🪙 Custodia, a multisig hub for the ICON ecosystem

[Sharpn]

Hello everyone, we’re excited to introduce a contribution we’re very excited about! We’d love to have your feedback on it before we post it on the CPS. Thanks all and have a good day.

Summary

Team description

Staky is a validator & contributor team since decentralization. We are active contributors to popular DApps on ICON such as Craft or Equality, we have also produced other contributions such as the Agora framework for DAOs and the x-calls NFT framework to allow NFT collections to go cross-chain.

Project description

Today, we’d like to introduce a contribution we’re very excited about. Being active in several active DAOs, we faced like many the issue of team funds custody. At the current time, there is no easy and user-friendly way to get a multi-sig wallet started to manage team and DAO funds. The lack of a solution drives a loss of liquidity and TVL for icon, we’ve lost count of the number of times we’ve been told, “Is it okay if we pay in USDC on Ethereum?”. Custodia will fix this by providing a complete tool suite to safely manage treasuries (and personal funds!) on ICON.

Custodia will be implementing the current standard SCORE for multi-sigs with a few modifications as well as another contract: the “Multi-Sig factory” that will be responsible for tracking the multi-sigs of each user. The latter is a very important aspect of the Custodia project as it will allow us to have a unique gateway to manage your multisigs (no need to deploy your own UI), a project that is 100% open source, and running without a backend.

Custodia is designed to be collaborative, we’ll be implementing templates for transactions (swap on Balanced, buy a NFT from Craft, buy a bond from Karma, etc.) anyone will be able to contribute by providing its own template to the custodia repository to share useful actions for all ICON DAOs.

Here’s a preview of Custodia features [The following UI are a draft]:

The Custodia dashboard

The Custodia dashboard will retrieve all the multi sig wallets your account is involved with and will list all pending transactions as well as a history of past transactions.

Submit a transaction

Users will be able to select through direct transfers (native & tokens). Pre defined actions (open source templates for popular interactions) and custom transactions (write your own payload).

User & funds management

Manage the members of your multisig (each action needs x out of y signatures) as well as the funds held by your multisig.

Roadmap

Name	Time [days]	Completion Date	Explanation	Dependants
Finale UX/UI, SCORE Development	30 days	August 5	Full UX/UI prototype, complete features list, the first version of the factory and customized SCORE	Milestone 2, Milestone 3
WebApp Dev, finale SCORE development, Testnet release	30 days	September 5	Start the Web App development, finale version of the SCOREs, prototype on Tetsnet	None
Finale Web App, QA, Tests and release	30 days	October 5	Live dashboard, all repositories open-sourced and production ready	None

Deliverables

Name	Explanation	Notes
Smart contract repositories	Set of SCORE for the multi-sig and the multi sig factory
Frontend repository	Repository of the frontend, including the ability for anyone to submit transactions templates
Portal operated by Staky	We’ll operate ourselves an instance of the frontend, running without a backend and allowing anyone to operate on multi-sig without having to deploy anything

Maintenance

As we’re planning to use this tool for both our company, personal funds, and all the DAOs we’re involved in, we’ll maintain this repository.

We have a few future updates in mind such as UI plugins to facilitate templates as well as bringing cross-chain transactions as the Craft DAO will hold assets on other chains such as Neutron.

Budget

This project will be built by the Staky team at half-time

Budget

Source	Amount	Time [days]
UX/UI Designer	USD 5000	20 days
SCORE developer	USD 5000	15 days
Fullstack developer	USD 12000	90 days
Project Manager	USD 4000	90 days

Total: 26000$ for 3 months

Thank you for reading,

• Lucas @ Staky

[ICONJohn]

This looks like a well designed tool and definitely answers a need in the ecosystem.

We see frequent discussions in the discord of community members trying to find a friendly UI/UX for creating a multisig and developers trying to get to grips with multisig contracts. This looks like it would standardise the process nicely and also be a great tool for the many DAOs in ICON (including the many using Agora) to set up treasury wallets.

The last I heard @Spl3en was working on migrating iconsafe to Java, though perhaps there is some interplay here so as to utilise prior work?

[Encrypto]

I personally love this, I am a big fan of multisig and it’s capabilities, only not long ago I was discussing this very thing for the DAO in ICON main chat.

Has a lot of benefits as you say, security of funds, better management etc. And with the added features you plan to add, it sou D’s like it would be a fantastic set of tools for the DAOs in ICON to use (and who knows maybe xCall extends this further!)

[budw1ser]

I look forward to seeing this one posted on the CPS! There’s been a need for a well functioning multi-sig wallet for quite a while now! Would love to see this actioned and brought to the community. It was a mess trying to get a proper multisig up and running for the Omm monks. Something like this would be amazing to have

[MrP]

It sounds a good approch to make it more user-friendly and easy of use for MultiSig. But my understanding it is more a project topic, than a typical end-user as myself.

I don’t see yet the benefit for the typical user unless you can group multiple actions behind one click, e.g. moving tokens cross-chains. In case this I misunderstand this, and also for a typical end-user has big benefits, I would address this more in the proposal.

[Sharpn]

@MrP

I don’t see yet the benefit for the typical use

This is precisely why we designed the “Action templates”! These templates allow any users to easily broadcast predefined transactions (that could be grouped action) without needing to know how to configure the transaction payload.

Also, while multi-sigs are often used by teams and DAOs, they can totally be used by individuals as it offers the highest level of security for funds custody. Individuals willing to secure their funds can store them on multi sigs with various trusted relatives as signers.

Let us know if you have any other questions, cheers!

[MrP]

But how should that work than?

Not 100% sure i am following this. But I will keep an eye on this.

So a use case (although crypto adoption should be much further ) could be to run a family wallet where all need to agree to send something to someone?

Another is that you can group actions on chain for balanced; so make a chain of actions that moves your bnUSD or ICX into a liquidity pool on Balanced.

[ArtAttack]

This seems like an important issue, to enable more flexibility with team funds and provide more liquidity and TVL.

Paired with the upcoming release of xCall i think having a multi sig wallet should take precedence and look forward to seeing it on the CPS!

Exciting to hear that Custodia’s design will be collaborative too, to enable functions like buying NFTs from Craft.

[togi]

The Custodia proposal brings significant value to the ICON ecosystem by addressing the crucial need for user-friendly multi-signature wallet management. The ability to securely handle team and DAO funds will enhance liquidity and attract more users to the network. The proposed features, such as the dashboard for transaction history and customizable templates, offer practical use cases. The team’s focus on collaboration and open-source contributions is commendable, fostering a community-driven approach. The provided UI drafts demonstrate a well-thought-out design. Overall, the proposal shows promise and has the potential to greatly benefit the ICON ecosystem.

[Mrallin2]

Nicely developed interface, many things in one place, it looks good and simplifies many things

[angela]

This looks like a GEM! Not used by most blockchain users, but very valuable for people who setup projects on ICON. I don’t know if other blockchains have comparible interfaces but it would be a great addition to have this!

BTW, the UI/UX in the images looks pretty slick already, so 20 days for a UX/UI designer sounds like a lot to me.
And the fullstack developer is also doing the frontend?

[ginsanjo]

The proposed roadmap is well thought out, with clear timelines for development, testing, and release. This instills confidence in the project’s progression and eventual success. Moreover, the budget allocation seems reasonable and fair for the level of work involved, indicating a diligent approach to resource management. I believe it will significantly contribute to the growth and success of the ICON blockchain. Great job, and thank you for sharing this exciting development!