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Vault12 Blog
Wallets vs Vaults - which are better?
What is the difference between Wallets and Vaults? Why you need both Wallets and Vaults for backup and inheritance.
May 11 2023
What is the Vault12 app?
The Vault12 app is an intelligent digital vault that knows how to back up and support inheritance of your digital assets like passwords, PINs, seed phrases, private keys, files associated with your NFTs, and digital artwork. It safeguards basically everything that you know and love in the world of Web3.
What is the difference between a Wallet and a Vault?
One of the questions that we hear a lot is "What's the difference between a wallet and a vault?"
Basically, a wallet is initialized using a seed phrase or a private key, interacts with a blockchain, and allows you to send and receive, buy and sell cryptocurrency. It enables you to sign transactions on the blockchain, authorizing their execution.
So a wallet is used to perform a lot of transactions and interactions with the blockchain.
A Vault, on the other hand, is completely inert. It's completely separate from your blockchain activity. There are no transactions going on. It's simply a place to store valuable things like seed phrases, passwords, private keys, and digital art.
So a Vault is completely different from a wallet.
Why do you need both a wallet and Vault?
There are three reasons that you should have both a wallet and a vault for your digital assets.
- The first reason is backups. It's very important that you've backed up your precious assets, whether they're PINs, passwords, seed phrases, or artwork. Everything should have a backup that is available to you should you need to access it.
- The second reason is inheritance. It's very easy to lose track of assets that you need to pass on to the next generation. So having a single inventory in one place with all of your digital assets, all of the instructions, PINs, passwords, seed phrases, private keys, and digital artwork that you want to pass on in the case of incapacitation, or when you pass, and having a mechanism to smoothly transfer them is really, really important.
It's not something you're going to be able to do with a wallet. - The third reason is that centralized custodial services are prone to loss. We've seen this time and time again every year for the last decade. They're subject to fraud. They're subject to hacking. They're subject to companies going bankrupt and people losing all of their assets. In contrast, the Vault12 app provides a distributed self-custody backup.
So if you're interested in having a backup, in having inheritance that works with whatever your trust & estate attorney wants you to do, please, please, please make sure you have a backup, make sure you've created a vault, and that you've downloaded the Vault12 app from vault12.com/download.
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Vault12 Blog
Wallets vs Vaults - which are better?
What is the difference between Wallets and Vaults? Why you need both Wallets and Vaults for backup and inheritance.
May 11 2023
Inheritance and self-custody for Cryptocurrency
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Inheritance: Get ready today.
Vault12 Digital Inheritance is the first solution to offer a simple, direct, and secure way to ensure cryptocurrency, NFTs, and other Web3 digital assets can be inherited by future generations.
Digital Inheritance enables investors to designate an individual or a mobile device as a guardian that will inherit their entire portfolio of digital assets (seed phrases,private keys, digital art and other secrets) inside a secure digital Vault once the time comes, eliminating undue risk and the need to continually update an inventory or issue updated instructions which result in privacy leakage.
Decentralized Self-Custody Backup.
Designed to be used alongside traditional hardware, software, and online wallets, Vault12 Guard helps cryptocurrency owners, professional crypto traders, and high-net-worth investors 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.
The Vault12 Guard app enables decentralized self-custody back up, and provide legacy inheritance for all your web3 digital assets, including NFTs, wallet seed phrases, secrets like keys, PIN codes, DAO project keys, and digital art.
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.
Creators, do you have creative security?
As a creator, you can use Vault12 Guard to safeguard not just your NFT and crypto wallets but also your original digital artwork. Project creators will always have to deal with multiple wallets - inventory, treasury, as well as future royalty wallets.
Vault12 Guard safeguards your project assets, increasing protection and decreasing the risks of loss whilst ensuring that everything is ready to be passed onto future generations when the need arises. This is creative security.
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, wallets, NFTs, and digital art.
How to get the Vault12 app, create your own Digital Vault, and assign trusted Guardians to guard your Vault.
Get started now.
Vault12 Guard is now available from the iOS and Android App Stores.
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