Custodial blockchain startup Vault12 has offered a unique solution to protect cryptocurrency assets. The essence of the idea is to attract third parties – family members or close friends.
The “personal cryptocurrency security solution” developed by Vault12 takes as its basis the cryptographic method of sharing Shamir’s secret, in which several users are simultaneously engaged in storing seed-phrase elements. If the true owner of the funds loses access to the cryptocurrency wallet, he will be able to contact the custodians for the necessary elements for the recovery of funds. According to the developers, their service even supports the remuneration of custodians for the services provided. The user can pay them in ETH.
“The modern world is difficult to imagine without active communication, whether in personal meetings or professional life. We decided to take a social approach to cryptography and provide a service that allows us to entrust asset protection to our loved ones, ”said Vault12 co-founder Blake Commagere.
The startup has attracted investments from such well-known investors as Winklevoss Capital, True Ventures and the founder of AngelList, Naval Ravikan. The amount of funds raised was not disclosed.
“Cryptoeconomics will be able to actively develop only if there are services that can provide complete security of funds. A distributed, decentralized approach to this issue, which does not require the use of a special server, significantly reduces the difficulties associated with the storage of cryptocurrency assets, ”commented Cameron Winklevoss, a Winklevoss Capital partner.
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