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How ERC-4337 will put an end to forgotten crypto keys - Episode 372- by cryptohunt.it
Manage episode 356913069 series 3330746
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How ERC-4337 will put an end to forgotten crypto keys
Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In plain English.
A new, and as is typical, unpronounceable technology is in crypto town. It is called ERC-4337. But despite the awkward name, this one is paradoxically meant to improve your life a ton.
The problem it tackles? That it is currently way too easy to lose your crypto forever.
As things are today, every crypto wallet on all the major blockchains is protected by a secret key only you have. This key is so complicated that you can’t possibly remember it - and not surprisingly this leads to many people losing it. Ever heard of those people who lost millions in Bitcoin? They didn’t lose the money, they lost their keys. The result? The same.
ERC-4337 puts an end to this by allowing other means of accessing wallets - for example by assigning people you trust as those who can trigger a recovery. Another option is to have multiple owners of a wallet, so there is always someone who has access.
And as bad as that name is, this could be a major step towards making crypto go mainstream because handling those keys is such a bad experience with such potentially dire consequences.
Might we just suggest a better name so the world will understand? How about “recoverable wallet”? As always, you’ll be the judge!
This podcast is produced by Cryptohunt.it, the easiest place to learn all about Web3.
Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, design is done by Carmen Rincon, and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.
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