Metaversal is bankless newsletter Weekly level-ups for NFTs, virtual worlds and collectibles
Dear country without banks
The pillar of cryptocurrencies and NFTs is the possibility of self-management that people can rely on to take full control of their digital objects.
One the best way Safely storing your own blockchain assets is a “cold wallet”, like a hardware wallet device. Think Ledgers, Trezors, GridPlus Lattice, and more.
problem? In the NFT space, people often store blue chips and grails in cold wallets, but are forced to use these wallets to claim NFT eligible airdrops.
So, under this security paradigm, you can simply swipe your precious NFTs in your cold wallet. 1 Convincing look-alike fraudulent websites that trick users into signing up 1 Transactions they don’t understand.
Good news?with a solution like delegate.cacheyou can now keep your NFTs safe while actively using cold wallets as you please via delegation.
So, in today’s post, let’s discuss the basics of delegate.cash and how you can use it to enhance your NFT security.
-WMP
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Last year, millions of dollars worth of NFTs were stolen by scammers. September 2022 Auditor, Developer, Writer Hoover introduced delegate.cacheas a way to mitigate these frauds, “an immutable primitive to securely claim airdrops for vaulted NFTs”.
This NFT safety solution has gained momentum since more and more projects have directly adopted it, including large NFT studios like Yuga Labs. Other notable projects that already support delegate.cash include Art Blocks, CyberBrokers and Forgotten Runes Wizard’s Cult.
Simply put, delegate.cash allows you to protect your valuable NFTs while actively using them to participate in activities such as airdrop claims and DAO governance.
The system is a smart contract-based registry that, among other things, allows delegating the NFT authority of cold wallets to any burner “hot wallet” such as a MetaMask account. The NFT will remain in the cold wallet no matter what, but the linked burner will work instead.
With this delegation system, you can take advantage of the benefits of your hardware wallet without having to go to your hardware wallet every time you need to sign a transaction.
moreover, conduct When it finally degenerates into a fraud project, the fallout is confined to a mandated burner with special isolation in case of attack.
Finally, delegate.cash is completely immutable (no admin rights or attack vectors), completely on-chain (no off-chain signing vulnerabilities), and completely independent (Self-sufficient with no external dependencies). This triple win means that anyone can definitely use this solution without permission. The system can also be deployed on any Ethereum Virtual Machine (EVM) chain.
In the context of delegate.cash and NFT you can: 1) Delegate all NFT privileges of a cold wallet to any hot wallet, or 2) delegate single Bring the power of NFTs to the wallet you want.
If you’re interested in the first option of delegating to a disposable burner, follow these steps.
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go to delegate.cache
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Connect a cold wallet that stores NFTs, such as a Ledger device.
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Copy the address of the designated burner wallet and paste it into the “Wallet” UI of delegate.cash as follows:
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[Submit Delegation]Press the button to complete the transaction in your cold wallet and finalize your entry into the registry.
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that’s it!Then under the wallet’s delegation UI[最近の委任を表示]You can track that and future delegations using the button.
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Remember: Linked burners only represent cold wallets for specific utilities. It cannot be abused to eject NFTs from within cold wallets!
If you are interested in delegating authority for a single NFT instead, the process is similar to the process above. Flick to the “NFT” UI, paste and link the desired hot wallet, enter the NFT contract address and token ID number to initiate and finish the final transaction.
NFT scammers have become more sophisticated in recent years, so it’s no surprise that similar trapping websites have attacked many aspiring minters so far.
However, solutions like delegate.cash provide strong defenses against this attack vector. We can turn the tide against these scammers by teaching more and more people to firewall their precious NFTs via wallet delegation!
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Delegated to hot wallet — Consider trying if big airdrop claims are coming delegate.cache To protect your Holy Grail🛡️
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If you missed it, see my previous post: open version boom 📈
William M. Peester is a professional writer and creator of metaversal— Bankless newsletter focused on the emergence of NFTs in the crypto economy. Recently, we also provide content to Bankless, JPG, etc.
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It is not financial or tax advice. This newsletter is strictly educational and is not investment advice and is not a solicitation to buy or sell assets or make financial decisions. This newsletter is not tax advice. Please consult your accountant. Please do your own research.
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