One of the biggest considerations when designing a smart contract is how to safeguard it from malicious action. In 2021 a number of nascent cryptocurrency projects — especially BSC token projects — renounced their smart contracts in an effort to foster trust in the community. However, renouncing the token smart contract is a bad idea from a development standpoint because it leaves the development team no option for continuous development of the project. I have seen many projects ruined by renounced contracts.
This is why the Bit Rivals team is maintaining control over the $RIVAL token smart contract. $RIVAL has a small tax on each transaction (1%) but many parts of the utility ecosystem require us to exempt certain smart contracts from the tax. It would be impossible to operate with these smart contracts exempted from the tax if we did not have control of the contract wallet or the contract was renounced. However, there is also inherent risk in maintaining developer control of the smart contract, which is why Bit Rivals has decided to safeguard the $RIVAL contract owner wallet through the Gnosis Safe multisig protocol.
The smart contract address for the Gnosis Safe can be viewed on BSC Scan. The transaction ID for the transaction that created the Gnosis Safe can be viewed on BSC Scan here. The $RIVAL contract ownership wallet address is the same as the Gnosis Safe address, which is: 0x8576Dbb146Aaf4E4F14616F18940135dee8f628a
We are safeguarding the $RIVAL contract ownership wallet by requiring a consensus mechanism between multiple external signatories for every transaction. This ensures that if the private keys were ever compromised, a hacker would not be able to do harm to the token contract. Every transaction in the contract owner wallet requires the approval of three signatories. Each signatory has the option to reject any given transaction.
Signatories on the Gnosis Safe deployment include both project founders and an outside third-party investor who is close to the project.
The Gnosis Safe is just one of many mechanisms the Bit Rivals team is undertaking to safeguard the security and longevity of the project. We have worked over the past month with the audit team at CertiK to ensure our smart contract is free from any potential bugs or exploits.
We understand that security is paramount to instilling confidence in the investor and ensuring the long-term success of the Bit Rivals project and are committed to taking measures to ensure such confidence.