The multi-sig approach is a favorite tool for ICOs as it allows multiple users, who are usually the co-founders, to be able to process transactions with the raised amount just like a joint account in fiat banks. No one can withdraw funds on their own and this is what ensures the security of funds and binds the co-founders together.
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Since most ICOs nowadays have their platform based on the Ethereum blockchain, with the money raised in the form of Ether, multi-sig Ether wallets are becoming very popular. In wake of bugs in other Ether multi-sig wallets, Ambisafe has announced that its multi-sig wallets have remained unaffected despite consistent reports of other wallets being infringed upon.
The Multi-Sig Wallet Issue
Problems started in July 2017 when some ICOs, who used Parity’s popular multi-sig wallet, began to report a bug that had resulted in more than 600,000 ETH being stuck in limbo. TechCrunch reported this news and since then user confidence on Ethereum multi-sig wallets has dwindled. Even though there have been no reports of this money being stolen away from these accounts, they are still struggling to access it.
This was not the first issue with Parity’s multi-sig wallets. Previously in July, more than 150,000 ETH had been stolen from their wallets and Ambisafe was one of the companies that offered their help in preventing these attacks. At the same time, Ambisafe has maintained that none of its own wallets have come under this cyber attack or lay victim of a bug in the platform either. So far, Ambisafe remains one of the safest multi-sig Ether wallets available in the market.
So, if you are using Ambisafe as your ICO’s official wallet, there are majorly reduced chances of any ERC-20 token being stolen or stuck in limbo in the future. The credit for this robust nature of the wallet goes to Ambisafe’s resilience-based design concepts.
Ambisafe is not just a wallet platform but also provides useful services for new ICOs like engineering, design and marketing. They include APIs for the deployment of their ERC-20 token, custom blockchain explorer for viewing their own coins and easy integration with mobile apps.
Security is of paramount importance to Ambisafe and their main focus is on user security. Their concrete steps include second factor authentication, secure password recovery and ofcourse the multi-sig option. If you looking to make your ICO and its funds secure, you should activate all these added security options. You can look at the example of Enigma that was such a promising platform but eventually failed because its slack account was hacked due to the CEO’s account not being set to two-factor authentication.
More information about Ambisafe is available on the Website at: https://www.ambisafe.co/