💳Accounts

Supported Accounts

In Mimir, users can create and use the following types of accounts:

1. Multisig

A standard multisig account typically refers to accounts with more than one member (e.g., 2/3, 2/2, 1/2) and a threshold of at least one. All members are EOAs, adhering to the original design of multisig accounts where multiple individuals share asset management permissions for the same address.

2. Advanced Multisig

Advanced multisig accounts currently include:

• 1/1 Multisig Account

A 1/1 multisig account has one member and a threshold of one. This type of account helps users achieve a certain degree of risk isolation and account privacy protection. Even if the private key is compromised, some assets remain relatively secure, while the operator and user accounts are isolated to provide privacy protection.

• Nested Multisig Account

A nested multisig account is a multisig that includes other multisig members. Our research indicates that there are about 8,000 nested multisig accounts on Ethereum within Safe, controlling around 21% of ETH assets in Safe. These accounts typically belong to large institutions, DAOs, or organizations such as MakerDAO, Lido, and Bankless.

Multisig Accounts

A multisig is composed of one or more addresses and a threshold. The threshold defines how many signatories (participating addresses) need to agree on submitting an transaction for the call to be successful.

For example, Alice, Bob, and Charlie set up a multisig with a threshold of 2. This means Alice and Bob can execute any call even if Charlie disagrees with it. Likewise, Charlie and Bob can execute any call without Alice. A threshold is typically a number smaller than the total number of members but can also be equal to it, which means they all have to agree.

Multi-signature accounts have several uses:

• Securing your stash: use additional signatories as a 2FA mechanism to secure your funds. One signer can be on one computer, and another can be on another or in cold storage. This slows down your interactions with the chain but is orders of magnitude more secure.

• Board decisions: legal entities such as businesses and foundations use multisigs to govern over the entity's treasury collectively.

Referral: https://docs.safe.global/home/what-is-safe