Ethereum Founder Vitalik Buterin Discusses The Importance Of Security In Crypto Wallet

Ethereum founder Vitalik Buterin discussed the security issue of crypto wallets. (Photo; Doc. Techcrunch)

JAKARTA - Security in storing crypto is indeed very important to consider, given that crypto is decentralized and open. Therefore, Vitalik Buterin, creator of Ethereum and a billionaire, provides advice on the best methods for users in maintaining crypto security.

Buterin advises users to use a multisig wallet, which requires more than one signature before the transaction can be processed. In addition, Buterin also said it is important to own a trusted device or individual network, which he calls "guardians," which helps in maintaining crypto security. According to Buterin, this method is the method he likes the most for crypto security.

Buterin explained that both himself and the Ethereum Foundation use multisig wallets to store most of their crypto funds. Buterin also refers to "social recovery wallets," which is a crypto wallet that allows your crypto recovery with the help of others in the event of a problem.

Buterin also suggested that users have at least one guardian, which is a wallet on one of the user's devices, to remain decentralized and safe. However, if a user has more than one guardman who is controlled by himself, he must consider risks if something unwanted happens, such as being hacked, forced, or even died.

"Therefore, it is natural to have at least one guard who becomes a wallet on one of your own devices - this does not reduce decentralization to do so, and in the end, this is your money," Vitalik Buterin wrote in a Reddit post.

However, if you have more than one guard who is controlled by yourself, you will face a complicated problem: you have to trust other people less, but you also concentrate more power on yourself, which can pose a risk if you are hacked, forced, or incapable or dead," he added.

Overall, Vitalik Buterin provides advice on the best way to keep crypto security by using multisig wallets and safeguards. In addition, he also emphasized the importance of using social recovery wallets and having enough safeguards controlled by others, with each guardian on different devices. All of that is a way that users can do to keep their crypto security without having to take responsibility for all complex security settings.