❔FAQ: General Information
Understanding the basics: Answers to common questions.
What is a Safe?
A Safe (formerly Gnosis Safe) is a multi-sig smart contract wallet designed to help in the management of crypto assets.
A Safe can have multiple owners (referred to as Signers). To ensure secure transactions, every action taken within the Safe requires confirmation from a predefined minimum number of Signers, referred to as a threshold.
Safe Signers and Threshold
Your Safe will have one or more Signers. These are the addresses that have the authority to approve and submit transactions. You may add additional Signers by providing their wallet addresses, such as those of your teammates or your hardware wallets.
The Threshold of a Safe determines the minimum number of Signers whose approval is required for a transaction to be executed. Selecting a higher threshold enhances the security of your Safe.
Please note that adding, removing, swapping the Signers, or changing the threshold of a Safe constitutes an on-chain transaction, for which you will be required to pay a network fee.
What are the benefits of using Coinshift?
Coinshift is a simple, flexible, and efficient multi-chain treasury management application for DAOs and crypto-related companies. Benefits include
An intuitive multi-chain and multi-safe management experience in one unified dashboard.
Massive time savings with efficient workflow and advanced roles for all wallets associated with a Safe.
Contact tagging.
Transaction labeling.
Non-signer proposal.
Multi-token mass payout.
Payment streaming.
Salary automation.
And more...
Which networks (chains) are supported?
Currently, we support:
We plan to launch other EVM and non-EVM chains.
How does a multi-sig wallet work?
Most traditional cryptocurrency wallets, such as Trust Wallet or Exodus Wallet, necessitate a single signature for transaction authorisation and employ a single private-public key pair to execute transactions.
In contrast, multi-signature (multi-sig) wallets mandate the approval of more than one user for transaction execution, offering more decentralisation and security than single-signature wallets.
For instance, in a multi-sig wallet with three Signers and a predetermined threshold of two signatures, the consent of at least two Signers is essential for transaction execution. This requirement differs from single-signature wallets, which rely solely on the individual owner's authorisation.
What is the recommended number of Signers for a Safe?
A Safe can accommodate as many Signers as your organisation considers appropriate or necessary. However, we suggest maintaining at least two Signers. Excessive numbers of Signers could potentially result in delayed transaction approvals and executions, depending on the efficiency of communication and collaboration within your organisation.
Is it mandatory for all Signers to use Coinshift?
Coinshift does not impose a requirement for all Signers within your organisation to utilise its application. Signers are permitted to employ any user interface of their preference, provided it maintains cross-compatibility with your designated Safe.
Nonetheless, we strongly advise all Signers to adopt Coinshift in order to increase operational efficiency within your Safe and team collaboration.
Are there minimum or maximum balance requirements for a Coinshift Safe?
Coinshift does not mandate the maintenance of a minimum balance within your Safe. Furthermore, there is no maximum threshold that, upon surpassing, would make Coinshift incapable of managing your Safe.
Is Coinshift free? What kind of fees do I need to pay to use it?
Coinshift is free. Users only need to pay the network fees for transactions associated with their Safe.
How much do I need to pay to create a Safe?
When creating a Safe, you will incur network charges related to the transaction on the respective network. As of now, Coinshift does not charge any additional fees for this service – it's offered free of charge. Ensure you have enough to cover the network fees when you begin the creation process.
How do I find out about upcoming features for Coinshift?
We regularly share updates via our social media platforms. Follow us on Twitter, join our Discord, check out our blog, or subscribe to our email newsletter to find out about any upcoming features and everything else regarding Coinshift.
How does Coinshift ensure the security of its users' funds?
Coinshift takes multiple precautions to ensure the safety of its users' assets:
Multisig Mode- Transactions require signatures from multiple authorised Signers for approval. This multi-layered verification ensures that no single party can control the funds without a collective agreement
Hardware Wallet Support- Coinshift facilitates integration with hardware wallets. By storing private keys offline in these devices, the risk of online breaches is significantly reduced
Powered by Safe- Leveraging the robust "Safe" infrastructure, we add an extra layer of security and trustworthiness to our platform's operations.
How does Coinshift protect my data?
Coinshift takes data protection seriously, ensuring that your sensitive user data, such as contacts, labels, and transaction metadata, is only visible to members within your organisation. Access to this sensitive information is not granted to individuals outside your organisation. Additionally, data stored in Coinshift's database is encrypted, and our backend refrains from logging any sensitive information to Datadog.
Can I export a report (e.g. USDC burn in the last 6 months across all Safes) and upload this to my accounting solution?
You can export reports with Coinshift.
Navigate to the Export CSV option in the History tab (under the Transaction section). This option will allow you to download a .csv file containing the transaction history of all your Safes housed within your organisation. This file can be utilised for various accounting or auditing requirements as needed. Read this article for more information.
Can I use the same Safe address for different supported networks?
Although wallet addresses (EOAs) generally maintain the same address across chains, Safe addresses are distinct. When a Safe is created, the smart contract address is not reserved by default, resulting in different addresses for various networks. Consequently, it is crucial to exercise caution when transferring funds to or from Safe addresses, ensuring transactions are conducted on the appropriate network.
Read this link for more info.
Please contact customer support if you have questions about Coinshift that remain unanswered after reading this documentation or need tech support. We will reply to your inquiry as soon as possible.
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