Gnosis Safe is a smart contract wallet that runs on the Ethereum blockchain. It allows you to create a wallet that can be controlled by multiple people and requires a minimum number of signatures before executing a transaction.
Gnosis Safe can be run in a trustless manner as the frontend, backend, and Smart Contracts are entirely open source. Gnosis supports ERC-20 and ERC-721, which means all your tokens and NFTs can be managed through the wallet. You can use the web, desktop, and mobile interfaces to access the safe.
When you use a wallet like Metamask, it’s secured with a private key. If that key ends up in the wrong hands, your funds are compromised. It isn’t possible to share access securely with multiple people as one individual could control the funds in the wallet without the authorization of others. Gnosis Safe allows multiple wallets to be added and set a minimum number of signatures needed to execute a transaction.
For example, Let’s say you and three other friends purchased some ETH jointly. You can create a Gnosis safe, add all four wallets to the safe. Now, you can set that you need a minimum of 3 signatures for a transaction to execute. This allows you to share control over the funds with multiple people while preventing them from being lost due to a single point of failure.
Congratulations! Now, you have created a Gnosis Safe!