Vault12 has proffered a new solution to guard the private keys by using friends and family as a recovery network. Entitled as the “personal cryptocurrency security solution,” the innovation employs a cryptographic technique – Hierarchical Threshold’s Shamir’s Secret Sharing to allow the guardians to protect users’ crypto keys.
An Israeli cryptographer Adi Shamir developed the cryptographic method. It lets the safeguards to hold the components of users’ seed phrases, and in any case, the users lose admittance to cryptocurrency holdings, they can link the parts of their guardians’ keys to recover their funds. The users can further pay the protectors in the ether token.
The Winklevoss capital, along with many renowned firms, has come forward to support the latest solution. True Ventures and the founder of AngelList, Naval Ravikant, also back the idea. Cameron Winklevoss acknowledges the approach mentioning, “Safeguarding money is necessary for the crypto economy to flourish. Vault12’s distributed, decentralized, and server-less approach to security helps reduce friction associated with securing crypto assets.”
The co-founder and COO of Vault12, Blake Comagere, stated, “Today’s world relies heavily on our social circle in both our personal lives and our professional lives. That’s why we’re taking a more social approach to cryptography and entrusting our loved ones to guard our assets.” He also said that the firm aims to safeguard everything from legal documents to house keys and more in the eventuality.