TRIO wallet is a self-custodial, unhosted crypto wallet for Ethereum-based networks.
In my previous post - https://www.id-bound.com/post/what-can-go-wrong-with-p2p-payments-and-how-trio-fixes-them - I wrote about how TRIO handles payment security.
But we use wallets not only for payments but also to hold cryptocurrency for unlimited periods. A lot has been written about how risky crypto is. Naturally, any person must do his best to protect his savings.
Why would anyone want to risk his money being stolen if this is what they get in typical Terms of Use of crypto-wallet?
"The User understands that the User must keep his password and private key safe and that the User may not share them with anybody. The User further understands that if his private key and/or password is lost or stolen, the User will not be able to generate a new password or recover his private key. Moreover, the User understands that no recovery mechanism exists for lost keys and passwords, and WE have no way to assist the User to retrieve or reconstruct a lost password or private key and that WE cannot provide that User with access to any lost Tokens."
I wouldn't!
But many people do accept the risk: according to the Wall Street Journal, More than $1.7 billion in cryptocurrency has been stolen over the years, most of which has come from exchanges and been centered around Asia. Mr. Schneier correctly wrote that :
“If your bitcoin exchange gets hacked, you lose all of your money. If your bitcoin wallet gets hacked, you lose all of your money. If you forget your login credentials, you lose all of your money. If there's a bug in the code of your smart contract, you lose all of your money. If someone successfully hacks blockchain security, you lose all of your money. In many ways, trusting technology is harder than trusting people.”
I have written previously about these problems here: https://www.linkedin.com/pulse/sad-saga-private-key-eli-talmor/
In the following series of posts we will address the following issues, to be resolved by TRIO:
the fear of losing it all, including losing the wallet altogether or losing 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 fear, including mistrust in technology and failed promises.
Stay tuned!
Comentários