Apollo DAO, a Cosmos-based yield management platform, has announced that it will deploy Apollo Safe on layer1 blockchain Sei.
Apollo Safe enables projects and decentralized organizations to create multisig wallets on the blockchain.
Sei stated that Apollo DAO would assist improve the security of community money on the blockchain and enable DAOs with a user-friendly asset management interface.
Apollo Safe is a multisig frontend for the CW3 contract, providing an easy-to-use multisig for Cosmos, initially launched on Terra and now coming to Osmosis and Injective for a governance vote.
Multisig solutions are critical to the development of a robust decentralized ecosystem.
Multisig is a method used by cryptocurrency wallets to sign and submit spending transactions that need two or more independent private keys. The necessity for several signatures decreases the likelihood of fraudulent expenditure and the risk of a single point of failure (SPOF).
Among the practical applications of Multisig are the following:
- Increased protection for personal cash in cold storage.
- Business accounts in which the CEO, CFO, and Board member can all sign for a transfer.
Apollo Safe is still currently in beta. The next major release for Apollo Safe will be Apollo Pay built into Apollo Safe.
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