According to Buterin, the brain cannot retain passwords or tracking paper wallets. Buterin’s ideal wallets are the ones that need third parties to retrieve passwords and accesses.
Vitalik Buterin, co-creator of Ethereum, talked about various topics, a relevant one is a weakness that some cryptocurrency wallers show, that weakness mostly includes hardware issues. He claimed that social recovery purses are currently his favorite alternative.
The user of wallets like these can use them normally. The highlight is that: In case users lose their key signature then they can always approach the social recovery to help them to get back the dominion over their compromised wallet.
“The user can simply contact their guardians and ask them to sign a special transaction to change the public signature key that accesses to the wallet contract for a new one,” explains Buterin.
He explains how easy is to add new tutors and also says that in any sensibly designed social recovery wallet, the tutor does not need to download and use the same wallet; the tutor can simply use the user’s existing Ethereum wallet.
“I prefer a high number of tutors, ideally more than seven”, says Buterin says that his preference lays on an ideal of at least seven tutors and clarifies that this preference is to add a major sense of security to his operations.
Keep the Guardians Unknown, it is too Risky
The Etherean community leader recommends keeping the guardians unknown; it is too risky to have known guardians because of the probability of a sudden attack increases in a very high percentage.
He recommends choosing carefully a diverse catalogue of tutors; unknown guardians can reduce the risk of coordinated attacks that may harm guardians simultaneously.
The goal of cryptocurrencies, according to Buterin, “was never to eliminate the total need for trust” but rather to “give more options who to trust.”
Moreover, cryptocurrencies permit people to build more solid forms of trust such as granting a stranger the power to do some things on their behalf but cutting them down from the possibility to act in deliberation.
Of the most popular purses are the multi-signature ones. These are Buterin’s favorites. “The Ethereum Foundation uses a 4 of 7 multi-signature wallets to store its funds, just like many other organizations in the Ethereum ecosystem,” he says.
But, for the Ethereum benchmark, all the wallets proposed so far, such as paper-wallets, hardware, and also multi-signature have several flaws. Buterin explains that sometimes multi-signature wallets decrease any attempt of additional protection against cyber-crimes. Buterin comments that the biggest trouble that happens when there is a loss of funds due to security breaches or failure, or even worse, the loss of a key is that there won’t be a second chance, you are officially at risk of losing it all, he is currently working on help making cryptocurrencies a safer place for investors.
By: Jenson Nuñez