Tresaury centeralization risk

codeislight - Accepted AIP Author
Dec. 6, 2022, 7:58 a.m.

Hi there fam, i was scrolling through the treasury wallets, i have noticed that they are all EOA accounts, which represent a single point of failure. So i believe that it’s best if the funds are held in a multisig instead, it would also help for users to inspect treasury activity for ease of transparency, and also allow more flexibility in terms of allowing a delay period of time for a transaction to take place, to reduce any possible risks.

The author suggests that treasury wallets currently being EOA accounts pose a single point of failure risk and proposes using multisig wallets instead. Multisig wallets offer transparency, flexibility with transaction delays, and reduce potential risks, making them a better option for holding funds.

Likes: 6 Replies: 1

Likers: furiousanger, Apeancestor, Abr123, Mantis, swickie, bigbull
Replies:
- Apeancestor: I am in favor of using multisig wallet for AprCoin DAO Treasury A multisig wallet, in other words a multi-signature wallet, is required a predetermined number of signatures to validate transactions, which means that each transaction requires multiple ApeCoin Council members and/or Administrators to validate it. For example in this case, ApeCoin Treasury multisign wallet, we can set rules such as at least X of signed by the members are required to transfer funds from the wallet. I recommend that we use the best known multi-signature wallet called Gnosis Safe: https://gnosis-safe.io Features: Automatic transfer of funds received from NFT-sales to multisig wallet Adding and displaying meta-information, for example, rationale of spending, to multisig Wallet transactions Work with ERC20 asset like ApeCoin Token Support smart contracts and other DAPPs Pros: Using a multi-signature wallet is more secured solution for ApeCoin DAO fund management Cons: Add little more management overhead
furiousanger - No Role
Dec. 6, 2022, 8:44 a.m.

Totally agree and hope this gets the attention it deserves. More transparency and extra security -… Totally agree and hope this gets the attention it deserves. More transparency and extra security - win win imho!

Likes: 1 Replies: 0

Likers: Apeancestor

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Apeancestor - No Role
Dec. 6, 2022, 9:04 a.m.

I am in favor of using multisig wallet for AprCoin DAO Treasury A multisig wallet, in other words a… I am in favor of using multisig wallet for AprCoin DAO Treasury A multisig wallet, in other words a multi-signature wallet, is required a predetermined number of signatures to validate transactions, which means that each transaction requires multiple ApeCoin Council members and/or Administrators to validate it. For example in this case, ApeCoin Treasury multisign wallet, we can set rules such as at least X of signed by the members are required to transfer funds from the wallet. I recommend that we use the best known multi-signature wallet called Gnosis Safe: https://gnosis-safe.io Features: Automatic transfer of funds received from NFT-sales to multisig wallet Adding and displaying meta-information, for example, rationale of spending, to multisig Wallet transactions Work with ERC 20 asset like ApeCoin Token Support smart contracts and other DAPPs Pros: Using a multi-signature wallet is more secured solution for ApeCoin DAO fund management Cons: Add little more management overhead

Likes: 0 Replies: 0

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BoredApeG - Accepted AIP Author
Dec. 6, 2022, 11:54 a.m.

Here is additional context that may be helpful twitter.com ApeCoin @apecoin Ape Fam, we want … Here is additional context that may be helpful twitter.com ApeCoin @apecoin Ape Fam, we want to reassure the community with some information in light of the recent events in the blockchain ecosystem. The Ape Foundation did not, and does not currently, hold any assets on FTX. The treasury is held in segregated custody accounts via Coinbase Custody. ( 1 / 5 ) 1 : 04 PM - 14 Nov 2022 1 . 8 K 370

Likes: 2 Replies: 0

Likers: Amplify, codeislight

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codeislight - Accepted AIP Author
Dec. 8, 2022, 4:09 a.m.

Thank you for the elaboration! Thank you for the elaboration!

Likes: 2 Replies: 0

Likers: Abr123, BoredApeG

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Mantis - No Role
Dec. 8, 2022, 4:17 a.m.

This is a good point. Up This is a good point. Up

Likes: 3 Replies: 0

Likers: codeislight, Abr123, BoredApeG

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