Vault12 is launching a personal crypto security solution
Personal crypto asset protection could get a little easier
During San Francisco’s Blockchain Week, Vault12 presented the first cryptocurrency security solution. It provides a back-up for crypto values that it can be distributed and decentralized for those individual users. By using Shamir’s Secret Sharing, they will be able to keep personal keys distributed among trusted networks to maximize security.
By enabling trusted friends and family to collaborate in the guardianship of the assets, they will be called Guardians. An incentive is added to safeguard the crypto assets and will be rewarded with Ethereum. Supporting this project are companies like Winklevoss Capital, True Ventures, Naval Ravikant and Data Collective.
Currently, exchanges are exposed to theft from hackers and, on top of that, assets are stored in some sort of local hardware and/or software that imitates a wallet. They are often lost and keys are forgotten that lead to billions of dollars lost in cryptos that can’t be recovered. This scenario results in relevant weaknesses in front of rising technology.
Making sure that no one has to handle the cryptographic components manually, Vault12 offers the first beginning to end the management of encrypted fragments. That means that it will no longer be necessary to establish recovery phrases and private keys and them being centralized with either a person or organization. By asking authorization from their Guardians, a user can access the funds at any point within the infrastructure and set up highly resistant digital Vaults. “Safeguarding money is necessary for the crypto economy to flourish,” said Cameron Winklevoss.