Frequently Asked Questions
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Yes! After creating your safe account, Klaytn Safe gives you access to manage safe owners, i.e., add, remove, and replace owners, or rename existing owners.
Note: To execute this change, you need to be connected with one of the current owners.
The steps below explain how to add new owners or signers to your Safe account after its creation.
Step 1: Go to Settings in the sidebar menu and select the Owners section.
Step 2: Click the "Add new owner" button at the bottom right corner of the page. Clicking this button would open a new window.
Step 3: Enter the name of the new owner and paste the owner's address. Then click the next button at the bottom-right of the page.
Step 4: Set a new signature policy. In this case, you can either change or retain the existing signature policy. The image below shows that 2 out of the 4 owners are required to confirm and execute any transaction.
Step 5: Review and submit the transaction. Confirm that all changes are correct before submitting. You can therefore submit the change by clicking on the submit button.
After clicking on "Submit," your connected wallet will ask you to confirm the change. Depending on your existing signature policy, other owners will have to confirm the change just like a regular transaction.
Yes! You can change the number of signer confirmations required by following the steps to be shown below. This is important because you might want to change the owners or signers required to confirm transactions associated with your safe account.
Step 1: Go to Settings in the sidebar menu and select the Policies section. This shows your current signature policy, and from the image below, 2 out of 4 owners are required to confirm any transaction.
Step 2: Click on the change button. This pops up a new window to select your new signature threshold.
Step 3: Click on the "Submit" button. Note that depending on your existing signature policy, other owners will have to confirm the change just like a regular transaction.
Using your safe address, you can easily add your safe account. The need to add or load an existing safe into the interface varies. These may include:
You want to access your Safe from a different browser.
You want to interact with Safe where another party made you an owner.
You want to add any existing safe in read-only mode.
Let's go through the process of adding your existing safe in the following steps. Note: Please ensure that your signer's wallet is connected.
Step 1: Click on “Add Safe.” At the top left corner of the sidebar menu, locate the Add Safe button.
Step 2: Click on the “Add existing safe” button. This pops up a new window that requests that the details of the existing safe be added. These details include network details, the name and address of the safe, and the names of the Safe’s owners.
You can also access the page by following this link.
Step 3: Select the network on which the Safe was created. If the Safe was created on Baobab network, click continue; otherwise, switch network.
Step 4: Input the name and address of the Safe. It is recommended to give your Safe a name for easy identification in the list of Safes on the interface.
After giving a name, paste the address of the safe you want to add. The green checkmark indicates that this is indeed a verified Safe that can be added.
Step 5: Name the Safe’s owners. To easily distinguish your safe owners, it is recommended to give your safe owners a distinct name.
Step 6: Review and Add. Before adding your safe, ensure you have given the correct details, then go ahead and click the “Add" button. After this, you should now have access to your Safe account.
This tends to provide some pointers regarding decisions to take when setting up a Safe. These may include:
How many owners?
What threshold?
What wallets are compatible?
There is no one best response to these three questions, therefore there is no one optimum Safe configuration. Really, it all depends on the particular use case. Nevertheless, we make an effort to offer some suggestions for things to take into account:
How many owners?
Typically, having many owner accounts is a smart option. It is good practice for several people to have access to the safe account when groups are managing funds. It is advised for individuals who manage money to have multiple accounts so they can use more than one authentication factor.
What threshold?
A Safe's threshold is the minimum number of owner accounts that must approve a transaction before it can be successfully executed. It is advisable to use a threshold greater than 1, ensuring that at least one additional account is always needed to validate and carry out Safe transactions, rather than allowing a single account to carry out transactions. As a result, money cannot be moved even if an attacker gains access to one account.
Additionally, it is recommended to choose a threshold of 51% of the total owners, e.g., 2 out of 3, 3 out of 5, etc. Because of this, even if one owner loses access to their account, users are not immediately locked out of all of their money in the Safe; instead, the other owners can still perform transactions and, for example, replace that lost owner account. One can contend that this serves as a recovery mechanism.
What wallets are compatible? At the moment, Klaytn Safe is compatible with MetaMask.
