Vault12, developers of proprietary technology to protect private keys with a trusted network of friends, family, and devices, today launched their first personal cryptocurrency security solution to provide distributed, decentralized backup of crypto assets for individual users.
Using the principles of Hierarchical Threshold Shamir’s Secret Sharing and its own advanced proprietary technology, Vault12 enables an individual’s network of trusted friends and family, known as Guardians, to safeguard their crypto assets.
To incentivize Guardians to help secure users’ Vaults, Guardians are paid in Ethereum. The company is backed by Winklevoss Capital, True Ventures, Naval Ravikant and Data Collective.
Cryptocurrency assets are routinely stored in local hardware and software wallets or in centralized online accounts. Unfortunately, these approaches have significant drawbacks and weaknesses. Exchanges are vulnerable to hacks and theft, while wallets are often lost or keys are forgotten by owners, resulting in billions of dollars in lost cryptocurrency that will never be retrieved.
Vault12 is the first cryptographic security platform to provide end-to-end management of encrypted shards, ensuring that no one has to manually deal with cryptographic components.
Instead of leaving recovery phrases or private keys centralized, with a single person, on a single device or within a single organization, the platform enables users to store crypto assets in a storage system that is not located on any cloud server, but only on a distributed network of people and devices.
Owners of crypto assets can quickly set up digital Vaults that are quantum-resistant and highly resilient to attacks on any part of the crypto storage infrastructure. Users will be able to access their assets by requesting approval from their Guardians, who will be paid in Ethereum for their services.
“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. 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.”
– Max Skibinksy, co-founder and CEO of Vault12