A firm called Vault12 launched its new passkey security solution for cryptocurrency assets. Vault12 is an application that allows people to enlist their trusted friends and family members to help safeguard their assets. According to the project’s creators, the new application leverages the cryptographic algorithm Shamir’s Secret Sharing which allows keys to be split in a distributed fashion.
Distributing Digital Asset Seeds Using Vault12 and Shamir’s Secret Sharing
Vault12 believes there’s a dire need to safeguard crypto assets as the onset of blockchain-powered innovation continues to grow exponentially. Since the birth of Bitcoin and a slew of other digital currencies, various applications and devices like hardware wallets have been created to protect cryptos. Vault12’s new product allows individuals to take advantage of trusted family members and friends who are willing to help them secure digital currencies. Moreover, guardians are rewarded with ethereum (ETH) to protect the assets as well, giving the trusted network of friends incentive to be a safe keeper. The project officially launched at the San Francisco Blockchain Week and the company is backed by investors like Naval Ravikant, True Ventures, Data Collective, and Winklevoss Capital.
The Vault12 white paper explains when it comes to precious digital assets, there is an “unprecedented threat level” looming for people in need of a strong security solution. “To protect these assets, we need a new cryptographic security platform – one that does not leave security centralized in a single place, with a single person, on a single device or in a single organization,” the research paper details. In order to bolster the security of digital currencies even more, the firm created a decentralized storage system for digital assets via a hierarchical Shamir’s Secret Sharing (SSS) system….