Zilliqa, a new blockchain platform designed for highly scalable decentralized applications has finally made its debut. Although the ZIL token is still not available on major exchanges, it will allow developers to build and release their projects at less than half of what Ethereum currently costs
The “zilliqa price prediction long term” is a new feature that has been added to the Zilliqa cryptocurrency. The social recovery is now available on Zilliqa at a fraction of the cost of Ethereum.
Tyron SSI has announced the release of a social recovery wallet based on the Zilliqa blockchain.
The protection of lost or stolen wallet assets is one of the most serious difficulties that crypto users confront. There is no lack of tales about this kind of situation, which is all the more heartbreaking when millions of cash are involved.
Consider the instance of computer scientist Stefan Thomas, who had forgotten the password to his IronKey disk, which housed his Bitcoin wallet with over 7,000 BTC (about $420 million at today’s market). After 10 incorrect password tries, the contents of this device are erased as a security precaution.
In response to this issue, Ethereum co-founder Vitalik Buterin published a blog in January this year titled “Why We Need Wide Adoption of Social Recovery Wallets.” In it, he introduced the notion of social recovery wallets, arguing that they had benefits over current methods.
What is a social recovery wallet, and how does it work?
The “guardians” notion underpins the social recovery wallet concept, and Buterin suggests a minimum of three guardians. However, transactions are still approved using a single “signing key.”
vitalik.ca is the source of this information.
The social recovery wallet functions similarly to any other cryptocurrency wallet. However, if the owner loses their signing key, they may contact their guardians and request that the signing key be changed to a new one.
“The user may simply contact their guardians and request that they sign a specific transaction to replace the wallet contract’s signing pubkey with a new one.” This is simple: they just log in to a website like security.loopring.io, sign in, and look for a recovery request to sign. It’s about as simple as making a Uniswap exchange for each guardian.”
Buterin went on to say that the three most probable guardians are another device owned by the wallet user, relatives or friends, or institutions with some kind of recovery process, such as email or phone confirmation.
Zilliqa now supports the notion of a social recovery wallet.
The Argent Wallet and Loopring Wallet are two Ethereum-based social recovery wallets. However, Tyron SSI points out that the social recovery option on Argent cost more than $120 to create.
To promote widespread usage of this feature, this is excessively costly. Tyron SSI’s Zilliqa-powered social wallet, which costs $0.10 to start up, is a far better solution for common consumers.
“Your Tyron self-sovereign account is the safest wallet out there.” Despite the fact that @argentHQ has social recovery, the production cost exceeds USD 120! Tyron accounts cost roughly USD 0.1 to produce, which is thousands of times less than Argent’s wallet.”
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Posted in: Wallets, Technology
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Zilliqa is a cryptocurrency that has been in the news lately. Zilliqa was recently listed on KuCoin, and it’s price has skyrocketed. Now, social recovery is available on Zilliqa at a fraction of the cost of Ethereum. Reference: zil price prediction tomorrow.
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