What is Foundry Safe?
We are soon launching a product called the Foundry Safe.
Foundry Safe is a set of smart contracts, APIs and SDKs that provide multi-sig allowance-based functionality for use on the Algorand blockchain.
It allows any dApp on Algorand to integrate multi-sig functionality inside it, providing treasury managers the freedom to transact in real time. And finally unlocking the true power of multi-sig on Algorand.
Understanding the Problems
1) Algorand Atomics:
Algorand network design leads to an architecture that relies heavily on atomic transactions. This reliance makes it difficult or impossible to use the built-in multi-sig capability of Algorand with DeFi projects.
2) Transaction Time:
Traditional multi-sig solutions require multiple signatures for every transfer. This makes treasury management procedures cumbersome, especially when transaction time is important. E.g. Executing trades on an AMM.
3) Wallet Integration:
Every wallet has a different way to integrate multi-sig functionality, leading to a fractured user experience. Foundry Safe provides a single interface for all wallet types.
Multi-sig wallets protect your digital assets by requiring more than one user to enter their own unique signatures or keys to complete a transaction.
Multi-sig wallets are secure and accessible, even when a single key has been misplaced. For example, they need 2 out of 3 signatures before a transaction is done. They are like a joint account where multiple people have to sign before the money is spent.
It is like a digital form of a physical box with multiple locks and keys.
Multi-sig wallets will help to securely manage digital assets with multiple owners.
Click here for more information on Foundry Safe.
Related educational contents:
What are Digital Wallets?
What is a Hot Wallet?
What is a Cold Wallet?
What is a Single-sig Wallet?
What is a Multi-sig Wallet?
Multi-sig for teams (coming soon)
Single-sig VS Multi-sig Wallet & MPC VS Multi-sig Wallet (coming soon)
About Algo Foundry
Algo Foundry is a venture studio enabling founders to focus on building world-class dApps. An initiative by Algorand Foundation and Undercurrent Capital, our resources, playbooks, systems, developer talent, network, and capital accelerate ideas by simplifying and optimizing the company creation process. We also cultivate next-gen Algorand developers through our courses to be future-ready leaders in building great products.
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About Undercurrent Capital
Undercurrent Capital is an early stage investment firm that partners leaders and visionaries in business and society to tackle their most important challenges. We believe bold steps define the future, and the ambition to lead requires singular vision, dedication and flexibility to adapt.
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