Winklevoss Capital-backed Vault12 goes live with unique crypto custody solution
Thu, 31 Oct 2019, 04:43 am UTC
Vault12, a California-based crypto startup founded in 2015, has officially launched the first personal cryptocurrency security solution.
The cryptographic security platform will allow individual users to store crypto assets in a distributed and decentralized manner. Vault12 is now available in the App Store, Google Play, macOS, and Windows.
The basic idea is to overcome the challenges of storing crypto assets in local hardware and software wallets or in centralized online accounts, which have significant drawbacks and weaknesses. Towards this goal, Vault12 uses the principles of Hierarchical Threshold Shamir’s Secret Sharing and advanced proprietary technology to enable an individual’s network of trusted friends and family, known as Guardians, to safeguard their 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,” said Max Skibinksy, co-founder and CEO of Vault12.
In a press release, Vault 12 said that it provides end-to-end management of encrypted shards, ensuring that no one has to deal with cryptographic components manually. Instead of leaving recovery phrases or private keys centralized in a single place, with a single person, on a single device or within a single organization, it enables users to store crypto assets in a storage system that is on a distributed network of people and devices.
By marrying decentralized cryptography with a decentralized storage network, Vault12 basically creates an infrastructure that protects cryptocurrencies with full owner control, complete privacy, reliability, and high availability.
Crypto asset owners can quickly set up digital Vaults that are “quantum-resistant and highly resilient to attacks on any part of the cryptostorage infrastructure,” Vault12 said. They will be able to access their assets by requesting approval from their Guardians. Furthermore, in order to incentivize Guardians to help secure users’ Vaults, they are paid in Ethereum for their services.
Vault12 is backed by some of the prominent names in the industry including Winklevoss Capital, True Ventures, Naval Ravikant and Data Collective.
“Safeguarding money is necessary for the crypto economy to flourish,” said Cameron Winklevoss of Winklevoss Capital. “Vault12's distributed, decentralized, and server-less approach to security helps reduce friction associated with securing crypto assets. We look forward to seeing the company continue to innovate in the crypto security space.”
Blake Comagere, co-founder and COO of Vault12 said that Vault12 intends to “safeguard everything from legal documents to house keys and more” going forward.
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