💡What is TAP?

This page outlines TAP, a Three Address Protocol for organizing your Ethereum addresses and using the delegation, consolidation and delegation management features of NFTDelegation to enhance security. While personal circumstances may vary and no approach is fool-proof, the following guidelines should benefit most people in the NFT ecosystem.

Your personal circumstances may vary, no approach is fool-proof and you still have to get implement the below correctly, but the overall approach described should be a good approach for most people.

Overview: It is crucial to implement safety measures to protect your Ether, ERC-20 tokens, and NFTs. Common ways to lose cryptocurrency assets include:

  • Phishing: Disclosing your seed phrase or granting access to your computer (e.g., via screen sharing) to someone. The best way to mitigate this risk is by never revealing your seed phrase or computer access.

  • Malware: Malicious software on your computer can access the private key of a hot wallet such as Metamask. The most effective tactic is to use a hardware wallet.

  • Connecting to malicious websites: These sites can steal your NFTs if you sign a malicious transaction, even when using a hardware wallet. To avoid this issue, use separate addresses for your "vault," "transaction wallet," and "minting wallet."

By organizing your Ethereum activities to avoid these risks, you can reduce your risk of loss.

How to use TAP?

  1. Create three Ethereum addresses:

    1. Address A: The "vault" where you store NFTs for extended periods without connecting it to any services. You only transfer NFTs in and out of this address.

    2. Address B: The "transaction" address where you store NFTs you are currently selling and is used for buying or selling NFTs on trusted marketplaces such as OpenSea.

    3. Address C: The "minting" address for minting NFTs and connecting to unknown or untrusted services. You have no NFTs held on this address and you can mint wherever you want. Once you mint, transfer to the Vault or Transaction address

  2. Reasonable variations of the above approach could include:

    1. Higher Security: Address A can be a SAFE (formerly Gnosis) multi-sig smart contract for enhanced security and resilience.

    2. More Convenience: Address C can be a hot wallet or mobile wallet for easier minting.

  3. (Optional) Label addresses using ENS subdomains (e.g., mint.yourname.eth) for improved legibility and reduced risk of erroneous transactions.

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