Introducing VESwallet – Your friends can help you safely and securely recover your lost wallet password.
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What is your vision? Why work on Viral Encrypted Security (VES)?
Because hacks and data leaks are becoming a pandemic, it has become crucially important to make encryption practical for day to day use by the average person. The impediment to this is the Encryption Paradox - keep the only key and risk forever losing everything if the key is lost, or, share the key with the service provider and completely negate the benefits of encryption. Who wants to lose all the wealth in their digital wallet?
Solving the Encryption Paradox means that encryption can become practical for the average person for everything: digital wallets, documents, emails, photos, videos, text messages, audio files, transactions, medical records, etc.
What is Viral Encrypted Security (VES)?
VES is a solution to the Encryption Paradox. With VES, your friends can help you recover your key without ever getting access to your encrypted information. You keep the privacy and security of end-to-end encryption, but gain the safety of a reliable backup if you lose your key.
The patent pending VES is similar to Shamir’s Secret Sharing but addresses the collusion and reliability problems of past implementations of Shamir’s that have kept it from being practical for mainstream use. For encrypted content, even odds of losing data as low as 1 in 1 million are not good enough. Would you want to be the 1 in 1 million persons who loses all the wealth in your digital wallet? With just a small network, VES can easily achieve a recovery reliability far beyond 99.99999%*.
VES mitigates the collusion problem through its proprietary process that enables multiple, superior authentication firewalls and time sensitive barriers to data access.
Check out the VESwallet overview or our White Paper for more information on VES and VESwallet functionality. For more information on VES reliability, check out our FUN MATH interactive probability calculator at www.vesvault.com/fun-math.
* VESvault Corp. does not guarantee any level of reliability of Recovery nor that Recovery will occur at all. The probability of Recovery is 100% determined by the depth, breadth and quality of the Friends selected in each User’s VES network. VESvault Corp. does not and cannot affect the quality of Recovery.
What is VESwallet?
VESwallet is an ethereum wallet that integrates VES with the open source code from MyEtherWallet (MEW) and MyCrypto using VESvault’s newly launched API’s. VESwallet dramatically improves the Keystore option by providing a safe and reliable way to recovery the wallet password. It improves the security of the wallet by separately storing the password from the encrypted private key that it decrypts, eliminating any single point vulnerability. In turn, this more redundancy in safe storage options of the encrypted private key. With VES safely backing up the wallet password in the cloud, and a number of safely encrypted redundant copies of the private key stored locally, there is far less chance of either losing the wallet or it being hacked. This allows the Keystore option to become a viable means of key storage, and in various use case scenarios that include offline operation and isolated operating systems, can match and exceed the safety and security of traditional cold, hard wallets.
Can you elaborate on that? Can I read more about VESwallet and VES?
Yes, for more in depth information about VESwallet, VES and how they work, you can read an overview article here.
Do you have a White Paper published?
Yes, we have a White Paper on VES. You can view it here.
Why did you choose to integrate VES with a digital wallet?
Our goal is not to be in digital wallet business. Our primary objective is to showcase our API’s and VES technology. We wanted to do the first API integration ourselves so we created VESwallet.
Additionally, we feel VESwallet is a real improvement over current digital wallets. People are starting to lose their wallet passwords, private keys and seeds on a regular basis, so this particular integration of VES can help mitigate a real, relevant problem that causes many individuals to lose hefty amounts of money.
What are your future goals?
To work with 3rd parties to integrate VES in any service that uses data at rest. Immediate areas of focus include existing IMAP email accounts and the new wave of Blockchain based distributed storage services such as Storj, Filecoin, Sia and Maidsafe. We are planning on releasing a VES Token to better integrate VES with the blockchain.
Team
We are a small focused team of 4 full time people that will selectively grow as needed.
Please feel free to respond with questions or feedback. If you’d like to reach out to us, please contact us.