Submission for the NEAR MetaBUILD Hackathon

DAO Multi-Signature Wallet System

Project submission information

1.Project name

DAO Multi-Signature Wallet System

2.Elevator pitch

Our DAO multi-signature wallet system is an upgrading based on gnosis-safe. It can not only be upgraded by changing parameters, but also stored in the DeFi protocol.

3.Team Name

RainbowCity Foundation

4.Submission links

In this NEAR MetaBUILD Hackathon event, RainbowCity Foundation submitted a total of 10 projects, which is the address directory of the 10 projects. We are continuing to refine the details of each project.

Submission address directory:
https://www.rainbowdao.io/NearMetaBUILD
Project demo website:
https://multisigwalletnear.rainbowdao.io/
GitHub repository :
https://github.com/RainbowDAO/04-Near-MetaBUILD-DAO-Multi-Signature-Wallet
Solidity-Version-contract (GitHub):
https://github.com/RainbowDAO/04-Near-MetaBUILD-DAO-Multi-Signature-Wallet/tree/main/Solidity-version-contract-for-Aurora
Frontend code (GitHub):
https://github.com/RainbowDAO/04-Near-MetaBUILD-DAO-Multi-Signature-Wallet/tree/main/Front-end-for-Solidity-version
Picture (GitHub):
https://github.com/RainbowDAO/04-Near-MetaBUILD-DAO-Multi-Signature-Wallet/tree/main/pic

5.Recorded video demo

https://youtu.be/ykxdzy3i5Zc

6.Testnet Deployment Information

Aurora testnet address:

https://testnet.aurora.dev/

Contract deployment address

Creator: 0xCdd27850AC3f1D999166E11408DEA1137b28C5b7

Frontend docs:

https://github.com/RainbowDAO/04-Near-MetaBUILD-DAO-Multi-Signature-Wallet/blob/main/Front-end-for-Solidity-version/README.md

Contract docs:

https://github.com/RainbowDAO/04-Near-MetaBUILD-DAO-Multi-Signature-Wallet/blob/main/Solidity-version-contract-for-Aurora/README.md

7.What is the RainbowCity Foundation？

Headquartered in Singapore, RainbowCity Foundation is a non-profit foundation founded by Mr. Kunyuan, which mainly engages in the incubation and investment of the crypto ecosystem. Being a big fan of Bitcoin, Mr. Kunyuan worships Satoshi Nakamoto and dedicates himself to the spread of Satoshi Nakamoto’s great ideas of decentralization. He once put forward the concept of “Bit Civilization” for the first time in the world in July 2021 at the Bitcointalk Forum established by Satoshi Nakamoto. Moreover, he wrote over 50 articles to promote Bitcoin, in the hope of fostering the development of the encryption industry worldwide and practicing the true Bitcoin spirit.

Mr. Kunyuan has had rich experiences in the crypto world. At one time, he was the highest community leader of FCoin, the most influential community exchange in the Chinese world. In November 2018, in a referendum on the FCoin exchange, Mr. Kunyuan was elected the first community committee member and then appointed vice Chairman to fully preside over the work of the FCoin community.

Mr. Kunyuan believes that a super economic powerhouse will emerge in the mankind history in the future; a crypto world which is constructed in the form of decentralized protocols that transform all different decentralized behaviors into a unified economy. He believes it will ultimately become the infrastructure of human civilization and this is in which the RainbowCity foundation originates from this belief.

The RainbowCity Foundation aims to invest in seven major industries in the following ten years, including Rainbow DeFi, Rainbow Investment, Rainbow Culture, Rainbow Network, Rainbow Industry, Rainbow Education and Rainbow R&D. It strives to become a super economic hub with market value worth one trillion US dollars.

