Welcome to the Succession Spotlight series. Here we do deep dives with guests to explore solutions, problems, and services for people holding decentralized assets.
In our first article, we are pleased to introduce you to Wasim Ahmad from Vault12 Guard.
I met Wasim at NFT_NYC in London last year, where we discussed all things Web3 Inheritance.
Earlier this month at NFT_NYC in New York, Wasim detailed the exciting relaunch of Vault12 Guard in a Q&A.
What is Vault12 Guard?
Vault12 Guard is a secure, inherited and self-archiving backup app that lets you safely store web3 wallet seed phrases, private keys, NFT media and digital art in a digital vault. All of your assets are encrypted, split and sent to the “custodian” you choose to keep them safe. When needed or inherited, the Guardian can unlock pieces of your encrypted assets to reunite and access them.
Our app is designed for everyday consumers who purchase cryptocurrencies and NFTs from various exchanges and marketplaces across all blockchains and mobile phones (iOS and Android).
What is your role at Vault12?
As with any startup, everyone wears different roles. After leading the fundraising effort, I focused on growing our customer base to over 60,000 customers strong.
What can I store with Vault12 Guard?
Basically, Vault can store any digital asset or file. Typically, people store seed phrases, private keys, and back up web3 wallets (including NFTs) and associated digital media.
How does Vault12 Guard help secure access to Web3 assets?
All web3 assets are connected to the blockchain and therefore connected to a web3 wallet, which is the interface to those assets. These wallets are protected via private keys and seed phrases, and Vault12 Guard backs them up in a digital vault, giving you a way to access those assets using what’s stored whenever you change or lose your web3 wallet or forget your seed phrase. . From the bolt.
How does Vault12 Guard ensure that the asset holder dies?
The biggest challenge when collecting web3 assets for inheritance is keeping track of them across every exchange, every blockchain, every marketplace, and every gallery. No one place has access to all your assets. This is where Vault12 Guard comes into play. By regularly backing up all your web3 wallets, you can always have an accurate inventory of all your assets. So when the time comes for inheritance, you can pass the entire Vault directly to a designated individual. This person can then work with attorneys, executors, etc. to pass the assets to the rightful heirs.
For hardcore tech fans:
What wallets does Vault12 Guard support?
There are no restrictions. All wallets are supported. Not limited by wallet integration or blockchain.
Which blockchains does Vault12 Guard work with?
Vault12 Guard is not tied to any specific blockchain. Store and retrieve your assets from anywhere.
How does Vault12 Guard work with smart wallet ERC 4337?
First, let’s look at what they have in common. ERC 4337 account abstraction arose because managing web3 accounts via private keys and seed phrases was cumbersome. It’s worked for the OG cryptocurrency experts, but it doesn’t scale to where we all believe adoption will go – for everyone. Smart wallets therefore use smart contracts to handle the nitty-gritty of account/key management and enable features such as social recovery (the ability to recover wallet assets through a network of designated individuals). This is exactly what Vault12 Guard does for Guardians. Instead of using multi-signature, Vault12 Guard uses an enhanced form of Shamir secret sharing, designed to be simple for non-technical customers.
The difference lies in the technical implementation. ERC 4337 is bound to the Ethereum blockchain. You don’t have to trust the seed phrase and private key, but you do have to trust the smart contract running on that particular blockchain. This poses a problem considering that many popular web3 assets do not actually reside on the Ethereum blockchain. It’s a good idea, but it doesn’t work for everyone, everywhere, all the time.
Vaut12 Guard is specifically designed to be decentralized, decentralized, and peer-to-peer, and is independent of the underlying blockchain, cryptocurrency, and device. So we like the idea of ERC 4337, and it has a much broader implementation to solve the same problem.
How you plan to deliver decentralized assets is important, and anyone interested in more information about Vault12 Guard can learn more at https://vault12.com/.
disclaimer: The guests, products and services featured in the Succession Spotlight series are not endorsed or recommended by Crypto Succession Hub, and the series does not represent an advertisement for or association with any product or service. As always, do your own research.