prasannavl
commented
3 weeks ago Thanks so much for sharing the early draft and plan here Aneirin, Jesslyn and Mohan.
Personal feedback:
This would have helped greatly laying down the foundational elements in securing community governance. As discussed, given the size of community funds, my belief is that the focus has to be on key priorities and projects to support the chain and might be better to revisit this at a later time.
Repo maintenance:
Appreciate the time everyone put into this. Will close this here as I think this issue was just created as a way to gather early feedback (this repo is no longer in use for CFPs) and currently no proposal has been made on-chain. Please feel free to reopen if you wish to continue to gather feedback further.
Overview
Describe the purpose
Multisig implementation on DeFiChain/ DeFiChain EVM for FailSafe Guard
How will the fund be spent?
Initial Consultation and Requirement Gathering: $5,000 System Design and Architecture: $13,000 Integration with DeFi Chain’s Existing Systems: $35,000 Smart Contract Development and Deployment: $25,000 Testing and Quality Assurance: $10,000 Auditing: $25,000 Training and Documentation: $10,000 Maintenance, Cloud (12 months): $12,000 Total Initial Setup Cost: $135,000 (As per discussed and shared with core team. Above figures are in USD and total amount is converted to DFI)
How does this CFP benefit the DeFiChain community?
FailSafe stands at the forefront of Web3 security, offering unparalleled protection for digital assets. As more value is exchanged via Web3, it becomes an increasingly attractive target for cybercriminals. Annually, billions in digital assets fall prey to these attackers who exploit vulnerabilities and outmaneuver current security tools, highlighting the critical need for more innovative and effective approaches to user safety.
FailSafe Guard is an advanced access control tool designed to enhance the operational security of smart contracts, including smart contract accounts. It ensures that privileged operations are executed exclusively by authorized personnel through a two-step process: 1/ Multi-Signature Mechanism: Relying on a single private key for managing privileged access to a smart contract is risky. FailSafe Guard upgrades single-key access to a multi-signature mechanism, requiring consensus for any privileged action. This multi-signature setup leverages the battle-tested Gnosis Safe infrastructure, ensuring robust key management. FailSafe Guard can be deployed on any blockchain that supports Gnosis Safe. 2/ Comprehensive Security Checks: These checks are made possible through the FailSafe Transaction Service, which collects and confirms the quorum of signatures required for a multisig transaction. It also verifies supplementary security information, such as: Geolocation Verification: Confirms the physical location of signatories to ensure they are in authorized regions. Threat Intelligence Analysis: Monitors for anomalous transaction patterns that may indicate malicious activity or stolen private keys. Device Authentication: Validates the devices used by signatories to confirm they are secure and recognized. Transaction Windows: Enforces specific time windows for transaction execution to prevent unauthorized actions. The FailSafe Guard Contract then rigorously enforces these checks. It blocks transactions that do not meet the security criteria before they are broadcasted, ensuring that only legitimate transactions are executed.
FailSafe Protocol Deck H2 2024 (Product).pdf https://github.com/user-attachments/assets/99e397d4-a016-400c-b6fe-6c47587ad36d