The blatant tradeoff blockchains make in achieving immutability

— and here’s the only project addressing the issue

“The biggest issue in blockchains today is scalability”

This is a fallacy many people credit as the most critical issue in blockchains. This is what the hype around Nano last December was all about. A fast cryptocurrency that solves scalability is here, so we should now see adoption, right? Wrong. Not only was Nano not adopted by consumers for peer to peer payments, but all of the enthusiasm around it has diminished.

What’s the actual issue with cryptocurrency?

The premise of a cryptocurrency is that it is more secure and more decentralized than a centralized fiat currency. Let’s go over each of these concepts briefly. Decentralized indicates that it is economically, geographically, and/or systemically decentralized.

User security

In 2017 alone, 978 million people were victim to cyber theft. That’s about 12.8% of the entire world’s population. But this number is skewed, because it includes the large population of the world that is underdeveloped. 143 million Americans lost money to online thefts in 2017. That’s 43.7% of the entire American population.

Distributed, decentralized, and serverless digital custody

Vault12 is an application that utilizes Shamir’s Secret Sharing, invented by Adi Shamir, to split digital information into any number of shards. From there, a specified number of shards are required to restore and reconstruct that digital information that was split. How does it work? Let’s go over that.

Process of inviting guardians to safeguard your crypto assets
Process of creating a vault for a piece of digital information, in this case the seed words for Jon’s Trezor
Process of reconstructing one’s digital information

It’s that simple

The user interface on this magnificent application is extraordinary. It doesn’t really feel as though it’s a cryptocurrency application, because every single cryptocurrency application we use today is over complicated and just feels terrible to use. Vault12 is not only a user-friendly application, but it’s addressing the greatest issue in cryptocurrency of present. Now, let us address some potential concerns.

Conclusion

This is a serious group of people with a strong history of executing sharply — looking to solve a serious problem, with a serious product, and some serious progress. I’ve grown fond of the product Vault12 intends to deliver. I’m excited to see what Vault12 will bring forth when the product launches. Currently, I have made no investment position in Vault12. I truly believe that Vault12 can make an everlasting impact on the cryptocurrency space and make a strong push towards actual adoption of cryptocurrency for payments.

Technologist.

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