In a world where digital assets and decentralized technologies reign supreme, the stakes for safeguarding one's financial sovereignty have never been higher. For every crypto enthusiast, the question of security is a constant companion on this journey towards financial freedom. We often look up to influencers and thought leaders for guidance, seeking their wisdom to navigate the complex landscape of Web3.
This note explores social media personality, PUNK6529’s TAP approach to securing your private key and valuable digital assets while bridging TAP with SegMint’s innovative solution—SegMint Multi-sig safes.
As we delve into this narrative, you'll discover how rethinking the protection of your seed phrases and private keys can lead to a safer and more resilient Web3 experience, culminating in the exciting SegMint launch.
What is TAP?
TAP stands for Three Address Protocol.
The three addresses are described as follows:
Address 1: Cold Storage - This wallet remains disconnected from any dApps. It serves exclusively for sending and receiving NFTs. Minting from this address will make it no longer eligible as a vault or Cold Storage.
Address 2: Warm Wallet - This wallet is solely used for buying and selling NFTs on recognized exchanges. NFTs in this wallet are designated for selling, and any NFTs purchased are transferred to your Vault.
Address 3: Hot Wallet - Use this address for minting NFTs. Once you've minted them, promptly transfer them to the vault for enhanced security.
Now notice how PUNK 6529 doesn’t mention that you must have a hardware wallet? That’s because the hardware wallet cannot protect you, if you’re are voluntarily giving up your private keys to scammers and malicious links
TAP + SegMint Safes = Better Security
What are SegMint Safes?
SegMint Safes are advanced multi-signature wallets within the SegMint ecosystem, offering enhanced security. They require multiple authorized parties for transaction approvals, allowing users to customize security settings for their digital assets. These will be accessible when SegMint launches in late February 2024.
Users can customize these safes to protect and manage their digital assets including ERC-20 tokens like wBTC, ETH, and AVAX; ERC-1155 Semi-Fungible Tokens; and ERC-721 tokens used by popular NFT collections such as BAYC and CryptoPunks.
SegMint Safes provide robust asset protection through their multi-signature functionality. Users can manage signer proposals and set signature thresholds, making these safes adaptable for various purposes, including DAOs and treasure management.
Security Best Practice for combining TAP with SegMint Safes
The Best Practice: With SegMint Safes, users have the power to design and manage their financial strategies while maintaining a high level of security and transparency. The key is simply setting up your first one. This first Safe should have at least three authorized signers with a required majority threshold.
Here's why: If one of these wallets becomes compromised because you clicked on a malicious link, then it's okay! No, really, it is! Simply go to SegMint, add a new signer, and remove the signatory tied to the compromised wallet. In a matter of seconds, your assets are secure!
How to Combine with the TAP Protocol: Consider creating a SegMint Safe as an enhancement to one of your TAP Addresses. The SegMint Safe could serve as a robust alternative to your cold storage, although it's not technically cold or your Hot wallet. This provides better protection for your Hot wallets, which are on the front lines, and susceptible to potential traps set by drainers and bad actors.
This content is intended for educational purposes only. Please note that the availability of the products mentioned may vary by country, and it is recommended to check with your local stock exchange.
This communication is issued by SegMint GmbH, Kreuznacher Strasse 30, 60486 Frankfurt am Main, Germany.
The information herein may change at any time and from time to time. Non-SegMint proprietary information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Not intended to be a forecast of future events, a guarantee of future results. Historical performance is not indicative of future results. Current data may differ from data quoted. Any graphs shown herein are for illustrative purposes only.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the digital assets, tokens, NFTs and SegMint keys mentioned herein.
In consideration of the receipt of non-fungible tokens (“NFTs”), fragments of NFTs (“SegMint Keys”) or any other tokens from SegMint (all together “digital assets”), you represent, acknowledge, accept and agree that you received the Digital Assets according to the Terms and Conditions of SegMint.
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Risk Factors associated with the use of SegMint
There are specific risk associated with the use of SegMint. There are risks associated with acquiring Digital Assets from or via SegMint. The Digital Assets involve risk of loss. Toi buy Digital Assets involves special risks, including very high volatility and political, economic and currency risks and differences in accounting methods. A security’s or a firm’s past investment performance is not a guarantee or predictor of future investment performance. NFTs are currently not considered a security, but in the event, they are, this newsletter will no longer continue to be distributed.
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You could potentially lose all your Digital Assets in your SegMint account.
Risk associated with Digital Assets:
Investments in digital assets and Web3 companies are highly speculative and involve a high degree of risk. These risks include, but are not limited to: the technology is new and many of its uses may be untested; intense competition; slow adoption rates and the potential for product obsolescence; volatility and limited liquidity, including but not limited to, inability to liquidate a position; loss or destruction of key(s) to access accounts or the blockchain; reliance on digital wallets; reliance on unregulated markets and exchanges; reliance on the internet; cybersecurity risks; and the lack of regulation and the potential for new laws and regulation that may be difficult to predict. Moreover, the extent to which Web3 companies or digital assets utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material increase in the value of such companies or digital assets.
Digital asset prices are highly volatile, and the value of digital assets, and Web3 companies, can rise or fall dramatically and quickly. If their value goes down, there’s no guarantee that it will rise again. As a result, there is a significant risk of loss of your entire principal investment.
Digital assets are not generally backed or supported by any government or central bank and are not covered by FDIC or SIPC insurance. Accounts at digital asset custodians and exchanges are not protected by SPIC and are not FDIC insured. Furthermore, markets and exchanges for digital assets are not regulated with the same controls or customer protections available in traditional equity, option, futures, or foreign exchange investing.
Digital assets include, but are not limited to, cryptocurrencies, tokens, NFTs, assets stored or created using blockchain technology, and other Web3 products.
Web3 Companies include but are not limited to, companies that involve the development, innovation, and/or utilization of blockchain, digital assets, or crypto technologies.
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