This is an automated archive.
The original was posted on /r/ethereum by /u/cjdew on 2023-08-21 17:54:59+00:00.
So I just watched the latest clip from Andreas Antonopoulos, where he warns of the risks to individuals choosing to utilize a multisig for their wallet security (clip here).
From what I gather, he seems to be saying that a multisig setup does not make sense for individuals since you require all public keys associated with the multisig to recreate the multisig should you need to for whatever reason (ie. for a 2 of 3 multisig, you may only need 2 of 3 signing wallets to transfer funds, however if you need to recreate the multisig you would require all 3 public keys to do so).
Several questions, as he is specifically talking about multisigs on bitcoin:
- Does the same apply to Gnosis' "Safe" multisig? (or are multisigs constructed differently via ethereum smart contracts?)
- What exactly do you need to backup to secure your Safe multisig? (ie. For a 2 of 3 Safe, is retaining 2 signing seeds sufficient to secure your funds and recreate/re-access the Safe? Or are public keys also required as in bitcoin? I'm pretty sure that you create your Safe using only 1 account, the 'creation account', so I'm thinking you should be able to recreate using the same[please confirm]; however, what happens if you lose access to the creation account - you could still move your funds assuming you have the other 2 signers, but could you potentially lose access to your Safe if you can't recreate/re-access?)
- Bonus: Since we're on the topic, just to clarify, is there any smart-contract risk to the Safe contracts once they're deployed apart from bugs in the code - eg. does any one party retain control over the contracts? any risks from governance, etc?