As the number of hacking reports among the cryptocurrency wallets increases, Vitalik Buterin, the Co-Founder of Ethereum says that the cryptocurrency wallets should be made more secure for its users.
In a recent tweet by Vitalik, he says that the Ethereum Foundation is ready to invest in development projects which are aiming to tackle these issues.
According to him, today’s technology measures are inadequate due to the following reasons:
- Lack of available options
- Lack of oracle providers for the semi-centralized options
- Lack of standardized support across wallets
- Lack of good first-class citizen support for multisig in Ethereum
He mentioned that some of the technologies like Bitcoin MultiSig wallet, Bitcoin Vaults, and uPort smart contracts have the capability to improve the current state of cryptocurrency wallets.
Vitalik Buterin recently tweeted:
“Cryptocurrency is an ideal trial-by-fire zone for new security tech. Incentives to attack and presence of anonymous attackers is very high. If a security technology survives in this environment, then it’s definitely good enough to consider rolling out in more mainstream contexts.”
Victor Zhang, a blockchain developer commented:
“We are working on an ETH wallet
- It can interact with smart contract to perform real use case, like a wallet App Store, each token is an app.
- We contribute to ERCs, the first one is ERC 875.
- We are working on protocols to replace the current “backup keystore” process.”
A Twitterati says:
“Vitalik, check out $BLUE.This project started as a free airdrop with a shipping product. Since the beginning @Blue_Protocol was a bootstrapped project. Currently finishing up D2FA and a contract scanning SDK that can be used by wallet makers, exchanges, eCommerce companies, etc.”
Matt Moynihan, a FinTech and Blockchain enthusiast says:
“YES! Finally someone in crypto talking usability and design. This focus is what will accelerate adoption.”
According to him, security of the cryptocurrency wallets have not been taken seriously and the security flaws which he mentioned in an article in the year 2013 still persists. He further added that it is not realistic to assume that a non-technical user not to make errors. Therefore, increasing the security of these wallets have become a necessity which would help both users and developers equally.
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