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Home»ALTCOIN NEWS»BNB Chain Launches Advanced Multi-Signature Wallet
ALTCOIN NEWS

BNB Chain Launches Advanced Multi-Signature Wallet

By Crypto FlexsNovember 25, 20233 Mins Read
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BNB Chain Launches Advanced Multi-Signature Wallet
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BNB Chain has launched BNB SafeWallet, a powerful multi-signature wallet service. Leveraging the trusted Gnosis Safe protocol, this cutting-edge feature is now available to users of the Binance Smart Chain (BSC) and opBNB networks.

Use Gnosis Safe to enhance security

BNB Chain’s BNB SafeWallet sets a new standard for digital asset protection by leveraging the Gnosis Safe protocol. Known for its stringent security protocols, Gnosis Safe offers complex access control mechanisms and advanced transaction logic systems.

A key feature of the service is its multi-owner functionality, which provides additional security by mandating multi-factor authentication for wallet transactions.

Advanced Asset Protection on BNB Chain

BNB SafeWallet puts you first and gives you the power to customize your security settings. You have complete control, from specifying an owner account to determining the verification required to approve a transaction.

To launch the BNB Chain multi-signature wallet service, users will need to set up a vault. Gnosis Safe, a cross-network protocol, provides decentralized asset custody and management across various platforms such as Ethereum, zkSync, Arbitrum, and BNB smart chains.

Gnosis Safe not only enhances asset security through its web3-compatible tool, Safe Wallet, but also facilitates collaborative asset management by simplifying the interface with the expanding world of DeFi and web3.

History of Security Issues

BNBChain has been in the crosshairs of cyber attackers several times in recent years, questioning the resilience of its security protocols. High-profile breaches, such as the Vyper Copycat Exploit in July 2023, exploited weaknesses in the Vyper programming language, leading to significant cryptocurrency heists.

A more serious concern is that the October 2022 attack on Binance (BNB) saw attackers exploiting vulnerabilities in the BNB network, causing massive financial hardship. In another incident that occurred in September 2023, hackers who previously robbed Stake Casino of $41 million stole a whopping $328 million in BNB and Polygon (MATIC) tokens.

These recurring security failures highlight the urgent need for enhanced protection measures in networks.

With the launch of BNB SafeWallet, BNB Chain has signaled its commitment to strengthening its digital fortress. As mentioned in a recent BNB Chain blog post, this innovation seeks to provide users with a safe haven for their digital value and restore trust in the tumultuous cryptocurrency space.

Dual Approach of BNB Chain

In an ambitious effort to improve decentralized data storage, BNB Chain recently announced its latest developments on ‘Greenfield’. Preliminary stress tests have shown promising results, with Greenfield’s uplink bandwidth reaching 30M/sec and downlink speeds reaching a whopping 300M/sec.

But the platform’s potential lies not just in bandwidth performance. Greenfield provides integrated access control, allowing users to define access permissions before data is stored off-chain, and extensive redundancy systems are supported.

With the new developments and launch of BNB SafeWallet, it is clear that BNB Chain is working hard to expand its offerings while also doubling down on strengthening its digital infrastructure to restore user trust and ensure ecosystem security.




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