Security is paramount at Monolith, and we strive to do everything we can to ensure 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 therefore do not have to trust in a third party. You, and you alone, control your funds inside your Contract Wallet.Your assets are securely held 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a Daily Limit means that in the event that the wallet is compromised there is a daily limit on the amount that can be withdrawn. Whitelisted addresses also let you connect your wallet to a cold storage. You can also set 5 Whitelisted addresses that unlimited amounts can be sent to.
You can check the Contract Wallet code yourself here. We've included many comments to make it as accessible as possible.
In addition, our Contract Wallet source code has been audited by several independent security specialists.