Squarelink, a blockchain key management tool to bridge the gap between usability and decentralized security, recently added non-custodial private key recovery for several DApps using its wallet management tool. Squarelink is a pure non-custodial private key recovery platform for cryptocurrency and blockchain applications. Other solutions rely on OAuth providers such as Google or custodial key-management services like Amazon Cognito.
Currently, Squarelink supports non-custodial private key recovery for the following applications:
- PoolTogether
- 1inch.exchange
- Fulcrum
- Totle Swap
- Deversifi
- gDai
- Hedgie
“Other technology providers have advertised private key recovery solutions, but there’s a catch. Most are not truly non-custodial and rely on companies like Google to create OAuth tokens. Since Google is a centralized authority, a malicious employee with access could arbitrarily create access tokens for every user leveraging that technology, and fetch all the shards on hosted decentralized nodes containing PK information. Squarelink facilitates account recovery through encrypted ‘Recovery Seeds’ that only the user can access, ensuring no third parties are granted access. Today, there are countless threats to a digital wallet, yet so few security solutions. We must equip users with easy-to-use tools to not only keep assets safe but to also recover them should they be mishandled.”
– Alex Patin, co-founder, and CTO of Squarelink
Recovery methods from Sqaurelink increase security and use familiar processes for users to retrieve and reset their private keys. The Squarelink setup process allows users to recover private keys through any combination of email with PGP encryption, challenge questions, and/or Universal Second Factor (U2F).
“Studies suggest nearly four million Bitcoin have been lost to date, but the reality is this number is likely much higher. Mishandling private keys is an issue that affects everyone in the crypto community, and has directly translated to the loss of tens of millions of dollars in digital assets. Squarelink is looking to stop those losses by providing a solution that gives users additional control over their private keys and bolsters recovery methods.”
– Myungin Solomon Lee, Head of Product and Growth at Squarelink
Through the combination of a traditional username/password interface with several novel encryption models, Sqaurelink provides a simple, highly secure, and globally-accessible toolset for self-sovereign private key management. With Squarelink, a user owns a 512-bit Master Key that cannot be accessed by Squarelink nor any other parties. This Master Key is derived from the user’s email address, a user-specified password, and randomly generated 256-bit cryptographic salt that resides securely on Squarelink servers. Squarelink allows users to protect, access, and use any of their private keys via their Master Key
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