8.Project social media:

RainbowDAO website ：http://www.rainbowdao.io

Rainbowcity website ：https://www.rainbowcity.io

Twitter: https://twitter.com/RainbowDAOio

Discord https://discord.gg/vbnvFEeYRr

Telegram: https://t.me/RainbowDAO

Medium: https://medium.com/rainbowcity

Github: https://github.com/RainbowDAO

Email： Rainbowcitydao@gmail.com

Project Story

1.Inspiration

The DAO multi-signature wallet management system is another important innovation in our DAO infrastructure product. The design of this product is mainly inspired by the famous multi-signature wallet gnosis-safe but our system is an upgrading based on it. Fund management is the core module of various types of DAO organizations, managing the funds of community in the form of multi-signature. However, functions of the existing multi-signature wallet system are still too simple. To counter this, we have developed the DAO multi-signature wallet management system.

2.What it does

Our DAO multi-signature wallet management system is an upgrading based on gnosis-safe, which has the existing functions of gnosis-safe and some unique capabilities.

This multi-signature wallet system focuses on two shortages of DAO organization:

⑴ Our wallet system can be upgraded through governance.

When the gnosis-safe multi-signature wallet system is established, all its parameters are fixed, such as the multi-signature address and control parameters, they are all set and cannot be upgraded. However, our system allows two improvements. First, the existing multi-signature signers can be changed; second, the multi-signature control parameters can be altered. For example, 3/6 control parameters can be changed to 4/9. In this way, the upgradeability of the DAO multi-signature wallet is realized.

(2) By establishing Defi controller, we can deposit the funds of multi-signature wallet into various DeFi protocols, so that the funds in the multi-signature wallet can increase in value and gain additional income. That is also a major innovation.

3.How we built it

DAO multi-signature wallet system has the following functions:

⑴ Establishment of DAO multi-signature. Anyone can establish their multi-signature wallet system among different wallet addresses, set multi-signature control parameters and approve the use of funds in the form of multi-signature;

(2) Upgrading in DAO multi-signature wallet protocol. For gnosis-safe, once the multi-signature contract is deployed, the information of the contract cannot be changed. In contrast, in our contract, signers and signing conditions of multi-signature can be changed through multi-signature review and approval. Hence, funds in DAO can be managed more flexibly;

(3) DeFi controller. Funds in the vault can be used to increase liquidity in decentralized exchanges through multi-signature to obtain benefits generated by liquidity; or, funds in the vault can be deposited and withdrawn from lending platforms to attain benefit through multi-signature. These two functions can help to activate the precipitation funds in the multi-signature wallet, so that the value of funds can be increased through various DeFi protocols to maximize the efficiency of the use of funds.

4.Challenges we ran into

When developing DAO multi-signature wallet system, the biggest challenge for us is how to deposit the funds of the multi-signature wallet into various DeFi protocols in the form of multi-signature review and approval, which is very difficult. We must fully refine each step of the operation, sort out specific product details and finally realize the cross-contract interaction between multi-signature wallet and DeFi protocol.

For example, if we want to deposit the funds of the multi-signature wallet into Compound's banking system. From depositing to borrowing, we have to make sure every step goes smoothly to realize the perfect interaction between multi-signature wallet system and Compound lending system and all the interaction is carried out in the form of multi-signature review and approval.

5.Accomplishments that we're proud of

When developing DAO multi-signature wallet, our biggest achievement is that we successfully developed DeFi controller. By making different DeFi controllers, the funds in the multi-signature wallet can interact with various DeFi protocols, so that the precipitation funds can be used effectively, which is of great benefit to DAO organization.

6.What we learned

Through this development, the most valuable knowledge we got is that we know how to construct cross-contract calls between different contracts and how to render funds in the wallet interact with other DeFi protocols in the form of multi-signature. We currently only developed two DeFi controllers. One can deposit multi-signature funds into decentralized exchanges to increase liquidity; the other can deposit them into lending agreements to earn interest. In the future, we will cooperate with various DeFi protocols to develop different controllers for an assortment of DeFi protocols and realize the interaction between multi-signature wallets and more DeFi protocols.

7.What's next for DAO-Multi-Signature-Committee

Our work next is continue to cope with the details of this product, reconstruct the logic of the product and make this product as adaptable as possible to meet the needs of various types of DAO organizations. When the product functions are further improved, we will submit an external audit. When the audit is done, we will deploy the product to each public chain.