Koshance’s Unified View - Oversee All Your Digital Assets in One Place
Upgrading how you manage cross-chain assets in Web3
The beauty of Web3 lies in its inclusivity, welcoming a diverse range of ideas and projects across blockchains. The focus for innovators is now to refine this experience for users. Services will only get more intuitive and adaptive. This is no accident, with teams being the driving force behind this industry-wide development. Making services across blockchains means managing assets on each of these networks. More assets, more accounts, across more chains, and more information to track.
Koshance comes with a series of quality-of-life features to help your team thrive. This blog focuses on the Unified View, which simplifies managing your organisation's spread-out funds. Oversee all your digital assets, accounts and transactions from a single dashboard!
Many Tokens, Over Many Accounts and Blockchains
Scattered liquidity is simply a part of life in Web3.
1 - Companies are involved in activities across blockchains. More chains mean more ways to manage assets on them, i.e. accounts.
2 - Staying safe in the digital asset space requires the spreading of risks. This is done with multiple wallets and accounts.
Through both operational needs and safety-first practices, we are presented with a fresh challenge - tracking all your digital assets. Let's dive into the operations of a fictional Web3 company called NFTaste to understand how this happens, and how it is managed. NFTaste sells clothing paired with NFTs. Like any other company, investors, vendors, employees, and more are involved.
NFTaste received funding in Ethereum and stablecoins. The bulk of this is stored in the treasury. When it comes to operations, stablecoins and fiat currencies are used to handle recurring expenses like payroll and vendor settlements.
Daily operations are conducted in ETH and other crypto assets, depending on the use case. This variety of activities leads to NFTaste holding and managing a variety of tokens across chains. These include:
Rewards for creators & influencers
Community support and bounties
Yield generation
Market making
Collecting revenue
These activities across Web3 will lead to the NFTaste team operating a range of assets - tokens, stablecoins and fiat currency. Marketing, outreach and market-making happen within this closely linked ecosystem, with digital assets being used for most expenses. Sales completed on the NFTaste and partner websites provide incoming revenue exclusively in digital assets.
To manage these tokens, NFTaste holds a few different accounts. Cold wallets on multiple chains are for long-term storage, while department-wise SAFEs are for more immediate operations. The finance team oversees activity and tops up balances on SAFEs monthly. Department reports need to include any context for transactions that can save on follow-ups when tax season comes around. Finally, revenue arrives in dedicated SAFEs on each of the chains of operation. These activities have led to NFTaste operating & tracking over 10 accounts.
Company leaders need in-depth data across these moving parts to answer key questions around liquidity, asset allocation, budgeting and risk management. The current system is an extensive set of spreadsheets. These need monitoring and manual updates to prevent data from becoming stale. A team member ends up being assigned a time-consuming task with little room for error.
The NFTaste finance team is doing their best with tools that are available today but are nowhere close to ideal. What would be a less clunky experience for teams, that provides a more coherent view of their Web3 assets and activities?
Track Everything with Koshance
We have built Koshance ground up to aggregate the multiple holdings across protocols onto a single dashboard.
This dashboard is where we begin, providing a top-down view of all your company’s blockchain-based accounts (including EOAs, Safes and Exchange accounts). Each blockchain has its own explorer, but the Unified View makes this information more actionable by putting all your tracked accounts on a single page. Companies need to be able to answer key questions such as:
Based on recent history, have we budgeted appropriately for next quarter’s tech expenses?
Are we appropriately diversified across assets to manage risk?
How is the incoming revenue trending over time?
From the dashboard, you can easily access every tracked account. By clicking on the desired account, you can view a complete history of asset holdings, cashflow and transactions.
Tracking activities through block explorers is not an intuitive experience since the collection of characters, hashes and time stamps are not immediately human-readable. The information is of more value if condensed to its essentials. First, there is the complexity of the account addresses. We don’t remember phone numbers any more, we save contacts. Why should blockchain activities be any different? Make records and balance sheets more readable with names instead of addresses. Use your org-level address book when initiating transactions to save time and reduce errors.
Then there is the lack of context. Leaders have sat down with the accounts team during tax season, going over the transactions, what purpose they were for and which invoice they go against. Block explorers don’t have room to communicate this information. Even if this was possible, companies would not want this information to stay on public blockchains. Koshance uses a Tag and Remarks system to get the best of both worlds. Easily sort between tags and customise your views to get the information you need on the dashboard or as downloadable reports.
Enjoying the benefits of the Koshance Unified view begins with connecting the accounts you wish to track. Easily link wallets, exchange accounts and other EOAs that you set up on services like Metamask. The use of multi-sig wallets like SAFE is widespread in Web3, and Koshance enhances its capabilities that can benefit builders. Set up email and Slack notifications for signers, and operate your safe from the platform. If you wish to spread your risk even further, a Koshance MPC account could be your next step. Just like all the other accounts, oversee and manage activities straight from the dashboard.
Conclusion
The life of a founder is stacked with decisions, many of which can determine the future of the company. Making the right choice, with confidence, is what every leader strives to be able to do. An essential starting point is gathering in-depth knowledge of your digital asset operations. Koshance is here to prove treasury management in Web3 can be easier. Monitor all your vital information in a single place and stay updated in real-time - all EOAs and SAFEs, across blockchains, and all exchange accounts.
This is just the first of many quality-of-life improvements we are bringing to builders in Web3. Visit our website for a look at the other ways Koshance can help you streamline your operations. We are always on the lookout for new features that will help you deliver your vision, so feel free to get in touch. Subscribe to our blog and join the conversation on X, the site formerly known as Twitter.
Till next time, stay safe and keep a close eye on all those accounts!