Momentum Safe, also known as MSafe wallet, is a great project that offers interesting opportunities. It is the first non-custodial, multi-signature digital asset management solution built on the Move blockchain. Although still relatively new to the market, Move is already making a name for itself as a reliable programmable platform for blockchain and other applications. The company prides itself on its high level of security. It uses an executable bytecode language. The team designed the latter to provide customers with secure and verifiable transaction-oriented computing.
What is the difference between custodial and non-custodial wallets?
Two types of wallets currently dominate the market. These are custodial and non-custodial. If customers use the former, they won’t own the private keys needed to gain access to their digital assets. On the other hand, non-custodial wallets allow people to own and manage private keys. Considering that owning these keys gives customers the power to manage their assets as they see fit, non-custodial wallets allow them to be the actual owner.
However, in the case of custodial wallets, the company behind them actually controls the client’s funds. Despite that, many people still choose to use them, as these wallets allow users to avoid the task of managing their private keys. But it has other drawbacks. For example, such wallets are more vulnerable to financial loss.
A centralized entity (for example, centralized exchanges) controls the custodial wallet. Therefore, when a client deposits their assets into such a wallet, they automatically transfer the actual owner of the assets to the exchange. Non-custodial wallets greatly mitigate the risks associated with custodial wallets.
Still, not all noncustodial people are perfect. There are different types to choose from such as single-sig and multi-sig. If a single client manages the private key of a wallet, it is called a single-sig non-custodial wallet. But that can also be risky, as that person could lose the private key or inadvertently expose the private key to scammers. That is why it is not wise for organizations and companies to trust a single user to manage the private key.
The MSafe team offers to use another solution: a non-custodial multi-signature (multi-sig) wallet. The latter requires two or more private keys to sign and authorize a transaction. It works similar to accessing a safe deposit box in a bank vault by the owner of the safe.
What are the advantages of the MSafe wallet?
The MSafe wallet is very secure. The team works hard to ensure that their clients’ funds are safe. Furthermore, their solution eliminates single points of failure. Substantially reduces the risks associated with having a single person authorize fund transfers. Built on Move, the wallet can enhance security through the platform’s proprietary chain-level security system. The latter has already passed the audit of several top-tier auditing firms.
Also, unlike many similar wallets, MSafe allows for true decentralization and prevents scammers or hackers from transferring assets out of wallets. This wallet can also be integrated with any decentralized applications based on the Move-based ecosystems. Thanks to this project, dApp developers and their end users can enjoy full interoperability in asset management across multiple dApps.
According to the team, customers can use the MSafe wallet for various purposes. For example, it will allow users to manage the treasury. Stakeholders can collaboratively safeguard treasury by placing an entity’s treasury in a multi-sig wallet.
Also, they can easily manage the funds with this wallet. Interested parties must collect enough signatures to execute operations on the wallet. Not only will they be involved in managing funds, but they won’t have to fear moving those funds without your consent.
The team also noted that their wallet is ideal for storing the treasury of a DAO that needs co-management by DAO members. Typically, selected DAO members are made responsible for managing the DAO treasury. MSafe Wallet offers them to do it in a truly decentralized way.
How can users manage their token assets?
If a project decides to use MSafe Wallet to manage its tokens, core team members or community leaders can decentralize protocol access permission and project treasury.
The company stated that projects could use its wallet in multiple ways, such as managing project funds and revenue, allocating and distributing project tokens, sending streaming payments to employees or partners, and implementing and updating smart contracts. Additionally, developers can use MSafe as a contract implementer by taking advantage of its full on-chain interop.
Customers will also be able to use MSafe Wallet to enable administrative control features of the protocol, including emergency stop, key protocol parameter change, and community reward change. Using a multi-sig wallet, users can safely execute administrative control functions, avoiding single points of failure and fraudulent activity by a single bad actor.
Furthermore, MSafe also offers its own dApp Store. The latter allows users to interact with any third-party dApp UI that has been integrated with this project. MSafe dApp Store is a great platform that showcases security-enhanced dApps through its protocol.
What is Ondefy and how does it work?
Ondefy is another interesting project that has caught the attention of investors. It is a simplified DeFi meta aggregator that offers various benefits to its users.
The company allows easy access to DEX tokens. It also provides a simplified marketplace that allows clients to on-chain trades through different networks. That includes margin trading and trading at the best rates. Investors can earn significant returns from DeFi thanks to this platform.
The Ondefy team believes that Defi is the future of the financial world. Blockchain technology brings more transparency compared to the traditional world. It also significantly reduces intermediary fees for retail users.
The company aims to onboard the next million customers on Defi. It plans to achieve that goal by removing its on-chain barriers to entry and offering a simple user experience. The team is working on several solutions to eliminate the main problems that could block the mass adoption of DeFi technologies.
It will allow people to create a chain wallet using a simple email, where they can abstract chains, networks, and gas fees. The team will also offer an advanced platform with a user-friendly interface and allow clients to access various DeFi products.
