In a Reddit post, Butrin emphasized that if you’ve been “hacked, hacked, or disabled or killed,” focusing on your self-care wallet can also be bad.
Ethereum co-founder Vitalik Butrin has emphasized the importance of a diverse set of “custodians” to maximize the security of self-preservation of crypto assets through multisig and social recovery wallets.
Given the ever-increasing rate of crypto scams and hacks over the past few years, and many major crypto institutions going out of business in 2022, it’s never been more important to maintain self-protection and adequate wallet security procedures.
In a March 16 Reddit post on the r/ethereum community titled “How I Think About Choosing Custodians for Multiseg Social Recovery Wallets,” Butrin discusses how to approach wallet security. gave a detailed report.
Although they differ in structure, multi-sig and social recovery wallets rely on custodians, who act as external sources to recover funds or approve transactions. The person is a foreign wallet or an address controlled by other people or organizations.
According to Butrin, decentralizing wallet custodians is important, because owning more than one of your custodians “provides a difficult trade-off: you trust other people less, but you focus more power on yourself, which that if it creates danger you get. removed, restricted, disabled or dead” until now.
“My rule is that enough guards must be controlled by other people so that if you lose, there are enough other guards left to get your money back.”
Butrin further advised that a group of guardians should not know each other because this “greatly reduces the risk of attacks on their wallets and the property they share”. However, if something happens to the owners of the wallets, they Can find each. others
“If something happens to you, they can find each other, because in this situation (for example, contact your family) people naturally have clear standard protocols in mind.”
In addition, the Ethereum co-founder suggested that people “instruct custodians to ask a security question” that only they and the custodian will know when an action is confirmed — and only confirmed if the correct answer is given.
Related: DeFi Sees Its Biggest Hack in 2023 as Oller Loses $197M: Taxes Redefined
For Digimon traders or those who don’t play the long-term hoddle, the Ethereum co-founder also emphasizes the need to use advocates who can respond quickly to their urgent needs.
“If you screw things up with chain contracts, you need to act quickly: cash out if the contract is weak, cash out if you’re close to a potential buyer, etc. If your needs include “You want to find savers who can. Work quickly in a short amount of time.”
Finally, Butrin suggested that every parent check at least once a year, as this will confirm that they “have not forgotten or lost accounts”.
Given the increasing rate of crypto scams and hacks over the past few years, and the collapse of many crypto companies in the past year, maintaining adequate wallet security procedures has never been more important.
