This Non-Profit Company Wants to ‘Decentralize’ Crypto Keys Themselves
Jack Martin's original article for cointelegraph.com reduced by 46%
A new proposal wants to take decentralization a step further by decentralizing the private keys themselves. Trusting trustless bot with your crypto private keys. According to an announcement on Aug.
5, DAT can act as the custodian of a crypto-key, manage access to personal data or enable automated trading bots to access funds without having access to a full key. Business processes which require ongoing access to crypto-assets, can be granted such access immediately, as long as it falls within defined criteria. "In the context of the Tide ecosystem those instructions may be a set of rules determining which data fields I'm prepared to trade with certain types of organizations - for example, I don't want any contact details traded with political organizations.
That same concept can also be applied to advanced crypto trading - for example, social trading where my instructions may be to follow or mirror the trades or a peer or expert trader." Existing centralized solutions which address such situations can be vulnerable, and current automated trading bots require access to your private keys. Maintaining the secrecy of your private keys is essential, as anyone discovering them can get access to your crypto.
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Summarised crypto news.