Many heard the crazy story of James Howells who accidentally threw away a hard drive with 7,500 bitcoin codes back in 2013.
Since the ownership of cryptocurrency is determined by whoever holding the private keys to digital assets, losing this information could means losing everything.
Because of this, digital assets holders take all precautions. Although, there seem to be no single best solution. Storing codes on the cloud is convenient, but not safe from hackers. That is why many digital assets holders use hardware wallets like USB sticks, hard drives, and phones. Since nearly everyone carries a phone device, storing digital assets on it became widespread. To access the wallet, user needs to have PIN number or Mnemonic Phrase.
“However, what happens if you lose your phone?”
Having a hardware wallet on the phone is safe from hackers but it can be devastating if the device is lost, damaged, or stolen. TrustVerse developed “MasterKey” Lost-Proof/Assurance as a solution. TrustVerse is an total Wealth Management Platform with an integrated Digital Estate Planning protocol backed by Blockchain Technology. This protocol handles digital assets as well as one’s entire online digital identity, ownership, and work via a Smart Contract. TrustVerse stands for “The Universe of Trust”.
‘MastrKey’ Lost-Proof/Assurance Solution will function as follows:
After the installation of ‘Blockchain Wallet’, a user needs to finish the set-up process. Then, the user will be allowed to add coins or tokens. If the user does not set up ‘MasterKey’ Lost-Proof/Assurance Service, there is no way to recover digital assets (referring to ‘cryptocurrencies’) in case of losing the phone.
If the user chooses to use our Lost-Proof/Assurance Service, the user first needs to register by going through the user identity verification process with an individual digital certificate registered. The ‘MasterKey’ Service works in three different scenarios:
Case 1: User keeps the mobile phone but resets back to the factory mode.
Case 2: User changes the mobile phone to a new device.
Case 3: User permanently loses the phone.
‘MasterKey’ Lost-Proof/Assurance Solution gives assurance to the user and becomes extremely useful when it comes to losing the private key under unexpected situations.
MasterKey added new features to protect DeFi Wallet and NFT assets. As a new add-on, you can store all decentralized wallet mnemonics by allowing 12 to 36 word mnemonics. Now it is possible to solve fundamental security problems for all users of decentralized services, including NFT!