Vitalik Buterin is an influential figure in the crypto ecosystem, as the co-founder of Ethereum . He frequently shares his thoughts and research via various media. This time, it is about the security of wallets that he spoke. Details on his vision of protecting your cryptos.
PROTECTION OF YOUR CRYPTOS: PAY ATTENTION TO THE CENTRALIZATION OF WALLETS
Cryptocurrencies have revolutionized the financial world by offering an alternative that allows you to be your own bank. However, being your own bank means that you must manage the security of your funds yourself.
In a Reddit post dated March 16, Vitalik Buterin expressed his opinion on the matter. According to Buterin, it's important to decentralize wallet guardians , because having more than one of your guardians presents a tricky trade-off.
“ You have less trust in others, but also focus more power in yourself, which can create risk if you are hacked, coerced, incapacitated, or killed. »
When he talks about guardians, Vitalik Buterin refers to the use of a multisignature wallet . These allow you to decentralize the ownership of your private key. In addition, custodian-based systems also frequently incorporate social wallet retrieval mechanisms. Custodians can be sets of external wallets owned by the same person or addresses controlled by other people or entities.
DIVIDE AND RULE
In addition, Vitalik Buterin also recommends that a person's guardians do not know each other. In effect, this reduces the risk of a plot to attack the user's wallet.
“If something happens to you, they can always find each other. Indeed, there are obvious standard protocols that come naturally to people's minds in such a situation, such as making contact with family. »
However, the creator of Ethereum goes even further. Thus, he suggests setting up some sort of secret code with your guardians . This would be used to validate operations that require the intervention of the guardian, while being sure that no usurpation can be carried out.
As you will have understood, Vitalik Buterin does not skimp on the means when it comes to the security of his cryptocurrencies. In addition, these practices also ensure the security of the holder of the cryptocurrencies . Indeed, it is not able to move its own funds. A situation that can save you in the event of crypto-jacking.
With the steady increase in cryptocurrency-related scams and attacks in recent years, maintaining proper security procedures for wallets has never been more crucial. Thus, many hacks, such as those targeting MetaMask wallets, could have been avoided through the use of a mutlisig wallet .
