A three-day event called Satoshi’s Vision Conference is going on in Tokyo. On the very first day of the event, everyone witnessed a very new idea which might be coming into existence very soon.
The founder and CEO of a company called Coin Storage Guru Brenden Lee introduced his new project in the Conference ‘ Safewords’. It is a new solution to safeguard the cryptocurrency passwords. The product is a 2 out of 3 distributed backup kit for private keys. There are a number of cryptocurrency holders all over the world who have written down 12-24 words for their mnemonic seed. Most of the crypto holders write these mnemonic seeds on a piece of paper and then they usually hide the material out of view.
In context to the same, Lee has designed a simplified version which can enable a way through which they can distribute the mnemonic seed between two other individuals whom they can trust on their own or two vaults with a more secure manner. The system is capable to work with any cryptocurrency which uses a 12-24 word backup. The Safewords product is having three cards which are holding 2/3 mnemonic phrase of a digital currency. This can be handed over to two separate individuals. Apart from this, the card is also having a three storage envelopes, which is particularly designed for the conference. The three storage envelopes come with three numbered tamper evident sticker seals having six unique digits.
Besides all of this, the card is also having an area to record the ‘wallet identifies’ along with the ‘hardware wallet pin’. Originally, a private key owner is liable to fill out the three mnemonic seed card which has 16 different areas available in order tow rite down 2/3 of the seed phrase on every card. Hence, any of the two cards can unlock the funds together but the remaining one card cannot. The wallet identifier is present if the wallet is a hardware device Trezor, Ledger or Keep key.
As soon as the cards are filled, the cryptocurrency owner then puts these cards into the envelopes of each individual sealing it with a tamper evident sticker. The written two cards are given to the trusted individuals with one card left with the owner only. Hence, the Safeword system seems pretty straightforward and a very different and unique method to safely keep and store a mnemonic phrase for any of the digital currency having 12-24 word seeds.