How to create a multisig wallet with Gnosis Safe
This tutorial presents the different steps to create a multi signature wallet with Gnosis Safe on Ethereum.
For tutorial purposes, the multisig wallet will be created on a testnet network (rinkeby) with a test wallet belonging to me.
Introduction
Presentation of product
- Gnosis Safe supports ETH, ERC20 (Tokens) and ERC721 (Collectibles) [Gnosis 2022a].
- Gnosis Safe is a smart contract wallet running on Ethereum that requires a minimum number of people to approve a transaction before it can occur (M-of-N) [Schor 2022].
- Gnosis is based in Gibraltar, therefore the use of the software has to respect the law of Gibraltar [Gnosis 2022d].
Welcome page
On this page you can start the process by clicking on the “create a new Safe” button
There will be four main steps to create your wallet
Steps
1. Connect your wallet & select network
In this step, you have to connect your wallet and configure the network used
Choose your wallet
Supported wallet
To connect your wallet, Gnosis use the solution provided by blocknative.com: [Blocknative 2022]
With Metamask you have to authorize the website
Select network
List of all available network on August 11, 2022.
I chose the rinkeby network for my tests.
2. Name
In this step, you have to choose a name for your safe wallet and accept the terms of use and privacy policy
Terms & privacy
It is very important to read the terms of use carefully because a multi-signature wallet is critical software.
For information, Gnosis is based in Gibraltar, therefore the use of the software has to respect the law of Gibraltar
Interesting information:
In point 3.2.c in the privacy document, it is indicated that the IP address is kept in the logs . This could potentially link your IP address to your wallet address and therefore identify you.
Terms : [Gnosis 2022d]
Privacy : [Gnosis 2022c]
3. Owners and confirmation
In this step, you define the list of owners and the list of signatures needed to sign a transaction
To determine the right parameters, you can find out by reading this article : [Schubotz 2022]
It is a vital step to guarantee the safety of your wallet
4. Review
In this step you can review the different parameter, then you can confirm the transaction
Accept the transaction
Pop-up Metamask
Before signing the transaction, it is also important to verify the authenticity and legitimacy of the contract
During my tests, it was the contract with the following address : 0xa6B71E26C5e0845f74c812102Ca7114b6a896AB2
With Etherscan, I can get some information about the contract : https://etherscan.io/address/0xa6B71E26C5e0845f74c812102Ca7114b6a896AB2
Even if it is not an absolute guarantee, the two information framed in red already give guarantees on the legitimacy of the contract
Confirmation success
Dashboard
Once you have created the multi signature wallet, you can access to the dashboard
View
Action available
You have three possible actions with your wallet : send funds (ether), send NFT and interact with a contract
Interact with a contract
If you choose the third action “Contractual interaction”, a new form opens where you need to indicate the contract address, the ABI and select the desired function.
You can then sign the request with your wallet.
On the dashboard, the information about the transaction is available. On the screenshot, we can see that we need a signature from the second owner to reach the threshold in my case.
Reference
BLOCKNATIVE, 2022. Maximum Web3 Wallet Integration. blocknative. Online. 2022. [Accessed 12 August 2022]. Retrieved from: https://www.blocknative.com/onboard
ETHERSCAN, 2022. Etherscan. Online. 2022. [Accessed 12 August 2022]. Retrieved from: https://etherscan.io
GNOSIS, 2022a. Gnosis Safe. Online. 2022. [Accessed 12 August 2022]. Retrieved from: https://gnosis-safe.io/
GNOSIS, 2022b. help.gnosis-safe. Online. 2022. [Accessed 12 August 2022]. Retrieved from: https://help.gnosis-safe.io/en/
GNOSIS, 2022c. Privacy Policy. Gnosis Safe. Online. 2022. [Accessed 12 August 2022]. Retrieved from: https://gnosis-safe.io/privacy/
GNOSIS, 2022d. Terms and Conditions. Gnosis Safe. Online. 2022. [Accessed 12 August 2022]. Retrieved from: https://gnosis-safe.io/terms/
SCHOR, Lukas, 2022. What is Gnosis Safe? help.gnosis-safe. Online. 2022. [Accessed 12 August 2022]. Retrieved from: https://help.gnosis-safe.io/en/articles/3876456-what-is-gnosis-safe
SCHUBOTZ, Tobias, 2022. What Safe setup should I use? help.gnosis-safe. Online. 2022. [Accessed 12 August 2022]. Retrieved from: https://help.gnosis-safe.io/en/articles/4772567-what-safe-setup-should-i-use