The Renaissance of Securing Digital Assets and the Barbarian Hordes

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Vault12 Blog

The Renaissance of Securing Digital Assets and the Barbarian Hordes

In his keynote, Ahmad highlights Vault12's mission to bring innovation to the crypto market amidst a Renaissance of digital asset protection.


Digital currencies have gained recognition since the publishing of Satoshi Nakamoto's Bitcoin whitepaper in 2008, yet the industry continues to strive toward mainstream adoption. Institutional backing has recently begun to shift in favor of cryptocurrency, fulfilling a key ingredient for helping the industry reach its full potential. This is evidenced, in part, by the SEC approved Greyscale Bitcoin Investment Trust, which has $3.7 Billion in various cryptocurrency assets under management. In addition, Fidelity Investments reported that one 1/3 of institutional investors own digital assets. The tides are turning, yet the complexities of cryptocurrency tokens have stifled widespread adoption. Vault12 is advancing the industry forward with its personal digital asset security platform.

Vault12's Chief Crypto officer, Wasim Ahmad, explores acceptance and adoption in a recent keynote address at Parallel Summit — a virtual event series exploring fundamental transformations in the blockchain industry — The virtual conference discussion was centered around the future of crypto assets, regulatory developments, and hurdles to adoption — the full summit from June 19, 2020 is available at https://parallelsummit.io and includes a riveting panel with SEC and CFTC Commissioners Hester Peirce and Brian Quintenz that describes the future of digital assets.


In his keynote, Ahmad highlights Vault12's mission to bring innovation to the crypto market amidst a Renaissance of digital asset protection.

In today's uncertain times, digital assets promise to revolutionize the financial industry and its systems, but the journey to mass adoption will be a marathon, not a sprint. Regulation and security are key components in the process, which faces significant hurdles. As those invested in traditional markets begin to transition to digital assets, the institutional custody that has always existed in traditional markets must be apparent, according to Ahmad, yet personal custody will be just as important when it comes to cryptocurrency.

Traditionally, security measures for cryptocurrency have been convoluted and difficult to keep track of, with few options available. For example, of the 18 most popular crypto wallets, there are only two options for saving a wallet's seed phrase — a list of random words (usually 12) used to recover crypto assets. Some only offer one option: to write it down. As a result, access to one's digital currency carries inherent risk of being affected by hacking, natural disaster, or other barriers. The risk of hacking has been made evident with popular scandals like Mt. Gox, where $460 Million was stolen from the world's largest Bitcoin exchange.

Aside from hacking, there is also a risk of losing access to one's seed phrase, without which the digital currency itself is rendered inaccessible. The most seasoned crypto veterans go to great lengths to prevent the heart-fluttering moment of having misplaced or inadvertently lost a seed phrase, yet conventional methods all have their pitfalls. Imagine writing a seed phrase on a sheet of paper, which is thrown out by an unknowing family member or losing access to stored files containing your seed phrase. This means that unless you have a great (read: 100% accurate) memory, your digital assets could be inaccessible. Forever.

The Covid-19 pandemic uncovered another potential barrier to access when banks, along with other business were ordered to close. Imagine having stored portions of your seed phrase in various physical locations such as a bank safe deposit box. Post-Covid-19 investors will prefer decentralized solutions over highly centralized institutions when it comes to accessing digital assets. Enter, Vault 12.

According to Ahmad, the next generation of investors will need to understand these risks and must have a tried and true policy at their fingertips to avoid barriers to access. Vault12's digital asset protection platform seeks to help solve current security shortcomings. The mobile app is leading a paradigm shift toward heightened security and more reliable accessibility of one's digital access. This is carried out via a digital vault, which is protected by the vault owner's trusted social network, known as "guardians". End-to-end encryption offers an added layer of protection as neither party has the full seed phrase, nor can they see their portion. Guardians can also be replaced if a contact has been lost or severed. Lost your phone? Not to worry as your Vault can be recovered from your new mobile device.

