If you're worried about losing your private keys, try calling your friends as a recovery network, indicating a startup.
Vault12, backed by Winklevoss Capital, True Ventures, Naval Ravikant, and Data Collective, went live on Wednesday, offering a new password system that allows crypto holders to secure their digital assets.
The application uses a cryptographic technique called Shamir's Secret Sharing, developed by the legendary Israeli cryptographer Adi Shamir. Customers select a group of people, called "gatekeepers," who each have parts of the user's start phrase (multiple-word passwords require encrypted portfolios to access assets). If users of the application lose access to their cryptographic assets, they can combine portions of the keys of their tutors to recover their funds. Users can pay tutors to protect their key parties.
Cryptographic Services Manager Wasim Ahmad told CoinDesk Vault12 that it was not possible to access users' basic sentences and resources. The application is "decentralized":
"Everything is on the phones and individual devices of users and does not go through any server, … the company has no opportunity to see it. From the point of view of external risks, it's a big problem. "
Co-founder and CEO Max Skibinksy described the idea of social recovery as a radical change in password management.
"Each hardware and mobile wallet goes to some extent the last step of the security (to the users)," he said. "They say," We have this very safe way to exploit the wallet, but please, keep that recovery phrase, that encryption key or whatever "… (you) have the job of keep him safe. "
Instead, with Vault12, the recovery function relies on a group of friends.
The concept is not new. The HTC mobile phone manufacturer has a similar mechanism of social key retrieval with its Exodus phone line, although users can not pay others to cling to their secret phrases.
Vault12, which has been running in beta, will support Windows and MacOS operating systems.
The Vault12 app allows guards to set prices, Skibinsky said. One user can act as a caretaker for $ 10 a month, while another may charge higher prices but offer more exclusive services. He added:
"We have provided this mechanism in the application for the owners … to add Ethereum to (their) Vault and this ethereal will be associated with a smart contract that will pay the caretaker monthly the price that it has set for its services, and this price will be visible to both parties when you set up the vault. "
The launch product is for people setting up their own networks, but Skibinsky said future versions would be aimed at groups of business users, including law firms or employers. .
Ahmad said that users can replace their tutors at any time.
"If someone continues to lose his phone, the app will tell you" oh, this person is offline "… and you can say" well, maybe I should exchange them for someone else. " One of them, "he said." The application will handle all these types of scenarios … it will inform you of the health of your guardians (and) the health of your assets. "
Users can configure their systems to ensure geographical separation of their custodians and configure multiple backup devices so that they act in case of emergency in the event of unavailability of guards or to protect themselves from natural disasters, said Skibinsky.
Image of the Vault12 team courtesy of Vault12