Solving seed phrases: A key to mass adoption.
Self-custody, managing seed phrases and digital assets, all of this has to get less clunky if we are to get to one billion Web3 users, — that’s why we're building Yuki.
The hardest problem in crypto today is the wallet, most people can't store their private key securely, because many existing solutions require them to get technical or give up their private key, and a backup key or seed phrase needs to be encrypted, and most people don't know how to do this properly. Eventually what if life happens (death), how do we pass these assets to loved ones and how do you even ensure that while you're alive your loved ones can't access your assets. This problem is not yet solved.
— CZ Binance (@cz_binance) October 6th, 2022
Seed phrases, also known as recovery phrases or mnemonic phrases, are a series of words used to represent a private key. Crypto is still hunted by this familiar problem: if a user loses their seed phrase, they may permanently lose access to their wallet and their funds. While some crypto folks advocate that a trusted centralized exchange is #SAFUer. The recent events speak for themselves, we believe that it's time to end with the cult of god-like personas in crypto.
US Congressman Tom Emmer "FTX(SBF) shows the utter failure of centralization.''
Seed phrase or centralized exchange: a nightmare choice
At ComiBlock, we deeply connect with Buckminster's thoughts, "You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete”.
Crypto has become too centralized. We are building Yuki, a smart self custody wallet that is censorship-resistant to solve this, and make Web3 more accessible, so we can empower anyone, anywhere to truly control and prosper from their digital assets the way it should be.
The huge tradeoffs we can't compromise for:
- Seed phrase: leave you vulnerable. Lose it and you lose everything. Sadly, all too many fall victims to this. Our CEO included.
- Seed phrase, have a terrible experience. Writing a 12 word phrase on paper and hiding it in your house isn’t the decentralized future anyone wants.
- Centralized exchanges hold your private key, so if they get hacked or go bankrupt: your hard-earned assets are gone.
Centralized exchanges are: capable of misappropriating your funds and even restricting how you use your hard-earned digital assets.
Solution: an alternative that is different in all right ways.
Being very realistic: billions of users will never adopt the decentralized web unless there’s a radical improvement in its usability, and we’re building the gateway to the decentralized web — and we’re ensuring it’s accessible to everyone in all the right ways.
Yuki gives you control over four key components:
- Web3 Identity: Grant Dapps access to your identity and data, revoking it whenever you want.
- Assets: Easily buy, send, transfer, and rebalance your digital assets
- Legacy: Control and manage your digital assets for a lifetime and beyond.
- Control: No one, not even Yuki, can access or stop you from accessing your funds.
We believe you shouldn’t need to understand blockchain to benefit from it, just as you don’t need to know about Piston ang rings to drive a car. That’s why we’re solving complex technical problems to make Yuki as simple as possible:
- No more worrying about your digital assets if life happens.
- No more backing up your seed phrase on paper.
- No more connecting your wallet to DApps that we don't understand the level of access they are requesting.
- Complete recovery of your funds if you lose your private key.
We’re building the gateway to the decentralized web — so everyone can prosper from their digital assets in all the right ways. We’ll share more information soon, in the meantime, Join our waitlist $5 awaits. You can also follow us on Twitter or join our Discord or Telegram community