Community, Security & Decentralization
We are happy to announce the creation of Wrapped AdaSwap Token ($ASW) on Ethereum blockchain. As you know, AdaSwap has always been completely transparent with its community and has always been concerned about the safety of its users, which is why we have been working on the latest state-of-the-art securities and governance measures.
We added the following smart contracts and backend administration:
- Multi-Signature Smart Contract, using Gnosis Safe (As opposed to single keys funds/decisions/smart contracts can only be executed if multiple signatures are provided).
- OpenZeppelin, as the backend admin manages the proposal and signatures orchestration, which works like a charm.
- Time Lock Smart Contract is the only trustless mechanism governing our Wrapped AdaSwap token contract.
Gnosis Safe — Thanks to the MultiSig wallet, we will be able to make decisions regarding the time lock smart contract. Don’t know what it is? Read below.
Time Lock (Smart Contract) — You can see this as the only trustless “ruler” of AdaSwap Smart Contract! The Time Lock is a self-governed Smart Contract with a 48 hours countdown, a delay for each transaction it should execute. This will allow our community to have a time window to make decisions about the project; if the community does not believe in a specific approved proposal, they will have enough time to make their voices heard.
In order to execute a major operation on our AdaSwap token contract, there need to be at least 3 signatures out of 6 signature pool — each signature is a wallet address owned by different AdaSwap team members and even an outsider to the company.
For more transparency, here are the proposers of the Gnosis Safe Multi Signature:
External proposer — Altcoinomy