SAN FRANCISCO, Oct. 30, 2019 /PRNewswire/ -- Vault12 launched today at San Francisco Blockchain Week as the first personal cryptocurrency security solution to provide distributed, decentralized backup of crypto assets for individual users. 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. To incentivize Guardians to help secure users' Vaults, Guardians will be paid in Ethereum. The company is backed by Winklevoss Capital, True Ventures, Naval Ravikant and Data Collective.
Cryptocurrency assets are routinely stored in local hardware and software wallets or in centralized online accounts. Unfortunately, these approaches have significant drawbacks and weaknesses. Exchanges are vulnerable to hacks and theft, while wallets are often lost or keys are forgotten by owners, resulting in billions of dollars in lost cryptocurrency that will never be retrieved.
"One of the unresolved challenges for the mass adoption of cryptocurrency and the blockchain economy is the continued challenge and burden associated with securing crypto assets," said Max Skibinksy, co-founder and CEO of Vault12. "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."
Vault12 is the first cryptographic security platform to provide end-to-end management of encrypted shards, ensuring that no one has to manually deal with cryptographic components. 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, the platform conveniently enables users to store crypto assets in a storage system that is not located on any cloud server, but only on a distributed network of people and devices.
Vault12 marries decentralized cryptography with a decentralized storage network to form an infrastructure that protects cryptocurrencies with full owner control, complete privacy, reliability, and high availability. Owners of crypto assets can quickly set up digital Vaults that are quantum-resistant and highly resilient to attacks on any part of the cryptostorage infrastructure. Users will be able to access their assets by requesting approval from their Guardians, who will be paid in Ethereum for their services.
"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."
"Security is the lifeblood of industry, commerce and leisure," said Jon Callaghan, co-founder of True Ventures. "As more people use decentralized applications, they will need a way to back up their crypto wallets and exchange accounts. Vault12 provides a simple and natural way to reduce risks and combat the fear of forgetting seed phrases and private keys."
"Today's world relies heavily on our social circle in both our personal lives and our professional lives. That's why we're taking a more social approach to cryptography and entrusting our loved ones to guard our assets," said Blake Comagere, co-founder and COO of Vault12. "Today we're safeguarding crypto. In the future, we plan to safeguard everything from legal documents to house keys and more."
Vault12 is now available in the App Store, Google Play, macOS, and Windows. Download on https://vault12.com.
Vault12 is the first personal crypto security solution to easily secure, store and protect crypto assets from anywhere in the world. Founded by security, cryptography and gaming veterans, the platform utilizes Hierarchical Threshold Shamir's Secret Sharing and proprietary technology to protect private keys with a trusted network of friends, family, and devices.