Security

What happens when using Mentat Minds?

When you sign the transaction from Mentat Minds’ app, you effectively set our address as a Staking Proxy to yours.
This gives us the right to delegate your funds on your behalf, but doesn’t give us any control over your funds.

What if the proxy private key gets compromised?

In that case, your funds could get undelegated and/or delegated to another validator. You would earn less returns while we detect the situation and reset the proxy.

In other words, there are no risks to lose your funds.
Learn more about how proxy wallets work here.

👉 When signing the transaction on mentatminds.com, please make sure that you are on https://mentatminds.com, and double check what you are signing on your wallet!

You should see an addProxy function with the Staking argument, and the following proxy address being approved: 5DkgPz2gNhaTLvUzVKyGyv8r6jSE9GuYDsZfcHQyFMqKCnPT

Useful links to go further:

• Mentat's article about proxy wallets .
• The official announcement about the addition of the Proxy Pallet within Bittensor.
• The docs that explains how the Staking Proxy works in substrate chains like Bittensor.
  
  You can read the most important paragraphs of this documentation below:
  
  • If the proxy is compromised, it doesn't have access to transfer-related transactions, so the stash account could just set a new proxy to replace it.
  • Staking: allow all staking-related transactions. The stash account is meant to stay in cold storage, while the staking proxy account makes day-to-day transactions like setting session keys or deciding which validators to nominate.