Idea & Token
Vault 12 is developing a solution to overcome risks of losing your crypto assets as a result of losing private keys. The guys have made up a scheme based on people you trust and their devices. It works the following way. You choose your relatives or friends you trust. These people will be your custodians, and their smartphones will be your distributed storage nodes. The algorithm divides your private key or a document into the number of fragments equal to the nimber of custodians, and then stores them on their smartphones. These parts are periodically checked. Since the master device doesn’t contain the entire key, it cannot be stolen or compromised. When the crypto asset owner wants to use the key, the application restores a certain amount of fragments required to unlock the private key or the document.
Their token called VGT will be used by owners to encourage their custodians by paying them tokens for their services. Operators can also offer higher fees for more reliable services.
A total supply is 1 billion tokens. The token distribution is as follows: 40% – sale, 10% – pool of community rewards for open source contributions to the code base, 50% – locked for a year and then 5% will be sold.
Vault 12 is an excellent team of three serial entrepreneurs and a designer. Their overall experience include such spheres as AI, blockchain, cryptocurrency, e-commerce, cybersecurity, enterprise trading, personal banking, and gaming. CEO Max Skibinsky is a serial entrepreneur, angel investor and startup mentor. Most recently, Max was an investment partner with Andreessen Horowitz, where he focused on enterprise security and bitcoin and deals with Tanium, TradeBlock and Digital Ocean. In addition to co-founding Vault 12, Max leads the R&D team. Vault 12 has also four advisors and four crypto advisors.
Vault 12 has developed a new scheme to secure your crypto assets by using mobile devices of people you trust – your relatives and friends. MVP is here, the platform will be ready in October. The idea of dividing a private key into fragments is quite new, that will make a good starting position for the project. The team is strong, though it consists of only four people and doesn’t include technical specialists. Inspite of an innovative idea, the field of protecting wallets is full of competitors. So, if the idea shoots, the guys will get their piece of cake.
A promising project with a new idea, MVP, strong team, and bright perspective.
Vault 12 ICO datesexport to calend
A new solution is needed, one that does not leave assets centralized in a single place, with a single person or a single organization. One that offers a decentralized way to securely store assets globally and offers protection against the most determined hackers. Introducing Vault12 and the Vault Cryptostorage platform.