Your Friends and Family as your Crypto Guardians

A company called Vault12 made its debut as an application on which you could enlist friends and family members as trustees for your crypto assets by giving them pass keys. The creators of the firm believe that there is an important need for people to safeguard their crypto assets especially since blockchain technology is on the rise.

According to Bitcoin.com, Vault12 helps protect a person's digital currencies by taking advantage of their friends and family who are willing to help. As an incentive, guardians are rewarded with Ethereum (ETH). The project took off at the San Francisco Blockchain Week and the company is backed by investors like Naval Ravikant, True Ventures, Data Collective, and Winklevoss Capital.

The threat that people with crypto assets face is always present and the need for protectionis strong. A research paper made by Vault12 details “to protect these assets, we need a new cryptographic security platform – one that does not leave security centralized in a single place, with a single person, on a single device or in a single organization". Vault12 allows owners to set a vault up with 3 to 5 friends or family members.