November 2024
A big part of Mentat Minds’ power comes from its proxy feature.
Unfortunately, it’s not very well understood. We are about to solve that with this article.
If you finally want to figure out what this proxy feature is and how it brings value to Mentat Minds’ users, you’ve come to the right place!
Proxy wallets are wallets that can be set to perform certain actions on the main wallet. Multiple proxy types exist: Any (let the proxy do anything), Non-transfer (anything except transfer), …, and staking (let the proxy delegate on behalf on the main account).
Using proxy wallets adds another layer of security for users.
For example instead of having one wallet and doing everything with it, you can have two wallets:
Staking proxy to the other (B)By doing this, you can put the keys of wallet (A) locked away in a vault, and let wallet (B) handle all the delegation of TAO held in wallet (A).
If you know you don’t want to sell your TAO (which we hope you don’t), but need to do something with them (voting, delegating, …), this is both super helpful and much more secure!
The official proxy documentation states:
From the security perspective, we can imagine proxies as bodyguards of a VIP, loyal and ready to risk their lives to ensure the VIP's protection.
Not much!