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Oasis Foundation Announces the Launch of XDAO’s First Multi-Sig Wallet

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Cryptocurrency wallets can generally be very safe if you know how to set them up properly and ensure that they are not that easy to break into. However, the best way to ensure the safety of the wallet is to use a multi-signature (multi-sig) wallet. This is a wallet that requires more than one private key to sign and send transactions, which reduces the risks of having them emptied by attackers, and provides protection and control of the funds if the wallet ends up being lost.

With that said, Oasis Foundation announced yesterday, May 5th, that XDAO used the Oasis Network to launch its first multi-sig wallet. Now, according to Oasis Foundation, this will allow XDAO to offer large-scale DeFi, P2E, NFT, and DAO projects to deploy safely on Oasis Network.

Apart from keeping the wallets — and therefore the funds stored inside — safer, multi-sig wallets are also greatly beneficial as they allow organizations to construct complex spending rules regarding multiple parties. This is a critical safety feature for numerous blockchains in the industry, and XDAO’s new product has made it possible.

The project enabled this feature on Emerald, which is the EVM-compatible ParaTime on the Oasis network.

However, XDAO is not new to multi-sig, as its own service uses multi-sig, DAO tooling features, and advanced DAO Smart Contract modules to allow for simple DAO creation and management, which can be done within minutes.

What can the wallet be used for?

While the fact that the wallet is multi-sig is its leading feature, this wallet can actually do a lot more than just serve as a safer version of a crypto wallet. It was designed to be a fully-customizable tool that can also be used for a number of additional purposes, including managing crypto assets and DeFi projects.

It can provide full or partial management of the DeFi treasury, salary treasury, or marketing treasury for any blockchain organization. It can also grant program or bug bounty treasury services, let users invest in DeFi with total assets, invest in NFTs and GameFi, be used for charity purposes, as well as for IDOs, Launchpads, and even family treasury management.

Why did it launch on Oasis Network?

According to the Oasis Foundation, the reason why XDAO chose Oasis Network to launch its new product is that Oasis Network offers an EVM-compatible ParaTime, Emerald. Emerald allows for easy integration with EVM-based dApps, including DeFi protocols, non-fungible tokens, Metaverse, as well as crypto gaming projects.

Network growth has skyrocketed over the last six months since its launch, allowing it to become a highly-impressive, leading privacy-enabled, scalable layer-1 blockchain which is ideal for DeFi.

The project is also very scalable, featuring instant finality, and its gas fees are 99% lower than Ethereum ones. The throughput is much higher, of course, and there is privacy protection and defense against MEV, so security is up to the highest standard, as well.

XDAO and Oasis are making additional plans

Oasis Foundation gave a hint of additional things to come by pointing out that this is only the start of their partnership with XDAO. XDAO has already launched multiple modules on Emerald, including dividends, payments, and private exit. In the future, however, they plan to launch additional features.

These are expected to include gas compensations, Tx combinations, a Telegram Bot, Timelock, GT Delegation, and Transaction automation. In other words, there is a lot more coming, which is something that investors should keep in mind if they opt to buy these tokens, as new features and a stronger partnership with Oasis may have an impact on the project’s price performance.

To learn more visit our Investing in Oasis Network guide.

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Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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