Written by Gentian Edwards • Aug 4, 2022
As an average Web3 user, I use Phantom as my wallet and interact with a few dapps; Magic Eden for buying and selling NFTs, Matrica for connecting with Discord communities or Orca for token purchases. I nervously connect to new dapps and worry about clicking the spam NFTs that have started to invade my wallet. With the recent Slope wallet breach and seeing many people's wallets get emptied across my Twitter feed, I’ve realised it's time to add another level of security.
What is multisig?
A multi-sig is a type of wallet that requires a group of approvers (multiple signatures) to complete transactions. Teams can rest assured that their funds are safe by requiring approval from multiple members to perform actions like sending tokens. . As an individual managing personal assets, I can create multiple wallets and confirm the transaction with an additional approval step similar to 2FA.
Isn't a hardware wallet better?
A hardware wallet is a small device (Ledger) that stores keys or seed phrases to access your assets. Many people use hardware wallets for the convenience of creating multiple accounts and generating new public wallet addresses for each transaction. Hardware wallets never connect to the internet and cannot be hacked remotely. An attacker would have to be physically present with the device to attempt a breach, which makes them highly secure. But at the same time, the tradeoff here is convenience. Having a device on hand when on the go lacks the seamless integration of a software wallet that can be quickly connected via a computer or a mobile device. Additionally, if you lose things easily (i.e Airpods, keys) it’s another small thing to keep track of!
Today, you'll need to send that NFT back to your Phantom wallet to list them on Magic Eden.
Again, you’ll need to send the verifiable asset to your Phantom wallet to verify your membership.
Any USDC or Solana held in your Cashmere wallet can earn yield directly from the wallet with partners like Castle and Marinade. Check out this article to learn more.
This is going to be added to Cashmere soon!
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