Gnosis Safe | What is it and why should you care

If you found yourself in the freelance industry and been creating and building sick dApps with the help of Moralis of course, you might have thought about the idea of a safe middleman for the payment itself. You can use Gnosis Safe for that. It can be used for other purposes but I will be describing the way it can be used for middlemanning a transaction safely.

A Gnosis Safe is basically a wallet which has wallet addresses (owners) assigned to it. Let’s say you and me decide to fund a project. We’ll create a gnosis safe which we both own and each deposit $1000. When creating the safe you have to choose how many owner confirmations are needed for transaction confirmation. If the safe has two owners only and 2/2 confirmations are needed (2 confirmations from the total 2 owners) that means that every transaction (i.e: sending assets to an address) needs to be confirmed from both owners. If the safe currently has $2000 and you decide to rip me off and steal all the cash, you won’t be able to withdraw the funds since I have to confirm the transfer as well. If the safe had 3 owners but only 2/3 confirmations were needed, you would need one more owner (besides you) in order to make any transaction.

How do I use this for middleman a job payment ?
Well, it’s rather simple. You create a safe on whichever chain you want, and deposit assets such as native, ERC721, ERC20. You add your wallet and your client’s wallet as safe owners and tell the client to deposit the full job payment in the safe. You make sure 2/2 confirmations are selected for transaction confirmation. Once the job payment is held in the safe, your client will have no reason to try to rip you off, since he can’t withdraw the funds without your confirmation, and you can’t withdraw the funds without his confirmation, so it’s in everybody’s best interest to do well and have a good spirit.

Let me know if you would like a detailed guide of the process.

Gnosis Safe supports: ETH Mainnet, ETH Rinkeby, xDai, Arbitrum, EWC, Volta, Polygon, BSC.
Visit Gnosis Safe at https://gnosis-safe.io/

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