Security is paramount at Monolith, and we strive to do everything we can to ensure that you keep your tokens safe.
Most importantly, the Contract Wallet is fully decentralised and non-custodial, meaning that you never relinquish ownership of your funds, and do not have to trust in a third party. You, and you alone, control the funds inside your Contract Wallet. Your assets are held securely on the Ethereum blockchain, and your private key is held in the secure enclave of your phone – we never touch your assets.
Additionally, several security features have been built into the Contract Wallet to guard against loss: Daily Limits and Whitelisted Addresses. Setting a Daily Limit means that if the wallet is ever compromised, the amount that can be withdrawn each day is limited. Whitelisted addresses also let you connect your wallet to a cold storage. You can also set 5 whitelisted addresses to send unlimited amounts to.
You can check the Contract Wallet code yourself here. We've included many comments to make it as accessible as possible.
Moreover, our Contract Wallet source code has been audited by several independent security specialists.