In a LabDAO project, if you’ve got a Decentralized Science grant paid in a cryptocurrency, then you can store your research funding within your project using Safe.
Safe allows one or more people to manage the funds in your LabDAO account. This is ideal for research projects, where several people might need to access your funding.
Importantly, Safe allows you to specify the minimum number of people required to approve a transaction before it can occur. For example, if you have 3 main stakeholders in your project, you can set up your account to require approval from 2 out of 3 (2/3), or 3 out of 3 (3/3) people before the transaction is sent. This assures that no single person can accidentally spend or compromise the funds.
The easiest comparison is with a personal vs business bank account.
A personal bank account belongs to 1 person. Only that 1 person can view, spend or withdraw funds. However, an organization needs a shared account, so that multiple people can view, spend, or withdraw funds. Moreover, you might want to have controls on that account - for example, you need 2 of out 3 people to approve a transaction.
Please note: The Beta version of a LabDAO project only allows one team member to be on the account. A LabDAO bot has a seat on the account too, so that we can help you manage the funds. We will not access your funds and only use this seat to simplify your experience and recover your account in case you loose access to your personal account.