1 year ago
According to Venket Naga, the CEO of Serenity Shield — a privacy-preserving decentralized exertion — galore of today’s crypto holders recognize the value of not conscionable protecting and preserving their assets but the quality “to walk them connected successful lawsuit of unexpected events.” In written answers to questions sent by Bitcoin.com News, Naga besides argued that the much-desired wide adoption of cryptocurrencies cannot beryllium achieved “without a robust property readying solution.”
‘A Blockchain Problem Requires a Blockchain Solution’
Venket Naga, CEO of privacy-focused decentralized exertion Serenity Shield, believes that inheritance plans successful crypto are important, but besides acknowledges that having specified a program comes with risks which see the nonaccomplishment oregon theft of backstage keys. The CEO besides agreed that successful immoderate cases, hardware devices utilized to store integer assets whitethorn go compromised and this could pb to imperishable losses.
However, Naga insisted that crypto holders tin inactive flooded the risks associated with having an inheritance program by choosing a solution which uses astute contracts and non-fungible tokens (NFTs) to securely store and transportation keys to an individual’s chosen beneficiaries.
Meanwhile, the Serenity Shield CEO besides gave his thoughts connected the concern astatine the crypto retention instrumentality shaper Ledger, and however the firm’s caller communications sparked a furious idiosyncratic backlash.
Below are Naga’s answers to questions by Bitcoin.com News.
Bitcoin.com News (BCN): Over the years arsenic galore arsenic 4 cardinal bitcoins are said to person been mislaid forever. Many of specified coins were stored successful wallets owned by hodlers who passed distant earlier they could stock passwords oregon springiness anyone entree to these. Although determination are ongoing attempts to punctual crypto holders astir the value of having an inheritance plan, the fig of bitcoins mislaid successful the aforesaid mode continues to grow. This whitethorn suggest that galore crypto investors person not taken heed of the message. In your opinion, is this inactive the lawsuit with galore crypto holders and if truthful what could beryllium the reasons?
Venket Naga (VN): In the aboriginal years of cryptocurrency, galore token holders had apt not understood the afloat value of having an inheritance program for their integer assets. Crucially, this question reflects the halfway of our thought process and task execution, particularly successful the post-pandemic satellite wherever caller events person reshaped our lives and our attack to readying for the future. With the important maturation of the crypto marketplace since 2019, reaching a trillion-dollar capitalization, the question of “what if?” has go much prominent. People are starting to recognize the value of protecting and preserving their assets and being capable to walk them connected successful lawsuit of unexpected events.
To code this analyzable situation, a blockchain occupation requires a blockchain solution based connected cardinal principles specified arsenic privacy, security, and self-custody. Without a robust property readying solution, wide adoption of cryptocurrencies cannot beryllium achieved. The request for inheritance readying is rooted successful a cosmopolitan quality worth that has been practised for generations. Fundamentally, our past shapes reality, and fuels anticipation for the future.
BCN: It is logical that immoderate crypto holders whitethorn not deliberation of having a contingency program due to the fact that the worth of their crypto assets is insignificant. For those that bash plan, however the backstage keys are stored is 1 important origin to cautiously see owed to the risks that whitethorn beryllium involved. What are these risks and however tin crypto holders flooded them?
VN: Firstly, it is important to stress the binary quality of backstage keys and to item that preserving delicate information extends beyond passwords, backstage keys oregon finances. It besides includes idiosyncratic items similar documents, letters, and cherished household photos.
While the risks associated with storing backstage keys for crypto assets see loss, theft, and unauthorized entree and tin effect successful imperishable nonaccomplishment of assets, we indispensable recognize that the aforesaid risks and consequences tin beryllium for each information types.
To flooded these risks, astatine Serenity Shield, we developed the StrongBox®️ dapp to guarantee information information without storing integer assets oregon offering a wallet. It offers a blockchain solution to safeguard delicate accusation and supply entree to confidential data, frankincense addressing the situation astatine hand.
Combining the method capabilities of cryptography alongside our halfway principles of privacy, information and self-custody, fundamentally, Serenity Shield is bringing the blockchain and Web3 statement backmost to its halfway values: Don’t trust. Verify!
BCN: Your decentralised exertion is said to usage astute contracts and non-fungible tokens (NFTs) to securely store and transportation the keys to an individual’s heirs oregon beneficiaries. Can you archer our readers however this works and wherefore would anyone holding important amounts of crypto privation to usage a solution similar this?
VN: Serenity Shield ensures robust information measures to support idiosyncratic information and assets. While I can’t delve into heavy details here, our broad achromatic insubstantial provides extended explanations.
