Vitalik Boterin calls for wallet solutions to treat encryption loss

With the intensification of discussions on Crypto fraud after a $ 1.5 billion breeder, the co -founder of Ethereum Vitalik Buterin urges the industry to identify another great danger.

According to him, while a lot of attention is paid to prevent theft, it is not done enough to protect people from accidental loss due to the user’s mistakes.

Cross loss is still a big factor

On February 28 mail In X, Buserin selects several ways that individuals lose large quantities of encryption, including software errors, forgotten passwords, lost devices, accidental deletions, failure in a backup copy of data when upgrading devices.

The 31 -year -old explained that the victims of such losses are often reluctant to speak publicly because there is no perpetrator for a specific perpetrator to hold them accountable. He emphasized the need for the security solutions that deal with all forms of loss, not just electronic attacks.

To alleviate these risks, the co -founder of Ethereum has long called on social recovery solutions as a safer and ease of restoration of access to the wallet.

Burin’s approach to social recovery consists of personal and mechanical components. He has Proposal Use the smart nodes wallet where you can put arbitrary addresses such as guardians without expecting that these addresses use the same wallet.

Social recovery solutions

While some individuals have adopted more sophisticated security practices, the risks such as destroying devices are still existing, which requires additional safety measures.

Social recovery allows users to restore access without relying only on seed phrases, which can be lost or forgotten easily. Instead, it includes a network of reliable individuals, known as “guardians”, who can help restore access if the owner loses their own key.

One example of social recovery in practice is Argent Wallet, which Use Smart contracts to enable individuals to appoint guardians for recovery purposes.

After the latest Borin’s comments, start a Nani wallet High Its product is the first encrypted wallet with full social recovery. The company claims that this feature allows users to recover lost accounts through trusted friends or backup devices while maintaining control of the original private key.

The consequences of loss of encryption can be severe, as described in the known situation of James Hugws. In 2013, the Howwells, which contains 8000 Bitcoin (BTC), is now ignored by hundreds of millions of pounds, by mistake by his former partner.

It is believed that the device is buried in the landfill owned by the Nioport City Council. To recover BTC Lost, a lawsuit filed against the 39 -year -old council and a team of experts collected ready to conduct a $ 13 million pits on the site. Despite the legal efforts, he was unable to restore the lost cryptocurrency.