Vitalik Buterin, the co-founder of Ethereum, publicly preferred multisig to Shamir backup. “way easier to screw up” For ordinary users.
A discussion between crypto enthusiasts has brought up concerns about security issues associated with cold wallets. The conversation was prompted by Ethereum founder Vitalik Buterin‘s raised concerns regarding their potential pitfalls.
Peter Watts from the NFT platform Reservoir went live on X, warning about the dangers that hardware wallets pose. Watts mentioned the possibility of losing the seed phrase or rapidly moving the assets in a safe deposit box of a financial institution, which is especially true during sudden events, such as COVID-19.
Vitalik Buterin jumped into the conversation and advocated for multisignature, also known as multisig( ) Solutions for the security of personal funds. Buterin doesn’t dismiss the concept of cold wallets. Instead, he emphasizes decentralizing and multisignature setups that require multiple keys for each transaction.
The need to a “M-of-N” Configuration, in which some keys are controlled by an individual and others by a trusted person, all without revealing their identity to one another.
Tobby Kitty, an Ethereum investor, responded to Buterin’s suggestion by proposing Shamir. This is a method of splitting up cryptographic passwords or keys into several parts. “shares.” Buterin emphasized that while Shamir is a good thing, it should not be used as a replacement for the shammir. “way easier to screw up” Multisig is less secure than single-signature because the secrets must be handled and stored with care. It could be difficult to put together the secret if any of these pieces are misplaced or incorrectly handled.
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Source: crypto.news
