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.
“One of the unresolved challenges for the mass adoption of cryptocurrency and the blockchain economy is the continued challenge and burden associated with securing crypto assets,” said Max Skibinksy, cofounder and CEO of Vault12. Skibinksy further added: “Previously, to keep our digital money safe, we had to keep our extremely valuable cryptographic backups on pieces of paper and store them in traditional banks. It was ironic. We built Vault12 to be an innovative, convenient solution that replaced this cumbersome process”.