It’s no secret that cryptocurrencies have a phishing problem. Users regularly face fake ads and deceptive social posts on his media, but a Federal Trade Commission report in June found that in the past 18 months alone, he has killed more than 46,000 people. I’ve been a victim of a $1 billion cryptocurrency scam.
This situation prompted Alex Taub, CEO of a startup called Upstream, to create a solution. A product called Vault DAO prevents scammers from stealing an individual’s entire collection of NFTs, even if the user clicks on an inappropriate link.
To protect against phishing links and other scams, Vault DAO allows users to create “vaults” that act as multi-signature wallets whose content requires permission from multiple accounts.
Taub opened the Vault DAO on Wednesday and selected a user, originally creating the product for his own use.
“I started doing it for myself and it made me feel better, so I showed it to some friends,” Taub said. luck“They’re like, ‘Can you set me up?’ So we started making friends. It’s been long and short.
Users can control the number of accounts required to access the vault, but Taub recommends at least two. For his own vault containing his NFTs from some of the most popular collections such as Bored Ape Yacht Club and CryptoPunks, Taub must sign off on his three accounts before accessing the vault. He said this kind of tiered access gives him peace of mind and he can do the same for Vault DAO users.
“It doesn’t mean you click every link out there, but you can be yourself without worrying about losing millions of dollars,” Taub said.
Courtesy of Alex Taub
Regarding the “DAO” part of the company name, Taub said the product was built using the same no-code technology used to build DAOs (Distributed Autonomous Organizations), Upstream’s core business. increase.
Taub adds that Vault DAO can serve as an alternative to other products, such as hardware wallets and “hot” wallets, each with their own drawbacks. Hardware wallets are considered more secure because the keys to access your crypto or digital assets are stored on an offline physical device.The downside is that you can always lose your device. That’s it, he says Taub.
At the same time, internet-connected “hot” wallets can also hold digital assets, but usually at the whim of centralized companies, he said.
At Wednesday’s launch for early access users, Taub wants to gather feedback on how to improve the product. After refining the product based on user input, Taub plans to charge a subscription fee for access to his Vault DAO in the future and roll out the product to everyone in the coming months. said he planned to.
“We can’t answer every security question in the world,” he said. “But I’m going to at least protect this basic hack: ‘I click a link. I lose my stuff,'” he said.
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