multi-signature wallets for enabling every private key to create a signature. There are 2 or more different people manage one wallet like a company. These managers have their own private keys. At the same time, the use of multiple keys for signing contract transactions provides better scope for usability.
If developers want to change or adjust something on contract, it’s only possible with 2 developers’ sign. If there be a hack attack, hackers have to hack both user on same time. Even if there will be hack attempt, another user won’t approve hacking.
The idea behind time-lock function is to lock the funds or transaction for a set period of time. We can call it a fixed delay. The transaction can only complete when the set date is passed. During waiting period transaction can be cancel only by the authorized person. So, if we see an unknown transaction on contract, we can cancel it before fixed delay completed.
How it’s Work
Time-lock has Cheese and all staking contracts ownership of our ecosystem. Kindly find our Time-lock contract on the below:
If Developers want to change or adjust something. They sent request to Time-lock contract. Another Developer confirm and sign transaction on the multisign wallet.. Then time-lock’s fixed delay is starting. During fixed delay period Developers can cancel the transaction. End of fixed delay period time-lock complete transaction.
Hamster ecosystem uses Gnosis Safe multi-sign platform. Gnosis Safe is a smart contract wallet running on Ethereum 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 all 3 people before the transaction is sent. This assures that no single person could compromise the funds.
On top of that, Gnosis Safe 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.
Kindly find our Gnosis Safe wallet on the below: