Hello again Here comes my second fiction tale, inspired by my recent adventures in the cryptoworld...
Any resemblance to actual persons and tokens, living or dead, or actual ICOs, is purely coincidental. 😊
Jeff Wiseman suggests using a Multisig wallet together with a Nano.
Since Nano means dwarf in Italian, the whole thing sounds to me like excerpts from The Lord of the Rings...
It turns out that we are not in Middle-earth. We are in Cryptoland...an even crazier place!
Jeff explains that in the language of Cryptoland, Multisig indicates a type of wallet which requires more than one signature to trigger transactions. For this reason, a Multisig is supposed to be safer than an ordinary wallet such as Metamask. For example, you can link three signatures to the Multisig, with onlly two signature required to send transactions.
In cryptoworld, FOREVER means FOREVER (barring forks)! There are no banks, governments, gods or mamas to help you. If Multisig wants two signatures, and you can only provide one...then you better forget about the money. Or, if you are a true masochist, you can watch your money everyday on etherscan.io It's so close...but you can't touch it.
People who experienced that say it feels like being a astronaut on a space walk when the tether linking you to the space station breaks down...then you know you'll die while watching the safe place which is just one meter too far, and nobody can help you reach...
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The whole thing now sounds like utter nonsense to me. Are you telling me that high-tech Multisig wallets are really safe only if I write magic words on a piece of paper and give it to my granny...?!?
To me, this is final proof that the cryptoworld makes no sense, nonetheless I decide to shut up as I am not a dev.
In the end, we decide to go for Multisig, as it's state of the art in security, lol. And the fact that some time ago 300 millions USD in Ether went frozen because of a faulty multisig wallet is indeed an irrelevant detail, right?
Now, you might ask what the Nano has to do with this? Here it comes....
It looks like a USB key, but in fact it's a single-signature wallet. So, for example, three Nanos can live in a Multisig and collude to sign transactions.
Now, the obvious question: what happens if my Nano goes missing? Jeff shakes his head, and whispers ominously that if the Nano is gone, the money is lost forever. Hours later, he will concede that the Nano will come back if you know the 24 magic words which can resuscitate it. Yes, he did say those very words! At that point I got up and walked out, feeling that the whole thing was a joke.
As a matter of fact, that was the plain truth...which is the ultimate proof that we live crazy times and the cryptoworld is more magic than Middle-earth.
2018 is going to be fun...
Nano is nano. Whatever you could say about him. It means small, pretty and lovely servant who supports you all life long. Do not speack badly about nano. Be careful 😂
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Hopefully in 2018 will be better than now
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Very good everything you just mentioned, I like it, I hope and go through my blog I'm new, Count on myself
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Hello, great work, i liked your post and reward it with upvote.
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