Seed phrase

Seed Phrases are Outdated - What is Next?

4 Feb 2022

Using a seed phrase has been the norm for crypto wallet recovery. The seed phrase is a set of words that grants access to your wallet when put together in the correct combination. Crypto technology today favors hardware and distributed wallets, many of which still require a seed phrase. However, new and innovative methods of crypto security are moving away from the seed phrase.

Learn why seed phrases are becoming a thing of the past and how Social Recovery is quickly taking its place!

Why is seed phrase storage going out of favor?

The seed phrase method is outdated because it is solely dependent on the user maintaining it securely. If the seed phrase is lost or stolen, the crypto assets are gone forever.

Seed phrases are long and near impossible to memorize. So they have to be stored somewhere, preferably offline. However, this can lead to users writing them down in insecure places or forgetting them altogether.

It's a bit of a Catch-22: If you store the seed phrase online, it is susceptible to hackers. If you keep it offline on paper, then you are prone to losing it. Experts argue that there is no way to maintain a seed phrase securely.

A new crypto solution called Social Recovery eliminates this problem by removing seed phrases completely. It instead relies on trusted Guardians to verify someone attempting to access a wallet.

Seed phrases vs. Social Recovery

Social recovery is a process where multiple people confirm your identity before allowing you to re-access your wallet. This system is much more secure than seed phrases because it eliminates the need for a single phrase that can be lost or stolen.

With Gridlock Crypto Wallet, social recovery is really easy and there is no need for a seed phrase. You just need 2 guardians to protect your wallet and guarantee easy recovery.

Gridlock distributes pieces of your private key to your friends (guardians). This means that no one can assemble them except you. No one can ever see your private key, including you.

A better way for crypto recovery

For crypto recovery, Gridlock wallets rely on the social proof of Guardians. This is because holders of pieces of the key (called key shares) provide permission for the recovery process. 3 of these 5 pieces are required to restore a missing piece. Furthermore, no one outside of the network of devices can ever gain access without permission.

No more worrying about seed phrase back-ups

Social recovery also has the added benefit of being user-friendly: you do not need to worry about moving your key backups between files. They are kept in secure places in a distributed fashion on your and your Guardians' devices.

All you need to do is:

  • Log in from a new device
  • Begin the Social Recovery process
  • Confirm by email and ask a Guardian to confirm too.

Crypto recovery without having to secure your seed phrase is now easier and safer than ever with Gridlock and social recovery.

With Gridlock Pro, you also get enhanced monitoring to ensure you know when a guardian has gone missing. You will also receive detailed instructions on how to fix any issues.

For a crypto wallet to be safe, security is the priority. Gridlock Pro ensures that your crypto wallet remains safely distributed. Always know that your guardians are reachable when you need them. 

Gridlock Pro is perfect for holders of large quantities of crypto!

Download Gridlock and contact us on Discord

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Written by Mason Winsed

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Mason Winsed simplifies blockchain for the people. With a comp-sci background and a passion for crypto safety, he's your go-to for straight-forward crypto wisdom. In his off time, he's coding or gaming. Join Mason for a no-nonsense crypto talk.

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