Expanding on Vitalik Buterin’s vision for Social Recovery Security
Something has been bothering Vitalik Buterin for a while, he's tweeted and talked about it several times in the last couple of years and finally at the start of the new decade of crypto he has blogged about it: How can ordinary crypto investors protect themselves from loss or theft? The answer is Social Recovery.
Protecting Digital Assets
Of course there are passionate proponents of various solutions from paper in safety deposit boxes, to hardware wallets to multi-sig wallets — but at the end of the day, none of these solutions protect people from loss or theft in a way that makes sense: security without usability is useless, and the vast set of security solutions are way too complicated and awkward to use and result in low adoption and bad outcomes for some.
One analysis of the Bitcoin ecosystem suggests that 1500 BTC may be lost every day- over ten times more than what Bitcoin users spend on transaction fees, and over the years adding up to as much as 20% of the total supply.
Social Recovery
Enter Social Recovery, a simple way to lower the risk of attack by distributing the unlocking mechanism amongst a group of Guardians and requiring a subset to approve unlock transactions.
Guardians can be made up of a diverse set of people from friends and family to business associates and institutions, perhaps in multiple geographies. Most importantly Guardians need not know what they are guarding nor the identities of the other Guardians.
… The reality is that the whole point of digital technology, blockchains included, is to make it easier for humans to engage in very complicated tasks without having to exert extreme mental effort or live in constant fear of making mistakes.
There are some very fine social recovery wallets discussed in Vitalik's blog post, including Argent and Loopring and they do a great job of illustrating the utility of social recovery in action — for Ethereum. However social recovery is for everyone and not restricted to protecting ETH alone. Vault12 has developed the very first social recovery solutions since 2014, with a unique focus on ease of use and simplicity — a unicorn in the security space.
By expanding the utility of social recovery to any piece of data, on any blockchain (or not), any type of digital asset — be that cryptocurrency, blockchain keys, or highly valuable personal data, the Vault12 app protects ordinary consumers from loss and theft of their most valuable assets.
Vault12 users need not to be shackled into limited, ETH only solutions — using Vault12 they can secure their whole digital life, protecting their assets — in this life and beyond, with Digital Inheritance.
Vault12 solved social recovery backup with Guardians of cryptocurrency keys years ago, and now we are on a mission to secure everyone's digital life from encroaching censorship and authoritarian trends
What started as security for early adopters of BTC in 2014, should now be the security default for all our data — decentralized, distributed and stored only by trusted Guardians, not authoritarian tech giants.
PS: Our company enables you to create decentralized Vaults for ultra-secure distributed storage of your digital assets compatible with any blockchain, any wallet, and any asset. Sign up to receive updates here if you want to learn more!
Expanding on Vitalik Buterin’s vision for Social Recovery Security
Something has been bothering Vitalik Buterin for a while, he's tweeted and talked about it several times in the last couple of years and finally at the start of the new decade of crypto he has blogged about it: How can ordinary crypto investors protect themselves from loss or theft? The answer is Social Recovery.
Vault12
Vault12 is the pioneer in crypto inheritance and backup. The company was founded in 2015 to provide a way to enable everyday crypto customers to add a legacy contact to their cry[to wallets. The Vault12 Guard solution is blockchain-independent, runs on any mobile device with biometric security, and is available in Apple and Google app stores.
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You will lose your Bitcoin and other crypto when you die...
...unless you set up Crypto Inheritance Management today.
It's simple — if you don't worry about crypto inheritance, nobody else will — not your software or hardware wallet vendors, not your exchanges, and not your wealth managers. So it's up to you to think about how to protect the generational wealth you have created, and reduce the risks around passing that wealth on to your family and heirs. What are the challenges with crypto inheritance?
- Crypto Wallets are difficult to use and do not offer crypto inheritance management. In fact, most of them tell you to write down your seed phrase on a piece of paper, which is practically useless.
- Some people back up their wallet seed phrases or private keys on paper, local devices like hardware wallets or USBs, or in the cloud. All of these options have severe drawbacks that range from hacking to accidental loss to disrupted cloud services.
- Software wallets operate onspecific blockchains, yet your crypto assets span multiple blockchains. For inheritance to work, you must be able to manage inheritance across every blockchain — now and forever.
Crypto Inheritance Management: Get ready today
Vault12 is the pioneer in Crypto Inheritance Management, and offers an easy-to-use and secure method for assigning a legacy contact to your crypto wallets. Vault12 Guard enables you to pass on your wallet seed phrases and private keys for any cryptos including Bitcoin (BTC) and Ethereum (ETH) to future generations. It's designed for everyday people, yet strong enough for Crypto OGs.
This innovative, decentralized system uses a hybrid approach of software fused with the Secure Element of phone devices (the Secure Enclave for iOS devices, and Strongbox for Google devices).
Vault12 Guard enables users to appoint one or more people or mobile devices as Guardians. The designated Guardians are entrusted to collectively protect the user's comprehensive collection of wallet seed phrases and private keys, which are safely stored within a decentralized digital Vault. Nothing is stored on cloud servers or Vault12 servers, and no assets are stored on local devices, making them less of a target.
The decentralized approach reduces points of failure and removes the necessity for regularly revising wallet inventories or modifying instructions for your lawyers (which could lead to privacy breaches). Simply put, Vault12 Guard is the best way to preserve crypto generational wealth.
Take the first step and back up your crypto wallets.
Designed to be used alongside traditional hardware and software crypto wallets, Vault12 Guard helps cryptocurrency owners back up their wallet seed phrases and private keys (assets) without storing anything in the cloud or any single location. This increases protection and decreases the risks of loss. Making sure you have an up to date back up is the first step in crypto inheritance management.
The Vault12 Guard app enables secure decentralized backups and provides inheritance for all your seed phrases and private keys across any blockchain, including Bitcoin, Ethereum, ERC-20, and other crypto wallets.
Note: For anyone unfamiliar with cryptocurrencies, Vault12 refers to wallet seed phrases and private keys as assets, crypto assets, and digital assets. The Vault12 Guard app includes a software wallet that works alongside your digital Vault. The primary purpose of this is to guard your Bitcoin (BTC) or Ethereum (ETH) wallet seed phrases, private keys, and other essential data, now and for future generations.
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