Optherium Labs’ MultiDecentralized Private Blockchains Network™ enables the secure restoration of a user’s lost digital assets due to a compromised private key.
At a glance:
- Lost or stolen private keys accounted for about 4 million lost Bitcoin alone last year. That doesn’t even account for altcoins, cash, or sensitive data.
- Previously, there was no remedy for a lost or stolen private key. Users simply lost all the assets stored in the affected wallet.
- Optherium’s™ Ecosystem includes a Key Recovery Service, which will reconstitute any lost assets with a simple identity verification based on the Know Your Customer service.
Digital assets stored on blockchain are highly secure compared with conventional methods, where assets are stored with a centralized authority like a bank. However, there is one major shortcoming for digital asset wallets: the only way to access them is with a private key, which is a long string of letters and numbers that should only be known to the wallet’s owner. Unfortunately, sometimes private keys can be lost or stolen, resulting in complete forfeiture of the wallets contents.
There has been no remedy for this fatal flaw – until now.
Optherium Labs™ has developed a MultiDecentralized Private Blockchains Network™ known as the Optherium™ Ecosystem. One of the many services provided by this Ecosystem is a Key Recovery Service, which allows users to reconstitute the assets associated with a compromised wallet by simply verifying their identity through the Ecosystem’s Know Your Customer service.
The cost of lost or stolen private keys
A lost or stolen private key can be devastating to a user. The more assets you’ve stored in your wallet, the harder the hit will be. Last year, a study performed by digital forensics firm Chainalysis found that nearly 4 million Bitcoin had been lost due to compromised private keys. That’s roughly 23 percent of all Bitcoin ever mined and, at the time the study was released, worth more than $30 billion.
Beyond the collective financial cost, lost or stolen keys undermine faith in the security of blockchain-based platforms. If the digital economy is to emerge and evolve into the worldwide replacement for conventional banking and financial markets that we know it should be, then complete and total loss of all assets cannot be as simple as losing access to a private key or succumbing to a nefarious cyberattack. The vulnerability is simply too great, even if the odds are remote, to convince the general public of blockchain’s potential.
Luckily, Optherium™ has solved this problem with its key recovery service.
Optherium’s Key Recovery Service secures digital assets
The basic function of the Key Recovery Service is to restore to a user the digital assets lost from a compromised private key.
Here’s how Optherium’s Key Recovery Service works:
- Private keys are kept in cold storage and shared between multiple air-gapped computers.
- Leveraging the Ecosystem’s Know Your Customer service and Dynamic Biometrics™ verification, the Key Recovery Service can verify a user’s identity without their private key.
- Since all transactions of digital assets are stored on the Ecosystem, Optherium™ can reconstitute the digital assets in the affected wallet once identity has been verified.
Through this service, users can easily regain access to their wallets with multifactor authentication, including the use of Dynamic Biometrics™. Never lose access to your digital assets again!
VivusPay™ mobile eWallet
Optherium’s mobile application VivusPay™ is available on the App Store and is coming soon to Android devices. VivusPay™ is a multicurrency wallet that enables near-instant crypto-to-fiat and fiat-to-crypto transactions worldwide. VivusPay™ allows users to be their own bank, leveraging the Optherium™ Ecosystem’s unprecedented speed and security.
VivusPay™ comes with the Key Recovery Service guarantee and the ability to achieve more than 100,000 transactions per second. With multisignature transactions enabled by Dynamic Biometrics™ verification, VivusPay™ is one of the most secure, speedy, and usable solutions on the market, and it’s all thanks to the MultiDecentralized Private Blockchains Network™.