Using External wallet for DAO Treasury

An External wallet (also an externally owned account, EOA) is a blockchain account that uses traditional key pairs (single private key used to make transactions and sign messages). One of the most popular external wallets is MetaMask.

Features

  • Automatic transfer of funds received from NFT-sales to External wallet
  • Adding and displaying meta-information (name, description) about External wallet
  • Displaying information about assets and transactions on External-Wallet
  • Adding description meta-information (for example, purpose of spending) to External wallet transactions
  • Support of native assets (ETH), ERC20 and ERC721 assets
  • Funds management by External wallet owner using Metamask or any other blockchain wallet

Pros

  • No need to deploy a smart contract. Using an External wallet reduces the cost of using Superdao-OS for DAOs

Cons

  • Since this is not a smart contract, there is no way to set up vesting, timelock, allowance logic, etc.
  • If the External wallet owner gains access to the private key, they get complete control over the External wallet. This means that the private key is the only point of failure standing between DAO and the loss of DAO funds.
  • The owner of the External wallet can withdraw all funds without the consent of other DAO-admins