ADVERTISEMENT

Winklevoss capital backs Vault12’s decentralized solution to safeguard private keys – Cryptocurrency News

Must Read

Indian regulators postpone introducing the “anti-cryptocurrency” bill.

The Indian government earlier revealed that it is drafting a bill that would ban the use of all cryptocurrencies...

Chinese Regulators to focus on Crypto Mining Firms in Mongolia

China has been a significant sector for the process of cryptocurrency mining since the beginning. Over the years, China...

Digital Bazaar awarded with $200k by the U.S. Homeland Security

The adoption of blockchain has seen a massive surge in the past few months as more and more organizations...
Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

Vault12, a cryptocurrency custody startup, has introduced a recovery network to protect the private keys. Backed by notable investors, including the Winklevoss Twins, the solution uses a cryptographic technique to safeguard the keys, and one can recover them by using friends and family as a redeeming network. The new innovation is decentralized, and the clients can pay guardians in ethereum.

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.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Indian regulators postpone introducing the “anti-cryptocurrency” bill.

The Indian government earlier revealed that it is drafting a bill that would ban the use of all cryptocurrencies...

More Articles Like This