There is a growing concern regarding the menace of crypto theft in the cryptocurrency industry. And to build a sustainable future around the nascent industry, there is a need to find a means of reducing the chances of success of these ever determined crypto thieves.
Vitalik Buterin, the co-founder of Ethereum (ETH) has taken time to buttress this subject matter in a blog post. He also suggested a lasting solution to the menace.
In the blog post published on 11th January 2021, Buterin stressed the need for broad adoption of social recovery wallets. In his opinion, this will prevent crypto holders from losing their assets by any possible means.
Vitalik Buterin’s Suggestion
In the blog post, the young tech expert commended the solutions and efforts put in place in the past, such as hardware wallets, multi-sig wallets, paper wallets, among others. According to Buterin, all these devices significantly improved the security of coins and tokens of users.
“There have been many solutions proposed over the years: paper wallets, hardware wallets, and my own one-time favorite: multisig wallets. And indeed they have led to significant improvements in security,” Vitalik Buterin said in his blog post.
Howbeit, the Ethereum co-founder is of the opinion that these solutions used over the years still lack that extra protection that will adequately put crypto holders at a safer side:
“…there is an emerging better alternative: a newer type of smart contract wallet called a social recovery wallet. These wallets can potentially provide a high level of security and much better usability than previous options, but there is still a way to go before they can be easily and widely deployed.”
According to Buterin, with the social recovery in place, critical criteria that will be addressed include “no single point of failure,” “low mental overhead,” and most especially, “maximum ease of transacting.”
In conclusion, there are lots of crypto thefts happening daily and if things go as explained by Vitalik Buterin, the activity of crypto thieves is expected to reduce considerably.