Vault12 Crypto Wallet solution: Interview w/ Wasim Ahmad - Chief Crypto Officer at Vault12
Vault12 : Decentralized Custody for your Cryptocurrency
Every blockchain aficionado and crypto-lover has faced a unique problem after securing their first crypto assets. Namely, the hesitation, anxiety, and doubts about the safety and security of their newly prized assets.
Perhaps you can relate:
“You pick up a new piece of paper and peer over your shoulders as you swiftly write down your secret seed words. You make at least 3 copies as you think of 3 places to hide them where they could never be found..”
Now, in this instance… I remember my wife walking into the room looking at me “surprised” as I sat hunched overlooking highly suspicious, she remarked:
“In the blacksmith's house, a wooden knife”.
Being a part of one of the most amazing times in the history of this technological revolution, requires something slightly more reassuring and technical than a simple piece of paper to secure your crypto assets.
An incredible team of developers, advisors and world-class investors agree that this needs to be changed and so here comes Vault 12. A new platform based on “Hierarchical Shamir's Secret Sharing” - we’ll dive into what this is later - that will allow you to protect and store your cryptocurrencies with your complete control, privacy, and guaranteed reliability.
This is a necessary step toward achieving mainstream blockchain adoption as not everyone is willing to take on the same risks that current crypto enthusiasts face by “being your own bank”.
Problem
As mentioned, these are amazing times, a new economy is forming right before our eyes and for many of us, this transformation is a once in a lifetime event that will change the way we all think about money.
With the new wave of technology, users are now passed on the responsibility to maintain the information of their:
Private keys
Public keys
Location of each wallet holding assets
Password access to certain wallets
Seed Words to recover and backup certain wallets
The responsibility to maintain every form of access to these assets thus become in full control of the owner. While that is something that is a huge benefit to society, it also allows the human error and nature of mistakes to cause crypto assets to be lost permanently, due to loss a variety of reasons including forgotten keys and access.
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