12 word seed phrase replacement innovations are something I…
12 word seed phrase replacement innovations are something I am most excited about.
I think this remains a understated hurdle, and I have heard of great innovations to replace them, but haven't seen many in the wild yet
Replies
How would you like to backup / import your coins, if you had a wish?
Security questions turned into a seed phrase (10/12) for example...people can still write them down and store securely as we do now...but for low/medium security questions are good enough
I think the best way is backed up and encrypted in your device's TEE (trusted execution environment). Would need to be a multi key system (physical device) (pin code/computer password/fingerprint) (security questions)
With the goal being a quick "secure enough" onboard where the user doesn't have to mess with the seed phrase until learn more about it and/or choose to
But I am excited to learn more about threshold signatures...I don't know much about them yet
A problem with the seed is, that you can attack ALL seeds at the same time. So 'secure enough' is quite a high threshold...
... It's a big difference to an encrypted file, in which you can only attack ONE at the same time. What would you think about having your keys encrypted on the blockchain and accessible with a password?
A general problem of passwords is that the key is hashed of it on the server side to grant access to clear text data. If you hash the key on the server side you can make it much harder. Also, combine it with pin will help
I like that idea, especially for the initial "good enough" onboard. The biggest issue being password management. I have myself lost passwords and help others that always forget.
But with increased adoption of password managers I think this is viable