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New Trends in On-chain Asset Management: Multi-signature + Decentralized Risk Control Solutions Enhance Security
A safe and reliable on-chain asset management new choice
Introduction
Recently, the cryptocurrency market has faced a winter, with hacker attacks shifting from on-chain protocols to personal wallets. At the same time, aggressive interest rate hikes have led to a significant withdrawal of liquidity, causing several centralized institutions to collapse and resulting in substantial losses for users' assets. Against this backdrop, ensuring asset security and exploring decentralized asset management solutions has become particularly important.
The Importance of Self-Control over Assets
For a long time, many users have chosen to use the services of centralized institutions to enter the cryptocurrency industry for convenience. However, this has sacrificed a certain level of security. Once a centralized institution encounters issues, user assets face risks. The recent incident involving a trading platform serves as a warning, where the platform misappropriated user assets, resulting in a shortfall of nearly $6 billion, affecting around a million users worldwide. If users can learn to manage their assets using private keys and store the majority of their assets in decentralized facilities ( such as hardware wallets, multi-signature contracts, etc. ), they can largely avoid such losses.
However, managing private keys is not easy and involves multiple aspects of security measures and best practices related to the generation, storage, management, and use of private keys. Several recent major asset theft incidents have been related to improper private key management. This highlights the complexity of private key management and raises the question: Is there a method that can securely manage one's assets without worrying about the loss of all assets due to the leakage of a single private key?
Mature Multi-signature Solutions
Due to Ethereum itself not supporting multi-signature modes, users cannot directly create multi-signature addresses like in Bitcoin. However, Ethereum supports complex logic through smart contracts, so it is possible to write smart contracts to build on-chain multi-signature wallets. A well-known multi-signature wallet solution is a good choice.
With this solution, users can custody their assets in a multi-signature contract and choose appropriate signature rules based on their needs. The assets in a multi-signature wallet are no longer managed by the private key of a single address, but are collaboratively managed by multiple addresses. Each transaction initiation requires signatures from multiple addresses, and the total number of valid signatures must reach a preset threshold. This method can effectively eliminate the risk of total asset loss due to the leakage of a single private key.
However, while this scheme enhances asset security, there are also some shortcomings in terms of ease of use.
Flexible On-chain Decentralization and Risk Control New Solutions
The new solution developed based on the above multi-signature scheme utilizes its module expansion capabilities to achieve flexible customization of multi-signature wallets and project contract interactions. Specifically, the new solution can provide the following services:
single signature delegation
The new scheme supports function-level decentralized management, allowing different function interaction permissions to be configured for specific user roles. Users can easily configure it on the web interface to grant user roles access to call specific contracts and specific functions.
Through this decentralized feature, certain low-risk operations can be authorized to a single address for execution without requiring confirmation from all multi-signature members, significantly improving operational efficiency. At the same time, due to the limited scope of authorization, even if the account is attacked or the private key is leaked, it will not directly threaten the principal assets of the multi-signature wallet, thereby minimizing operational risk.
ACL Risk Control
In addition to the function-level decentralization mechanism, the new solution also provides a more granular ACL( access control list) contract risk control mechanism. Users can customize any decentralization and risk control rules based on their own business scenarios, such as:
It is worth mentioning that as an important component of the decentralized custody solution, the on-chain contract source code of the new scheme has been open-sourced. Users or third parties can audit its source code to ensure that there is no risk of centralized malicious behavior in the custody function.
Summary
Recent security incidents have alerted us that there are certain risks whether assets are stored in centralized institutions or managed through private keys. This has prompted various parties to seek better asset custody solutions.
The newly launched decentralized custody solution expands the industry's mature multi-signature solutions, providing more flexible customization features such as decentralization and ACL risk control, better balancing the contradiction between asset security and wallet usability. This offers new options for capital management tools for institutions and individuals to weather the capital winter and welcome the next round of prosperity.