Most blockchain users are used to using single key wallets, such as Metamask, and these accounts are protected using a private key, and if that private key is compromised in any way, the funds can be stolen. A better solution, then, is to set up multi-signatures. Grand Guard refers to a user-friendly, secure multi-signature safe that secures RAP-20 compatible FT and NFT assets.
The current version serves MetaMask users only and is only accessible via the web.
A MultiSig wallet is a digital wallet that operates with multiple signature addresses. This means that it requires multiple private keys to sign and authorize encrypted transactions. There are several types
- n-of-n: The transaction requires multiple keys to be authorized. All keys need to be used to create the signature. (2-of-2, 3-of-3, etc.).
- n-of-m: the transaction needs to authorize some keys, but not necessarily all of them (1-of-2, 2-of-3, 3-of-5, etc.)
Grand Guard is a smart contract wallet with multi-signature functionality at its core. It uses ECDSA as the signing algorithm, which is a combination of ECC and DSA, and the whole signing process is similar to DSA.
Compared with RSA, the most commonly used asymmetric encryption algorithm, ECC has:
- Higher security performance with the same key length.
- Less computation and faster processing speed, in terms of private key processing speed (decryption and signature) ECC is much faster than RSA.
- Smaller storage space, the key size and system parameters of ECC are much smaller than RSA, so it takes up much less storage space.
- Low bandwidth requirement
Grand Guard supports different types of signatures. All signatures are combined into one byte and transferred to the contract when a transaction should be executed. Smart contract accounts are accessed and controlled via smart contract code rather than private keys, enabling a personal account management system.
The Grand Guard Safe has a collection of capable underlying parts, including Core Contracts, various modules in Extensions, and registration lists, that allow developers to develop smart contract accounts from the ground up based on this.
Detailed procedures and instructions on the Grand Guard Safe can be found in this Introduction, and it is worth mentioning that it will be updated at irregular times. Please read the hints before application.