V God: wallet design needs to meet three key conditions

V God: wallet design needs to meet three key conditions

11/1/2021

V God: wallet design needs to meet three key conditions

On January 11th, Ethereum founder V God released the article "Why do we need to widely adopt social recovery wallets", which introduced the technology, principles and value of social recovery wallets. He stated in the article that the issue of wallet security is very important and should not be underestimated. It also pointed out that the wallet design should meet three key conditions. Firstly, there is no single point of failure. Secondly, it is low mental consumption. As far as possible, users are not required to spend their brains to remember certain behavior patterns. Thirdly, transactions are simplified to the greatest extent. He believes that social recovery of wallets is an expression of "encrypted value". The goal of cryptocurrency is never to eliminate trust in everyone. On the contrary, the purpose of encryption is to enable people to use encryption and economic building blocks, so that people have more choices of objects to trust, and allow people to establish more restricted forms of trust. Multisig and social recovery are the perfect expression of this principle. Every participant has some ability to influence the acceptance or rejection of transactions, but no one can unilaterally transfer funds. This more complex logic can make the setup much safer than the situation where one person or key must control the funds unilaterally.


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