Welcome to our Succession Spotlight Series where we will explore solutions and services for individuals managing decentralized assets through in-depth conversations with our guests.
In our inaugural episode, I’m thrilled to present Wasim Ahmad from Vault12 Guard.
I had the opportunity to meet Wasim at NFT_NYC London last year, where we engaged in discussions on Web3 Inheritance.
Just recently, we reconnected in New York at NFT_NYC, and Wasim shared insights about the thrilling relaunch of Vault12 Guard in this Q&A:
What exactly is Vault12 Guard?
Vault12 Guard is an application for security, inheritance, and self-custody backing that lets users securely preserve their web3 wallet seed phrases, private keys, NFT media, and digital artwork within a digital Vault. Your assets are encrypted and divided, then distributed to your chosen “Guardians” for secure storage. When needed, or in the case of inheritance, these Guardians can unlock the encrypted segments of assets for access.
This app is intended for everyday consumers who have acquired cryptocurrencies and NFTs across various exchanges and marketplaces on any blockchain and device (iOS and Android).
What is your position at Vault12?
In typical startup fashion, everyone has multiple responsibilities – I spearheaded our fundraising initiatives and am currently focused on growing our user base to over 60,000 clients.
What types of items can be stored using Vault12 Guard?
Essentially, your Vault can accommodate any digital asset or file. Generally, users store seed phrases, private keys, backup their web3 wallets (along with their NFTs), as well as the linked digital media.
How does Vault12 Guard enhance security for Web3 Assets?
Web3 assets rely on the blockchain and are accessed through web3 wallets. These wallets are safeguarded by private keys and seed phrases, which Vault12 Guard backs up in a digital Vault. This ensures that if you change web3 wallets, misplace them, or forget the seed phrase, you have a reliable method to reach those assets based on what’s stored in the Vault.
How does Vault12 Guard ensure asset access post-death of the holder?
One of the primary challenges in managing web3 assets for inheritance is tracking them across various exchanges, blockchains, marketplaces, and galleries. There isn’t a single centralized way to access all your assets. Vault12 Guard resolves this by routinely backing up every web3 wallet, maintaining an accurate inventory of all assets. Therefore, when the time arises for inheritance, the entire Vault can be transitioned directly to a designated person, who can collaborate with attorneys, executors, etc., to transfer the assets to the rightful heir.
For the tech enthusiasts:
Which wallets does Vault12 Guard support?
There are no restrictions; all wallets are compatible – we are not limited by wallet integrations or specific blockchains.
Which blockchains can Vault12 Guard work with?
Vault12 Guard is not confined to any specific blockchain – it can store and recover assets from any source.
How will Vault12 Guard interact with Smart Wallets ERC 4337?
To start, let’s clarify a shared understanding: ERC 4337 Account Abstraction emerged due to the complexity of managing web3 accounts via private keys and seed phrases. While this method has benefited early crypto adopters, it does not adequately scale to meet future adoption expectations for the general public. Smart Wallets rely on smart contracts to manage account/key complexities and enable features like social recovery—allowing asset recovery via a network of trusted individuals—much like Vault12 Guard’s Guardian system. Instead of depending on multi-signatures, Vault12 Guard utilizes a simplified version of Shamir’s Secret Sharing, tailored for non-technical users.
The distinction lies in the technical execution — ERC 4337 is bound to the Ethereum blockchain. While you don’t have to rely on seed phrases and private keys, you must have faith in a smart contract on a specific blockchain. Given that many prominent web3 assets don’t actually exist on the Ethereum blockchain, this could pose a challenge — it’s a promising concept, but it doesn’t cater to everyone in all situations.
Vault12 Guard was crafted to be distributed, decentralized, and peer-to-peer, and is independent of any particular blockchain, cryptocurrency, or device. Thus, we appreciate the concept of ERC 4337, but our method of addressing the same issue is significantly broader in scope.
Disclaimer: The guests, products, and services highlighted in the Succession Spotlight Series do not receive endorsement or endorsement from Crypto Succession Hub, and the series does not constitute any advertising or affiliation with such products or services. As always, please conduct your own due diligence.
