Would You Consider Using The Safe App To Secure Your Wallet?
In as much as hot wallets are vulnerable to hacks we cut dispute the fact that they are important and relevant in partaking in blockchain activities. If you want to make your crypto work for you, you need to use it to interact with dapps across blockchains. Hence the reason it is highly important to protect your wallet from hacks and any vulnerabilities. I have been researching ways to protect your wallet and make it safer and I came across the platform called safe, its a multi signer dapp that claims to make your wallet safer.
Imagine a safe box that needs three login codes to get unlocked, without log in 1 code, login 2 and 3 codes cant unlock the box, until the three login codes are available. Should incase the person with login 1 code decided to go rogue, they won’t be able to unlock the box until all the login codes are complete. Now imagine that with your crypto wallet. Crypto wallets come with seed phrases, if you share these seed phrases to three other people for safe keeping, just incase you lose your keys you can get the seed phrase from other people. But with safe dapp you will have to register one or more extra wallets added to your own wallet, it works like this, if you want to make any transaction on your wallet, you will need to authorise the transaction on all the wallets you linked your crypto wallet to. This means that wallet 1, wallet 2 and wallet 3 will approve the transaction before the transaction can go through.
It will be unwise to have the same wallets for authorisation on the same device, so having it on different devices will be the wise thing to do. This means that if a hacker gets to hack your wallet it will be kind of hopeless for them, because they won’t be able to make any transaction with your wallet until other linked wallets authorise and approve the transaction. I linked my wallet to the dapp, but I am yet to understand how the dapp works fully. This is not a finacial advise, do your research fully before your link your wallet to the dapp.