- Hoskinson blamed LastPass for the security breach, calling it a “screw-up” before adding that what happened was “pretty dirty.”
- The IOHK will soon launch a lightweight multi-chain crypto wallet called Lace which offers a seamless connection between Web2 and Web3 using a single interface.
The Cardano developer team (Input Output Hong Kong, IOHK) is behind developing and launching a new lightweight multi-chain crypto wallet, Lace. The primary goal of the developers is to make Lace a seamless connection between Web2 and Web3 using a single interface. Charles Hoskinson, Cardano co-founder, says he is confident about the long-term success of the security functionality of the new Lace wallet.
In his latest YouTube update, Hoskinson remarked that the recent hack in the password management app, LastPass, left him dumbfounded about the security vulnerabilities of many Web2 and Web3 apps. Last week, LastPass announced via an official blog post that there was a hack on its third-party cloud-based storage service.
According to the password management platform, it backs up archives of its production data with this service. The company CEO, Karim Toubba, explained how the hacker gained unauthorized access. Toubba said the hacker had illegal access to users’ details and relevant metadata such as IP addresses, usernames, and billing addresses through which they accessed LastPass.
However, Hoskinson blamed LastPass for the security breach, calling it a “screw-up” before adding that what happened was “pretty dirty.” According to him, LastPass’ encryption model is old-fashioned, as he expected them to have upgraded their security protocols.
The Cardano CEO further said it would have been better if an encryption program, particularly pretty good privacy (PGP), was standard. Then, Hoskinson boasted that once Lace wallet supports paper wallet PGP encryption, he would put a million dollar worth of ADA in a paper wallet with PGP encryption and post the details on Twitter to see who would break it.
He added that he is sure that no one would be able to break it due to the high-security standards of the PGP encryption. Hoskinson further argued that master passwords are now a “dead standard” that no one should use again.
A better solution
According to a Cardano explorer article, the IOG team will integrate the Lace wallet with an identity management solution to enable users to create a custom decentralized identity (DID). The IOG team explained that a DID could serve as an official id card for various institutions once they are the ones that authenticate it. Through this DID, users can better control their private data and determine the ones they should release to third parties.
Thus, users can use one wallet as an id and a store of value such as money and tokens. Also, they can manage their service subscriptions, coupons, property rights, and other vital data from this wallet. The IOG team’s launch of a new security feature will further increase the buzzing development activities in the Cardano ecosystem and the use cases of its native token, ADA. Hence, ADA’s price might rise due to these increasing projects on the network.