Gnosis Safe Alternative
MPC as an alternative to Gnosis Safe
Like a multi-sig, a MPC wallet still requires multiple approved persons to authorise a transaction before it can be executed. The major difference between MPC and multi-sig is that where multi-sig uses multiple private keys to separately sign a transaction, MPC uses only one private key. And MPC shards this key into multiple pieces which are distributed to trusted third parties on different devices. This difference has some major implications for MPC which make it a much better alternative to Gnosis Safe. And I'll go into detail below.
Why an MPC wallet is the best alternative to Gnosis Safe
An MPC wallet is by far the best alternative to Gnosis Safe or any multi-sig wallet.
Here's why:
Gnosis Safe isn't protocol agnostic, but MPC is
Whilst Gnosis Safe provides support for a number of different chains, there are some that it can't support. The reason for this is that not all protocols support multi-sig...
And it gets worse:
Every protocol has a different implementation for multi-sig. Which makes it difficult for multi-sig wallet providers, like Gnosis, to securely support new chains.
Gnosis Safe is operationally inflexible compared to MPC
Whenever you want to change number of parties on a Gnosis Safe, you have to create a new one. In fact, any changes to quorum authorisation policies require a new multi-sig to be set up. In contrast, with MPC you can make changes to the quorum without changing the wallet address. This makes it far easier to scale operationally as you can add and remove parties without moving your assets to a new wallet.
Gnosis Safe doesn't offer broad support for DeFi
Multi-sig wallets don't offer great support for DeFi because as I mentioned above, they're not protocol agnostic! MPC works effectively with almost any DeFi application.
MPC offers structural anonymity, Gnosis Safe does not
Gnosis Safe is a multi-sig and like all multi-sig wallets it requires multiple parties to sign transactions on chain with separate keys. This means third parties can see your policy configuration. And they can potentially track and trace your authorised parties because they can see which wallets are used to sign transactions on a multi-sig. With MPC, only the final signature is on chain. So your authorisation policy and who's involved is always kept private.
