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    Solsniper Closes NFT Marketplace After 3.5 Years, Shifts Focus to Trading Bot Development

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    FC Barcelona unveils Barca Pass crypto wallet, NFT avatars

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    Guild of Guardians Leads Despite Dip as SuperRare and Panini Skyrocket

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    Official Hyperliquid NFTs Hit All-Time High of $65,000 on OTC Desks

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    NFTs Weekly Sales Surge 24% to $142M, Guild of Guardians & Immutable Dominate in Sales

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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Home Altcoins

Ethereum founder Vitalik Buterin says ‘decentralize your security’ – Why?

May 1, 2024
in Altcoins
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Ethereum founder Vitalik Buterin says ‘decentralize your security’ – Why?
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  • Vitalik Buterin proposes “multi-sig” to solve seed phrase issues with hardware wallets.
  • Shamir is another alternative to storing seed phrases, but Buterin downplayed it. 

Self-custody wallets, especially hardware wallets, have grown popular as third-party risks become apparent, as in the case of FTX implosion. 

Crypto Twitter starkly reminds users of these risks through a catchy phrase,

“Not your keys, not your crypto.”

However, users can be the biggest risk factor to hardware wallets. They can easily forget their stashed seed or, worse, have it stolen.

Ethereum founder Buterin tips “multi-sig” to solve wallet risk

But Ethereum [ETH] Vitalik Buterin has proposed a solution to this hardware wallet problem and noted, 

“The above is why I use a multisig (Safe) for >90% of my personal funds. M-of-N, some keys held by you (but not enough to block recovery), the rest held by other people you trust. Don’t reveal who those other people are, even to each other. Decentralize your own security.” 

“Multi-sig” refers to having multiple signatories on a wallet to reduce a single point of failure. 

Alternatively, one can use Shamir backup, which typically splits the recovery seed phrase into multiple pieces (shares) across devices. 

However, Buterin downplayed Shamir’s effectiveness and claimed, 

“Way easier to screw up than a multisig.”

Throwing his weight behind “multi-sig,” Vitalik emphasized that, 

“It depends who’s storing the shamir shares! I think the questions, (i) “trust your other devices” vs “trust your friends,” (ii) shamir vs multisig, are orthogonal.”

The market for hardware wallets is set to grow from $0.35 billion in 2024 to $1.56 billion by 2029. 

See also  What to Expect From Xai as It Aims to Become Ethereum Gaming's Valve

The growth is likely to come with the above challenges, but Shamir or “multi-sig” can be possible solutions based on the user’s risk profile. 

Next: Why Ethereum’s price can spiral towards $2500 over the next 7 days
Tags: ButerinDecentralizeEthereumFounderSecurityVitalik

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