TRIO wallet is a self-custodial, named crypto wallet for Ethereum-based networks.
In my previous post - TRIO Wallet - the Freedom from Fear, I have outlined the five issues resolved by TRIO:
the fear of losing it all, including losing the wallet or the "password" to your wallet.
the fear of losing some, including making erroneous transfers due to honest mistakes and deliberate transfer fraud.
the fear of criminals, including the infamous "5-dollar-wrench attack" and ransomware attack.
the fear of hackers, including stealing your private key
the fear of anxiety, including mistrust in technology and failed promises.
In this post, I will address the first, namely, the fear of losing everything.
Mr. Stephan Thomas did everything right: he protected his stash of bitcoins in the state-of-the-art device and put it into the "cold" for years. He did not use this device because he did not need to. Then something "extraordinary" happened. He forgot the password, and the rest is the news worldwide.
Stephen Thomas is not an average Joe Shmoe – he is a high-tech guy. He is the "face" of the bigger problem: "Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis."
Mr. Thomas could easily avoid the problem. He could even PUBLISH his password. But what kind of solution is that – the password is the key to your wallet, and you do not want to advertise your key!
This is the manifestation of a much deeper problem. We use passwords as the key to our wallets and, simultaneously, as a security barrier against thieves. It is a shaky solution.
The security barrier needs to be much stronger than the password, and the password needs to be easily recoverable. This is what TRIO does.
TRIO protects the security of your crypto-tokens using a three-fold architecture:
4-factor strong identification of wallet owner,
private key not stored anywhere,
prevention of transfer to random (fraudulent) addresses.
Four patents protect the underlying technology!
The TRIO wallet password does not carry a security burden. One can make as many wallet backups and even store wallet passwords in the cloud drive backup without fear that his funds will be stolen.
Therefore the fear of losing everything, including the wallet or the "password" to your wallet, is resolved.
Stay tuned for more!
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