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Gnosis Safe Debuts On EVM-Compatible Chain Polygon

Other 2021/07/13 19:02 by PR DESK
Gnosis Safe Debuts On EVM-Compatible Chain Polygon

Gnosis Safe, a digital assets management platform on Ethereum, launched today on the Ethereum Virtual Node (EVM)-compatible network Polygon. The launch combines Polygon’s efficient throughput and low transaction costs, with Gnosis’ safe and customizable multi-signature (multisig) interface. This paves the way for a Layer 2 solution with highly composable coordination.

Henceforth, a cluster of Polygon apps will be made available on the Safe App interface. This will ease access to Polygon’s fast-growing app ecosystem. Developers will only need to run a few lines of code to convert Dapps into Safe apps.

Gnosis CTO Stefan George spoke on this saying:

“Bringing Gnosis Safe to Polygon creates a portal between the Safe App ecosystem and one of the most robust L2 networks emerging right now. We’re excited to see how this partnership expands the functionality of both, enabling use cases that are not inclusive or possible on mainnet due to the efficient speed and cost of operating on Polygon with the security and extensibility of Gnosis Safe.”

Gnosis Safe on the Ethereum network will have several features. Gnosis Safe will support ETH, ERC-20 tokens, and ERC-721 collectibles. The platform will also have customizable permissions such as Spending Limits, thereby solving the access and control issues of externally owned accounts (EOA). Safe provides a top-security space that is relied upon to hold over $18 billion worth of ETH and ERC-20 tokens. Additionally, Safe has gasless signatures and it gives direct access to Dapps through multisig.

Polygon, on the other hand, contributes relatively cheap transaction costs, large and fast throughput, and native utility such as NFT mining. Finally, Polygon brings numerous native ad exotic apps, thereby increasing apps accessibility.

Polygon and Gnosis Safe will benefit users by providing access to many of Polygon Safe apps from a unified interface. Furthermore, Gnosis Safe’s multisig ability protects DAOs, teams, projects, and individuals from key loss. The infrastructure also allows them to hold funds jointly.

Gnosis’ product allows secure creation, trading, and holding of digital assets on Ethereum. Launched in 2015 by Martin Köppelmann and Stefan George, the Gibraltar-based platform has over 60 staff. More so, it has a Berlin development hub at the Full Node co-working space.

Polygon, on the other hand, is a well-orchestrated and user-friendly platform for Ethereum scaling and infrastructure development. Its components include Polygon SDK for connecting Secured Chains like Plasma and Validium and Polygon POS for independence and flexibility. The platform’s scaling solutions have advanced to over 350 Dapps, 128M transactions, and roughly more than 1M unique users.

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