In summary, Serenity Shield employs aggregate layers of encryption, including military-grade AES 256, to safeguard your data. This encrypted information is stored wrong a privacy-by-design astute declaration connected the layer-1 Secret Network. A viewing key, which allows entree to the encrypted data, is issued and past sharded into 3 abstracted NFTs [non-fungible tokens]. Each NFT represents a fragment of the multi-encrypted viewing cardinal known lone to the user.
The information architecture ensures that the information cannot beryllium retrieved from immoderate azygous NFT. It’s comparable to uncovering a breached oregon partial cardinal successful the immense ocean. Moreover, the NFTs are made untraceable on-chain done Prism++ exertion by Findora, a layer-1 privateness network.
In essence, Serenity Shield serves arsenic a broad privateness hub, incorporating the expertise of apical privateness exertion professionals to supply users with the utmost information and confidentiality. Our level offers users a decentralized inheritance solution, providing convenient entree to assets anytime, anywhere, portion ensuring unafraid and seamless transportation of their confidential information oregon backstage keys.
BCN: Just similar immoderate solution which requires the authorization of 2 oregon much parties, determination is ever the anticipation of the alleged collusion onslaught to reconstruct delicate information. How tin this beryllium prevented?
VN: It is simply a valid interest we person anticipated and person taken measures to code this proactively. To clarify, successful our solution, erstwhile the users person minted the 3 NFTs, each NFT serves a circumstantial purpose:
- One NFT is allocated to the user’s wallet.
- Another NFT is allocated to the user’s chosen nominee (Remains inactive until the astute declaration parameters are triggered).
- The remaining NFT is securely stored successful 1 of our randomly designated vaults.
To guarantee information recovery, our strategy lone allows it erstwhile the user’s NFT oregon the nominee’s NFT interacts with the NFT stored successful 1 of our vaults done our API. By design, collusion oregon malicious acts are prevented arsenic neither the user’s NFT nor the nominee’s NFTs tin retrieve immoderate accusation independently. It requires enactment with the NFT stored successful the Serenity vault.
Furthermore, our strategy incorporates aggregate verification processes to guarantee the authenticity and integrity of the NFTs earlier allowing them to merge with the vault NFT. These verification processes (calibrated by the user) adhd an further furniture of information to forestall unauthorized entree oregon tampering.
BCN: Recently the hardware wallet shaper Ledger was forced to intermission the rollout of its cardinal betterment work pursuing an outcry from users worldwide. In your view, what caused truthful overmuch idiosyncratic backlash and, successful hindsight, what could person been the close approach?
VN: Let maine statesman by saying that, similar galore others, we became alert of the Ledger concern owed to the nationalist outcry and backlash that entered the mainstream media. Interestingly, we initiated connection with Ledger astir a twelvemonth and a fractional ago, offering collaboration and sharing details connected our solution. However, it seems that our connection whitethorn not person been perceived arsenic an important taxable oregon aligned with their roadmap astatine that time, arsenic they didn’t prosecute the substance with us.
From our perspective, Ledger’s existent situation, arsenic described successful the nationalist domain, whitethorn stem from the deficiency of clarity regarding its information retention structure. This could person raised superior concerns wrong online communities astir the cardinal aspects of privateness and security.
Furthermore, the proliferation of videos connected YouTube has exacerbated the uneasiness felt by respective Key Opinion Leaders (KOLs) regarding privateness issues. The reliability of Ledger’s work has been called into question, and users whitethorn deliberation that their communications during this clip bash not align with the halfway values of spot and verification upheld by the blockchain community.
At Serenity Shield, we person taken a antithetic approach, which we judge to beryllium the close one. We person implemented a solution that does not displacement the occupation onto a hardware instrumentality oregon Web2 storage. Additionally, we bash not connection a solution that requires different wallet and a caller acceptable of effect phrases that would different perpetuate the effect operation problem. Furthermore, we bash not store immoderate idiosyncratic data, frankincense preserving a user’s privateness and self-custody.
While achieving our objectives takes time, we stay steadfast successful our principles. We consistently advocator for inclusive and collaborative policies, positioning ourselves arsenic an aggregator wrong the blockchain abstraction and actively seeking partnerships with different projects. As mentioned earlier, we had reached retired to Ledger successful the past for a imaginable collaboration based connected our exertion and merchandise offering, but unfortunately, nary result was reached astatine that time.
Today, Serenity Shield stands arsenic a pillar upholding the cardinal halfway values of blockchain, promoting privacy, security, and self-custody. Our eventual extremity is to empower individuals worldwide.
What are your thoughts connected this interview? Let america cognize what you deliberation successful the comments conception below.
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