Speaker 1: 0:00

You're listening to the sugar cane podcast, where you get all of crypto's tastiest tips.

Speaker 2: 0:06

Here's your hosts, Sheldon Trotman and Rudy Dogum. Sheldon, what is safe?

Speaker 1: 0:14

Safe is what's known as a multi-seg and so kind of. What that all means technically is just a place that you can store assets on chain.

Speaker 2: 0:23

Okay, and I remember they were known as gnosis safe and then they changed to safe global and now we can store assets on chain. But what sets them apart from anything else? Like there's so many ways I can store assets on chain, yeah for sure.

Speaker 1: 0:39

So, like if you think about what your current experience is, where you have MetaMask or the coinbase wallet, you actually have an extension in your browser or you have a mobile app on your phone that you can pick the particular assets for it. You have a seed phrase on that particular whether it's like browser extension or mobile app and you actually have to think about the actual gas and you have to think about the interactions. Whenever you actually take something on chain, it pops up to you and it tells you to sign something or execute transaction. But for safe itself, it's what's known as a smart contract wallet, so the MetaMask and Coinbase side of it, that's what's called EOAs or externally owned accounts, and so these are accounts that have seed traces. But for smart contract wallets, these accounts don't have seed traces. They just have the ability to have a smart contract that you can execute code against and they essentially be a place where you can store money.

Speaker 2: 1:32

Okay, cool, and can I do anything more than just like store my money on safe? Yeah, so you can.

Speaker 1: 1:41

So, like in the case of Shurecane, for example, when the person signs up, we do have that process where we have the email, we attach an address to that email and then we also create smart contract wallets using safe on a number of different chains. So, again, an arbitram, an optimism on polygon, on Ethereum on base and then also BSE. So we spin up smart contract wallet accounts where you can store your assets on six different chains right, and so you can access DeFi products on these six different chains and behind the scenes, we do interact directly with the smart contracts of the products that we present. So, like, if we're lending assets, we do interact directly with the lending contracts.

Speaker 2: 2:23

And was it easy to build on safe Like? That sounds like pretty complicated stuff and it's something you have to integrate for each chain and all these smart contract wallets. How was your experience?

Speaker 1: 2:35

To be honest, it was easy, because safe has what's called a safe SDK stack, and so they allow you to actually interact directly with either an off chain process, like either talking to an API endpoint, or you actually can interact directly with the safe smart contracts on chain. And so, in our case, we actually interact directly with the safe smart contracts so that we can spin up and create real time. As you're interacting and signing up, we spin up safe wallets for you directly through talking to the smart contracts. Wow, and it's pretty powerful, yeah.

Speaker 2: 3:11

Yeah, it's a lot to go into our mobile wall and I'm happy that that's what's being used, kind of the thought into it and care of also making it easy for the consumer, because I don't think I would go through all that effort myself to spin up so many wallets and so many different places just to save some money. But when you think about, think of it in the thousands or the hundreds of thousands of millions of users, that's a lot of, that's a lot of money you're saving there for everybody. Yeah.

Speaker 1: 3:37

Yeah, I mean, I just money is just like the time and mental burden. Right, like safe itself is the industry leader for, like, storing assets in smart contract wallets and so like. From our perspective, we only wanted to work with people who have a background in storing assets in a secure way, and so if we can make the whole experience simpler so that anyone can actually do it without having to think about the actual chain, the bridge or where the actual assets are living, the easier process that the simpler process for them, the better. Right Like in web to context you don't think about if you're using Venmo, you think you don't think about the bank account that gets open for you, or like you don't think about like the payment network network you're used behind the scenes, it's done all behind for for you. So that's kind of what we take to the approach.

Speaker 2: 4:22

Yeah, it's true, because in web to there's so much stuff going on the back end to make things work especially the financial industry. And anytime there's an app that makes something smoother, faster, easier to use, it's mind blowing. So like Venmo for sure, and I am excited that Shuriken is building the next defi app. So safe sounds like the right fit for us. Sweet yeah.

Speaker 1: 4:47

Yeah, so it's really sweet and it's also safe Awesome.

Speaker 2: 4:51

Thank you for this product update. If you have any questions, folks leave it down in the comments. We're happy to discuss how we built safe public Shuriken with safe