Provided Via: https://params.boats/
A great analogy, and practice to implement into our minting habits. Please stay safe, and always use a burner wallet!
It is standard practice in the ship building industry to add multiple watertight compartments to large vessels in order to limit the damage in event of mishap. If there is a leak in one of the compartments it can be contained by shutting off access to others. The ship sails on. They knew this 100yrs ago with the contruction of the titanic. It didnt work out too well, thats not the point. They understood the risk
The standard practice for ship building is outlined in the International Convention for the Safety of Life at Sea (SOLAS) maritime treaty. See wikipedia for more information.
You might be thinking “so what does SOLAS have to do with Solana”? In crypto it is absolutely mandatory to make watertight compartments to contain your risk. You never want to be in a situation where all of your assets are at risk to a smart contract code error or something nefarious.
In this page I propose a new standard. Let’s call it The Safety of Life at Solana (SOLAS). Here is an example of how you can implement the SOLAS standard.
It is easy to see how your maximum risk for minting an NFT is the mint price + fees. If Mickey Mouse is true to its name then the maximum you can lose is what you put into this dedicated account.
The most recent example where SOLAS would have been useful is the fake aurory mint. If you get caught by this using SOLAS, it’s still a disaster but the ship stays afloat. Check out Rebecca’s twitter thread.
Phantom wallet allows you to have multiple accounts. It takes two seconds to do this and as we know the transactions are all basically free.