What is the Vault12 app?
The Vault12 app is an intelligent digital vault that knows how to back up and support the inheritance of digital assets such as passwords, PINs, seed phrases, private keys, NFTs, files associated with them, and digital artwork. It basically protects everything you know and love in the Web3 world.
What is the difference between Wallet and Vault?
One of the questions we hear a lot is “What is the difference between a wallet and a safe?”
Basically, a wallet is initialized using a seed phrase or private key and interacts with the blockchain, allowing you to send, receive, buy and sell cryptocurrencies. This allows transactions to be signed and approved for execution on the blockchain.
Therefore, wallets are used to conduct many transactions and interactions with the blockchain.
Vault, on the other hand, is completely inactive. This is completely independent of your blockchain activity. There are no transactions in progress. It’s simply a place to store valuable things like seed phrases, passwords, private keys, and digital art.
So Vault is completely different from a wallet.
Why do you need both a Wallet and Vault?
Here are three reasons why you should have both a wallet and a vault to store your digital assets.
- The first reason is backups. It is very important to back up valuable assets such as PINs, passwords, seed phrases, and artwork. Everything should have a backup available if you need to access it.
- The second reason is inheritance. It can be easy to miss out on assets that should be passed on to the next generation. So, having a single inventory in one place that contains all the digital assets you want to transfer, all instructions, PINs, passwords, seed phrases, private keys and digital artwork if you become incapacitated or pass, and having a mechanism to transfer them seamlessly. That’s really important.
This is not something you can do with your wallet. - The third reason is that centralized management services are easy to lose. We’ve seen this happen time and time again every year for the past 10 years. You become a target of fraud. You become a target of hacking. Companies can go bankrupt and people can lose all their assets. In contrast, the Vault12 app provides distributed, self-archiving backups.
So if you’re interested in keeping your inheritance working with backups, that is, whatever trust and estate attorneys want you to do, make sure you have backups and make sure you’ve created a safe. We would like to inform you that you have downloaded the Vault12 app from Vault12.com/download.