The RSK community has now a new service that allows members to create safe and simple cryptocurrency wallets that require extra security steps for funds to be sent. The RIF Multisig, which comprises the RIF Savings and Vault, will help the RSK community to have more advanced services to create the solutions they need.
RIF Multisig Solutions
WIth the RIF Multisig solution, the community will now be able to select how many keys are allowed to open the vault or unlock it. This is called the threshold number and could be useful for those companies and projects working with common funds on the RSK network.
Nowadays, companies and developers use Gnosis Safe to create and manage multi-signature wallets on both the RSK and Ethereum (ETH) networks. With this solution, users can engage with smart contracts, a backend and a web application. In this way, it is possible to create and handle different multisig wallets on different blockchain networks.
Meanwhile, the MVP for RIF Savings and Vault Solution works with Gnosis SDK and makes it possible for all RSK developers to handle numerous multi-signature wallets. In addition to it, developers will have a safe and intuitive user experience that would make the whole process much easier.
Basically, with the new solution, developers will have the possibility to deploy Gnosis smart contracts on the RSK network and add the necessary functionalities that are currently not supported in Gnosis Safe SDKs.
Additionally, the system will document the whole multi-signature wallet process for both creating and operating them. Finally, they will also make it possible to create an example app that would make it possible to understand the whole user experience.
Additional Functionalities and Advantages
It is worth taking into consideration that there are other functionalities and advantages of this new implementation. Users will not only be able to create multi-signature wallets and select the owners and threshold, but they would also be able to receive RBTC (gas), receive ERC-20 tokens (such as RIF), reject pending transactions and even delete a multi-sig wallet and withdraw its funds, among other things.
This RIFT Multisig solution can also be integrated to other end-user solutions. Brokers, developers and crypto exchanges can enjoy the benefits of this new solution when compared to a single-sign storage. Security is definitely important in the cryptocurrency market and multi-sig wallets are definitely playing a key role in making the whole industry more secure.
Furthermore, this is the first multi-sig crypto storage solution that has been created for RSK and the whole Bitcoin Decentralized Finance (DeFi) ecosystem. Thanks to the new solution, platforms can start offering better services and security to users.
Finally, developers can also use the software and try it using the UI sample application.
Get more information the RSK Dev Portal: https://developers.rsk.co/rif/multisig/