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Beyond the Seed Phrase: Building the "Safest Web3 Wallet in the World"

Kelly Massad, CEO of Mainstay Digital, and Rohan Agarwal, co-founder and CEO of Cypherock, a Consensys Labs-backed company that is building "the safest web3 wallet in the world," talk about how five pieces of ID can keep your digital assets safe.

One of the biggest challenges facing crypto holders is keeping their crypto safe. Cold wallets, hot wallets, crypto exchanges, multi-factor authorization, biometrics and a 12-word passphrase are just some of the means ‘coiners use to secure their stash. But nearly all have seed phrases, and when that gets compromised, your stash is lost. Rohan Agarwal has built what he argues is the safest wallet yet for the web3 world. He sat down with Roundtable’s Rob Nelson at Bitcoin 2022 in Miami to explain.

"It's a hardware cold wallet essentially," said Agarwal. "You have your digital wallets, software wallets, hardware wallets, every other wallet out there in the world, that store your private key in a single place. If that gets compromised, your private key and hence your crypto assets can get compromised."

He continued, "We've already seen even the most secure wallets already had a few leaks. The way we differentiate and why we think our wallet is at least 10 times more secure than what is out there in the world today is we never store the privacy itself in a single place, we essentially decentralize the privacy for the user with self-custody. “

The key to the Cypherrock wallet is that the private data needed to access a user’s crypto is decentralized into five different parts, which can be stored in different locations. “So one could be a bank locker, another one, maybe a home, maybe your parents' house.” 

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Watch the full discussion below:

ROUNDTABLE PARTICIPANTS:

Rohan Agarwal, co-founder and CEO of Cypherock

Kelly Massad, CEO of Mainstay Digital