Nov 1, 2022
Introducing Oryy
The most trusted platform to manage digital assets on the Flare Network
Oryy is a deterministic deployment of the Gnosis Safe multisig platform. Multisig is a critical piece of infrastructure for every EVM-based blockchain. Most crypto assets are stored in single key wallets, often referred to as externally owned accounts (EOA). Examples include Metamask, Bifrost, Ledger, etc. These wallets are secured with a 12-word “seed phrase” which is most 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 they’re being used by individuals or businesses, 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 the storage of crypto assets on cold or hot wallets.
Oryy was not on our initial roadmap. However, as a result of collaborative research with our academic arm into industry-wide exploits, we concluded that multisig wallets were necessary to secure our ecosystem and deploy critical infrastructure like the APY Cloud and FLRWrap bridge securely.
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 3 main stakeholders in your business, you are able to set the wallet to require approval from 2 out of 3 (2/3) or all 3 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 1 or more multisig wallets provides greater peace of mind as 2 or more wallets would need to be compromised for a hacker to gain access to their funds.
Oryy is now available on the Coston Network for free use and experimentation, and will be available on the Songbird Network in a couple of days.
