💪🏽WE ARE BEEFING UP SECURITY 💪🏽
With big movement comes waves (and big wallet energy).💪🏽
Hello to our unFederalReserve community! If you were at our AMA last week, then you already heard the exciting news about our expansion and the big moves we are making every day behind the scenes. As we beef up our protocol, community, and lenders, there are a few things you should be aware of.
Coins Are Moving
🕵️ 🔎 Blockchain detectives may soon see that we are moving large amounts of tokens around from our official wallets. First off: Funds are SAFE!
These token movements are being transferred from the current Gnosis multi-sig wallet to our new FireBlocks MPC (Multi-Party Computation)-based multi-sig wallets. We wanted to make you aware of the waves along our voyage- you are in the splash zone — and may notice 🌊🌊🌊 as a result of the treasury movements.
We are committed to being transparent with token movements between leadership-held wallets and the security protocols in-place. We have incorporated Fireblocks to provide custody, manage treasury operations, access DeFi, mint & burn tokens, and manage their digital asset operations. Please review the extensive list of features that will enable us to now deliver for our Tradfi clients: Here.
We will be allocating and moving tokens around the various wallets in the next few weeks, and will announce when this movement is complete.
Here are the wallets and specific transactions in question:
Additionally, we are in the process of implementing new MPC-based multi-sig wallets. The reason for this is to increase security across the board. Multi-sig gives our leadership and users more confidence that a single actor can’t act maliciously with our funds. Similar to a multi-sig configuration, a private key within an MPC-based solution is never created or held in one single place — preventing theft of digital assets.
💪🏽MPC TOP FEATURES💪🏽
- Removes single point of compromise for private keys
- Is operationally flexible, and inherently designed to address today’s challenges
- Frees digital asset ops by maintaining the same blockchain wallet (deposit) address — removing the need to create a new wallet, move any funds, or provide others with a new address
Read more about MPC and multi-sig wallets on Fireblocks: Here.
We have created a set of Fireblocks Transaction authorization policies for each individual workspace. Each policy can have a very sophisticated set of spending limits, approval thresholds, and transaction movements that need to go through rigorous permission and change controls, thus improving security and scaling the treasury management part of the business. Learn more: Here.
Wrap It Up For Me
Even if this doesn’t seem like the MOST exciting update in the world, never fear. We touched on the challenges of creating and running a crypto project that needs to prioritize and enforce security on our previous AMA on our Discord. TLDR: it’s an extremely difficult task, but our team is more than up to the challenge. One reason we have made SO much progress in the years of this project is because our leadership team has an accomplished past in traditional finance.
Shortly after the release of this article, unFederalReserve leadership and members of the management team will be moving amounts to new highly secured wallets in an effort to increase our overall security goals.
Join Us: On the ReserveLending platform
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