Kostas Chalkias, the co-founder of Sui Network, has recently unveiled an innovative development in the world of cryptocurrency security with the introduction of a compressed 8-word mnemonic format.
The cryptography community makes extensive use of mnemonics as a means of protecting sensitive information such as secret keys and access to digital assets. These mnemonics provide direct access to the digital assets that are being stored and kept secure by it.
In recognition of the importance of user-friendly adoption, Mysten Labs will also provide an API that facilitates seamless conversion between 12-word and 8-word mnemonic formats. This feature enables users to transition to the compressed format effortlessly and conveniently.
Additionally, Kostas emphasized that the compressed mnemonic format wil not be made to be limited to cryptographic keys alone. He said that it can also be utilized for crypto salts and various other types of secrets, expanding its applicability and usefulness within the crypto sphere.
While the initial announcement by Kostas may have generated substantial excitement in the crypto community, Kostas Chalkias indicated that the forthcoming release will include algorithms, dictionaries, and APIs designed to facilitate the adoption of this innovation. These tools are currently undergoing fine-tuning based on user feedback and would be polished accordingly.
As Mysten Labs releases its innovation of compressed mnemonic format as a possible enhancement to crypto security and management, there arises a concern if a reduction in the complexity of mnemonic phrases can actually maintain security standards.
What do you think of this article? Share your thoughts below