Vitalik Buterin’s Guardian Strategy: Crypto Security Solution or Risky Gamble?

  1. Diverse guardians for crypto security
  2. Multisig and social recovery wallets
  3. Decentralizing wallet guardians

Ethereum co-founder Vitalik Buterin has recently underlined the necessity for a diverse range of “guardians” to ensure optimal security for crypto assets in self-custody through multisig and social recovery wallets. With the ongoing surge in crypto-related scams and hacks, as well as the collapse of several major crypto companies in 2022, prioritizing self-custody and implementing robust wallet safety measures are increasingly crucial.

In a Reddit post dated March 16, Buterin shared his thoughts on selecting guardians for multisig and social recovery wallets within the r/ethereum community. He elaborated on his approach to wallet security and underscored the need for decentralizing wallet guardians. While multisig wallets and social recovery wallets have different structures, both types rely on guardians, who act as external sources for fund recovery and transaction approval.

Guardians generally consist of sets of external wallets owned by the same person or addresses controlled by other individuals or entities. Buterin highlighted the importance of avoiding the concentration of power in one’s own hands when choosing guardians. Having control over multiple guardians poses a delicate balance – it reduces reliance on others but also increases the risk of being hacked, coerced, or becoming incapacitated.

In light of these considerations, Buterin advises crypto asset holders to decentralize wallet guardians to achieve maximum security. This approach ensures that no single party holds excessive control, minimizing potential risks while maintaining the integrity of the self-custody process.

In other news, the decision by Coinbase to establish a cryptocurrency trading platform outside the United States reflects the escalating regulatory pressures on the company and the industry as a whole.

Read also:

disclaimer read more

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.