Co-founder of Ethereum Vitalik Buterin has suggested a Social Recovery technology for lost crypto. This is coming after Peter Schiff tweeted hours ago, he had lost access to his bitcoins due to corrupted wallet.
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! https://t.co/6SJvDJOZU6
Buterin in response to this expressed his disappointment at people who hold the idea or opinion that “crypto is what it is, and it’s the duty of the holder to be super-careful and write down backup seeds in three places”.
According to the first smart contract enabled blockchain creator, the industry can and should create better wallet technology to make security easier.
He further submitted a link to a suggested social recovery ERC WIP
Disappointed at people replying to this with "crypto is what it is, it's your job to be super-careful and write down backup seeds in three places". We can and should create better wallet tech to make security easier.
— vitalik.eth (@VitalikButerin) January 20, 2020
The Crypto Social Recovery works by having contacts approve a recovery process. Though still a work in progress, the WIP provides a simple to understand example of how it works “An account can be recovered if 3 of 5 of (Alice, Bob, Charlie, David, Evan) approve the recovery, but only after a secret S is revealed and the holder of secret S approves the request (S could be stored by the account holder or in a drawer).”
While others such as CEO of Binance, CZ who Said Peter Schiff should “stay in fiat” have been against Peter Schiff, bashing him, this certainly has to do with his sentiments towards Crypto, Vitalik stands with him and instead addresses one of the core reasons halting mass adoption of cryptocurrency. Complexity of products.