PolkaSafe is a business tool built on top of substrate’s multisig pallet, designed to provide a seamless user experience and robust security features for managing assets on the Polkadot ecosystem. Inspired by some of the best multisig wallets available in the Ethereum ecosystem, we have created a product that offers a comprehensive set of tools and features to ensure the safe and efficient management of your assets on the Polkadot network.
Why did we build Polkasafe?
Effective treasury management is essential for ensuring the financial stability and sustainability of any organization, fostering enhanced operational transparency, and facilitating prudent fund management with significantly diminished risk. The emergence of cryptocurrencies has catalyzed the evolution of an innovative, alternative financial ecosystem, distinct from traditional systems that have historically underserved a considerable segment of the global population.
Organizations today often utilize multiple cryptocurrencies for conducting transactions, both inbound and outbound. However, they currently face a dearth of sophisticated tools that empower them to efficiently manage their treasuries across various chains and multisig wallets. This challenge necessitates the development of innovative, practical solutions that coalesce disparate books spanning multiple blockchain networks and wallets into a unified organizational system.
PolkaSafe endeavors to address this critical need by offering organizations a comprehensive suite of advanced, user-friendly solutions that harmonize their treasury management processes across multiple chains, including Polkadot, Kusama, and their respective parachains. By amalgamating diverse blockchain networks and multisig wallets into a singular, cohesive platform, PolkaSafe paves the way for a more streamlined, efficient, and secure approach to digital asset management, thereby empowering organizations to navigate the complexities of the rapidly evolving crypto-financial landscape with confidence and dexterity.
Polkasafe <> Polkassembly
Polkasafe team joined hands with Polkassembly to work together to create House of Commons.
Polkassembly team had been mentoring the Polkasafe team from their inception. But as the Polkasafe team struggled to complete the project on time, we at Polkassembly, extended our hand, welcoming Polkasafe team members to join the Polkassembly team and build this product together, laying the foundations of the House of Commons.
Milestone/Proposal 1 update
Polkasafe’s first treasury proposal was made in October’22 in Kusama. The idea was to build a comprehensive product solving for all potential use cases of multisig within the ecosystem.
All tasks were completed and detailed list can be found in the original proposal here.
Development beyond proposal 1 milestones:
Milestone 2 (Completed)
The first proposal and its milestones focussed on building a good product with a great UX. We achieved that, but went beyond to make the product 10x better. Let’s see the tasks we have completed and features we support now:
-- Just connect your wallet and we fetch and show all multisigs associated with that wallet, for you to choose and link with ease.
-- Allow users to easily set proxy for multisig wallet
-- Introduce checks and nudges if proxy is not set
-- Allow users to add and remove signatories in 2 steps using proxy
Additional network support(SDK & App)
-- Polkasafe now supports Polkadot, Kusama, Asset Hubs on Kusama & Polkadot, Rococo & Westend.
-- The app also supports other networks like Astar & Aleph Zero but work done for them is out of scope for this document.
Custom Call data transactions
-- Create a transaction using custom call data and still benefit from easy signing, notifications to signers, transaction notes, etc.
Create extrinsic and sign as multi
-- Want to create a complex, custom transaction? No need to go to Polkadot.js to do it. Just use Polkasafe and create any transaction to be signed as multi.
Address category and additional info
-- Users can now store additional information about signatories like discord, telegram, email
-- Wallet Addresses can be categorized with tags like - Product, Full-Time, Marketing, etc.
Transaction Tags and additional metadata
-- Create settings page for Creation & Management of categories
-- Allow user to add transaction categories and sub-fields when creating transaction
-- Display relevant data to all signatories in Queue, History and Notifications
-- In-app notifications are usually best suited for Mobile apps, hence we had the need to develop notification solutions beyond in-app
-- Discord, Telegram, Element & Slack bots allow you to set up any preferred channel for notifications and make your multisig experience 80% more effective.
-- Email alerts
Multi-currency support -
-- Signatories can often be from/in different parts of the world and they would prefer to see treasury details in their native currency value, hence we added support for 10 different global currencies, allowing each user to have a more personalized experience.
-- Supported currencies are - USD, GBP, EUR, CHF. AED, JPY, AUD, CAD, INR
Shared Address Book -
-- Based on community suggestions we built a shared address-book for seamless experience for all signatories of any multisig account.
-- Users can also add new addresses and save them privately.
-- Shared addresses can also have a private nickname(visible only to the signatory who sets it)
Extend SDK support for all new features like custom transactions, call data signing, batch transactions and more.
Transaction Batching(Bulk payouts)
-- Users can make bulk-payments to multiple addresses in one single transaction
-- Users will be able to add category and transaction tags, making it easier for other signatories to review and sign the transaction
-- Use cases include salary payments, reimbursements, grants, airdrop, etc.
-- Apps are an attempt at increasing multisig usage within the ecosystem by enabling developers to add multisig support to their dApps.
-- Current apps - Subsocial, Polkassembly, Astar Staking dashboard
-- Upcoming - (In discussion) -Stellaswap
-- Polkassembly app was a deep integration done with the Polkassembly product enabling multisig usage within the product
-- Sign-in with Polkasafe
-- This sets it as a standard for anyone trying to use the Polkasafe SDK for enabling multisig sign-in in their app.
-- Vote with Multisig
-- Users can cast a vote on any proposal with their Polkasafe account, using any of the ecosystem wallets.
-- Other signatories will get a notification on their preferred channel(Discord, Telegram, Slack, Element), requesting them to sign and execute the transaction.
-- All this data is available to all signatories in Polkasafe, with complete proposal context and Polkassembly links, to understand the details of the transaction they are signing.
Videos for tutorials
-- Multiple videos have been made by the team explaining each feature of the product and helping users to understand and use Multisigs in the Polkadot ecosystem. You can find them here and the videos have been linked to specific product sections in the docs as well.
-- Comprehensive documentation has been done for SDK and is available here.
-- This has helped developers extensively while they integrate the Polkasafe SDK to bring Polkadot’s multisig functionality to their dApp.
-- Polkasafe now supports 2FA for your accounts, making it even more secure to use 🔐
We would like the community to share product feedback and feature requests with us here in this discussion post or reach out to us on email@example.com
Milestone 2 proposal has been created retroactively after completion of all tasks and Milestone 3 defines our roadmap for the product and we look forward to making Polkasafe the most-versatile multisig solution in the entire Polkadot ecosystem, enabling safe, secure self-custody of assets, and create a dApp ecosystem that supports multisig wallets using the Polkasafe SDK.
Detailed proposal, task list, and budget details can be found here.
Proponent - 15Un2AyaqUa46UvCkzAsijBy6dwyrCiF7rkVyKnT6WZqosB4
Requested allocation - 194,050 USD