solace is more than just a vault.
solace’s vault helps you secure your funds by controlling fund outflow using guardians and trusted addresses. however, solace is more than just a vault. solace also has wallet-like features that allow you to not just store your money securely in the vault, but also transact safely. Any transaction – big or small – initiated toward a new, untrusted public address, has to be approved by your guardians. however, transactions to a “trusted address”, will not require guardian approval. this enables frictionless transfer of funds to the wallets you trust while adding the much needed element of security to your transactions.
let’s understand this better:
rose has 6 trusted guardians and she has set the approval threshold to 3. this would mean that if she initiates a transaction to send 3 USDC to a new untrusted address – max.sol – at least 3 of her guardians need to approve the said transaction.
however, once the guardians have approved of this, she can add max.sol to her list of trusted addresses so that the next time she wants to send any amount of any token to max.sol, the transfer is instant and frictionless.
how can i add someone to my trusted address list?
if your vault is in it’s 12 hour incubation window, you can add as many addresses as needed to your trusted address list instantly. once the 12 hour incubation window has ended or if you have chosen to end the incubation window prematurely, you are required to have at least 1 guardian approved transaction with the address to be trusted — this prevents hackers from making themselves trusted in your vault.
what if i have no guardians added?
if your wallet has no guardians added, then all your transactions will go through instantly. however, this is not recommended as your funds are not safe from being stolen if you lose access to your device or private-keys.
Any transaction – big or small – initiated toward a new, untrusted public address, has to be approved by your guardians.