HamDAO Treasury Multisig Wallet

Currently, the HamDAO treasury funds are stored in a wallet with single user access. This puts HamDAO treasury funds at risk and as such we should opt for a multisig wallet as soon as possible.

It is proposed we utilize Fantom Safe multisig wallet, an adaptation of Gnosis Safe, to safely store HamDAO treasury funds with joint custody shared among current standing HamCouncil members. Custody will be added or removed from HamCouncil members who leave or join the HamCouncil based on election results. Six (6) of the ten (10) HamCouncil members will be required to execute a transaction.

Fantom Safe is a web-based, smart contract wallet aimed at teams with joint custody of crypto funds or collectibles. Fantom Safe allows numerous independent users to access the same assets, all stored in a single, shared wallet.

The owners of a shared Fantom Safe wallet can define policies that require a minimum number of people to approve spending before it can occur. For instance, if four main stakeholders access the wallet, they can set a policy requiring the approval of all four wallet holders (or any number 1-4) before the transaction is sent.

If a transaction requires more than one signature, Fantom Safe will add it to a queue and hold until the required number of owners confirms the transaction.

Additionally, the multisig wallet includes a spending limit function. Using this, a wallet owner can set a spending limit for different addresses – owners or not – that can also work like an allowance. In this scenario, an owner could grant a non-owner wallet access to the principal balance with a spending limit of x FTM. This limit can be set as either a one-time amount or an allowance that replenishes after a specified period of time.

Free, easy-to-use, and secure, Fantom Safe helps maintain trust across decentralized organizations by ensuring that no single user compromises a shared account.

Proposal Pros and Cons:

Pros: We keep HamDAO treasury funds safe from the possibility of a single user misusing, losing, or otherwise compromising funds.

Cons: Usage of HamDAO treasury funds requires more time as multiple custody holders in different time zones must approve transactions individually.