Most crypto users, for example those who hold ETH or BNB, are used to a single-key wallet, often referred to as an Externally Owned Account (EOA). Examples include; MetaMask, Trustwallet, Exodus, etc. These accounts are secured with a 12-word “seed phrase” that can become a private key for the user. If that private key is compromised in any way, the funds can be stolen.
If your project consists of more than one person, an externally owned is not a safe way to manage your business’ crypto funds. Even if your business consists of just yourself, it’s still a poor way to manage funds. So, what is the better solution?
Enter multisignature wallets. Walliro is a smart contract wallet that runs on a number of blockchains and requires a minimum number of people to approve a transaction before it happens (M-of-N). For example, if you have 3 main stakeholders in your business, you can set the wallet to require 2 out of 3 (2/3) or all 3 people to verify before sending a transaction. This ensures that no individual can compromise the budget.
In addition, Walliro gives you full custody of your funds. There is no risk of a bank giving you trouble for starting a crypto business, and the smart contract that is created is completely trustless and under your control.