For each organization a smart contract is deployed to the Ethereum blockchain.
AmbiVault gives you a comfortable and secure interface to interact with your smart contract, which requires multiple electronic signatures (operation confirmations) from the parties you trust to perform any action on your assets. In this scheme the Ethereum network guarantees that your assets are kept safely.
What does the ‘operation’ mean?
The operation is any action the AmbiVault co-signers performs via multi-sig technology. You can distinguish operations connected with:
- Assets: new asset issuance, asset re-issuance, asset revokes.
- Transfers: any asset and ETH transfers.
- Managing co-signers: adding new or removing existing co-signer, changing the number of signatures required.
Why the AmbiVault account is charged per every operation?
To set up an AmbiVault account, we deploy a new smart contract on the Ethereum blockchain. Every new operation requested and signed by co-signer(s) is sent to the smart contract which checks the number of the required signatures. If signatures and their count is correct, the operation is confirmed and processed.
Operation processing in the Ethereum blockchain needs some amount of Gas in the form of ETH. We cover those expenses via an operation fee.
The cost of every operation in ETH is derived from a price of the operation processing in Ethereum Blockchain via a smart contract. We cover it with the help of the operation fees.