*******Oryy Multisig Wallet Integration with XDC*******
With the upcoming launch of FLRWrap to bridge XDC to the Songbird/Flare Networks, XDC will be added as a supported network to Oryy.
Oryy is a deterministic deployment of the Gnosis Safe multi-sig platform by FLRFinance. Multisig is a critical piece of infrastructure for every EVM-based blockchain. Most crypto assets are stored in single key wallets, often called externally owned accounts (EOA). Examples include Metamask, Bifrost, Ledger, etc. These wallets are secured with a 12-word “seed phrase,” which is often transformed into a private key for the user. If the private key is compromised in any way, assets held in the wallet can be stolen. Whether individuals or businesses use them, externally owned accounts are not a secure way to manage crypto funds. If an employee goes rogue or an individual is careless with their private key, the funds in the compromised wallet or contract are gone forever, and the wallet can no longer be used.
Oryy is a better solution for storing crypto assets on cold or hot wallets.
Oryy generates a smart contract wallet that requires a minimum number of owner addresses to approve a transaction before it can occur (M-of-N). If, for example, you have three main stakeholders in your business, you can set the wallet to require approval from 2 out of 3 (2/3) or all three owners before the transaction is sent. This assures that no single compromised address could gain control of the assets in the wallet. For high net worth and security-conscious users, having one or more multi-sig wallets provides greater peace of mind as two or more wallets would need to be compromised for a hacker to gain access to their funds.
Adding support for the XDC Network to Orry will allow access to an easy-to-use multi-sig solution for the XDC Community and developers.
Oryy is already live on the Songbird Network and will add more EVM-based networks throughout the coming year as we begin our cross-chain expansion with FLRWrap.