Vault12 is the first personal crypto security solution to secure, store and protect crypto assets, wherever they happen to be.
Unlike conventional approaches that rely on centralized cloud storage or on local storage, Vault12 for the first time brings together the decentralized and distributed power of blockchain. By harnessing a customer’s trusted personal network, crypto assets are encrypted, split, and distributed on a mesh of mobile devices, dramatically reducing the chances of hacks or accidental loss.
In the last two years alone, almost three billion dollars has been stolen from cryptocurrency exchanges. Because crypto is both difficult and cumbersome to store securely, people often leave their crypto assets in the cloud, where it becomes a huge collective target for hackers.
The problem is not just theft from the cloud – but simply accidents - seed phrase losses, natural disasters, damages, and device failures all result in unacceptable risks for these precious assets.
Vault12 Company Overview
The Vault12 system is designed so that crypto assets that are put into a digital Vault do not reside on the owner's mobile device and that the entire digital Vault can be recovered, should the mobile device be lost, damaged, or stolen.
To restore your digital Vault onto a new phone, you simply contact your minimum number of Guardians and ask them to confirm a Vault restore, which they can do easily by opening their Vault12 app. You can see this in action in the following video.
To get more detailed information and see the Vault12 app in action, please go to the Resources section of the website.
Should one of your Guardian's lose their phone, your Vault will not be affected and you always have the ability to replace a Guardian at any time.
In general, should a Guardian be out of contact - phone is off, app hasn't been opened - for an extended period of time, your Vaut12 app will notify you, in fact, you can always see the status of your Guardians at any time by going to the Vault dashboard.
The only scenario in which there could be a risk to your Vault is if the number of active Guardians falls below the minimum threshold needed to unlock assets or restore a Vault. The app will alert you so that you can avoid this circumstance. However, as an overall strategy, you should consider having many Guardians, spread out geographically, and also assign some personal devices as Guardians that you can keep securely. This way, you always have enough Guardians to handle unlock requests and Vault recoveries and to replace any Guardians as needed.
The Vault Cryptostorage Platform has been designed so that key elements useful to developers and operators are available open-sourced.
Specifically, the ZAX Relay Network, infrastructure that ensures Vault owners and Guardians are connected for the transfer of approval requests and the distribution of shards, is available on Github https://github.com/vault12.
In the future, other elements of the platform will be released as open-source libraries.