After 5 years of development, the Vault12 app is finally available for download in the app store. Download it now or request a live walk-through here.

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Vault12 Blog

The Renaissance of Securing Digital Assets and the Barbarian Hordes

In his keynote, Ahmad highlights Vault12's mission to bring innovation to the crypto market amidst a Renaissance of digital asset protection.

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Wasim Ahmad

Wasim is a serial entrepreneur with five exits, and an advisor in the fields of AI, blockchain, cryptocurrency, and encryption solutions. At Vault12, he led the private and public fundraising efforts, and focuses today on expanding the Vault12 ecosystem. His crypto experience began with AlphaPoint, where he worked with the founding team to launch the world's first crypto trading exchanges.

Previously he was a founding member of Voltage Security, a spinout from Stanford University, that launched Identity-Based Encryption (IBE), a breakthrough in Public Key Cryptography, and pioneered the use of sophisticated data encryption to protect sensitive data across the world's payment systems. Wasim serves on the board of non-profit, StartOut, and is a Seedcamp and WeWork Labs global mentor.

Wasim graduated with a Bachelor of Science degree in Physics and French from the University of Sussex.

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Vault12

Social Recovery Vault for Digital Asset Security + Digital Inheritance for protecting the future of money.

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Backup and Inheritance for Bitcoin

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Inheritance: Get ready today.

Vault12 Digital Inheritance is the first solution to deliver an effortless and secure method for transferring a variety of digital assets — including Bitcoin (BTC), Ethereum (ETH), other cryptocurrencies, and data — to future generations.

This innovative system enables users to appoint either a person or a mobile device as a guardian. The designated guardian is entrusted to protect the user's comprehensive collection of digital assets, encompassing seed phrases, private keys, and other confidential information, safely stored within a decentralized digital Vault.

This process not only mitigates potential risks but also removes the necessity for regularly revising asset inventories or modifying instructions, which often leads to breaches in privacy.

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Secure Decentralized Backups and Storage.

Designed to be used alongside traditional hardware, software, and online wallets, Vault12 Guard helps cryptocurrency owners, safeguard their digital assets without storing anything in the cloud or in fact, any one single location. This increases protection and decreases the risks of loss.

Note:The Vault12 Guard app is not a crypto wallet and does not hold cryptocurrency. Using a non-custodial approach, a digital Vault safeguards your Bitcoin or Ethereum wallet seed phrases, private keys, and other essential data.

The Vault12 Guard app enables secure decentralized backups and provides inheritance for all your digital assets, including Bitcoin, Ethereum, crypto wallets, and other digital data.

Collectors, ensure your Art is protected for the future.

Collectors, ensure your Art is protected for the future.

Whether your digital art is suitable for a phone, or represents much higher resolution multimedia, make sure that you have backed up a copy in case the resource link is disrupted in the future. Digital art can easily be added to the Vault either via the mobile app or via the desktop utility. Once you have stored your artwork in your Vault, it will also benefit from inheritance once you activate that in your app.

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Protect your home and family's data.

Whether you are at home or away, make sure that essential data about your home and family - including IDs, medical records, insurance information and home safe combinations - is backed up and available at your finger tips.

With a secure decentralized backup Vault, you can ensure that, in any event, you always have access to important information, wherever you are.

Learn

Step-by-step guides for setting up your digital Vault and adding assets, inheriting and restoring Vaults. Vault12 Guard helps you inherit and back up all assets stored in your Vault, including Bitcoin, Ethereum, crypto, private keys, seed phrases, digital wallets, and essential home & family data.

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Vault12 Digital Inheritance is the first solution to offer a simple, direct, and secure way for all types of investors to ensure that all of your digital assets can be accessed by future generations.

The Vault12 platform provides protection, backup resilience, and security to your digital assets. Vault12 Digital Inheritance enables you to designate a beneficiary (an executor, trustee, or other chosen beneficiary) who can inherit the entire portfolio of digital assets that you choose to store in your Vault. There is no need to continually update an inventory or to issue updated instructions.

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