Today, Seedstash is thrilled to announce the upcoming release of our app for iOS and developer SDK. Seedstash is the first app wholly built to empower crypto users to secure their wallets’ seed phrases. Our mission is simple - we believe that crypto will be able to benefit far more people if users can easily and safely take action to protect their own wallets from theft and attacks.
To understand how we got here, it’s necessary to go back to the purpose of crypto. Cryptocurrency is amazing because it takes power out of the hands of predatory intermediaries and puts it into the hands of human beings. By enabling people to exchange value directly and form new types of blockchain-fueled relationships, crypto has caused hundreds of millions of people to dream of a fairer, faster, and better world.
However, as the old adage goes, “With great power comes great responsibility.” In crypto/Web3, the power to fully control your own money means the responsibility of handling your own security instead of relying on financial institutions and regulations. There is no one to turn to if a transaction goes wrong or your wallet is compromised -- you’re on your own. While that’s very empowering, it can also be frightening. Ultimately, the burden of managing one’s own financial security is a major blocker for those new users looking to get into the space.
“This shit is dope” - Mario Gomez-Hall, Co-Founder of SeedStash
Where Seedstash comes in
Of course, there’s no truly “typical” way to use crypto or get into the space. Different experts would certainly produce different versions of the table above. There’s also so many strong views about what storage methods are “best” depending on your assets’ value, risk tolerance, views on large crypto companies, and so much more (eg. “Not your keys, not your crypto”).
But generally, we believe that as users get deeper into crypto, they are more and more likely to start using self-custodied wallets. It might be because:
• They want to buy an NFT on OpenSea for the first time
• They want more control over some or all of their funds
• They come to believe that only offline storage can protect them
• They want to use DeFi protocols or join a DAO
• They are exploring the bleeding edge of crypto in ways we can’t imagine!
To do any of that, you need one or more self-custody wallets.
And as the term “self-custody” implies, it is impossible for companies like Metamask to restore your wallet if you lose access to it. And if you forget your password, the only way to regain access to the wallet is with the seed phrase.
But with a wallet’s seed phrase, anyone can restore that wallet and access to the funds contained within. Therefore, if someone obtains your seed phrase through phishing, hacking, your own carelessness, or some other means - your assets could be gone within seconds.
Naturally, crypto users and experts have thought long and hard about the best way to store seed phrases. Here are just some of the storage options we’ve heard:
• Written on paper
• Stamped into a metal card
• Hidden within artwork/other non-crypto media
• A drawer
• Under a mattress
• A home safe
• A bank vault
• In a plaintext fileIn an encrypted file (eg. a password-protected PDF)
• Stored “In plain sight” (eg. an innocuous unrelated, unprotected file)
• A cloud storage solution (eg. Google Drive, Dropbox, iCloud)
• A cloud security solution (eg. 1Password)
We don’t believe that any of the above strike the right balance of security and accessibility. Physical security has obvious issues - what if your house burns down? - and in extreme cases (a bank vault) is expensive and inconvenient. Digital security seems preferable, but what happens if an attacker gains access to the master password for your Dropbox, iCloud or 1Password?
Enter Seedstash. With the Seedstash app, you can store your seed phrase in iCloud behind three layers of encryption that you configure:
• Face ID or other biometrics
• A 4-digit numeric code
• An emoji of your choice
With Seedstash, even if an attacker were to obtain your iCloud password, they would be unable to read your seed phrase without having all of the above “keys”. This massively decreases the chances of your seed phrase being exposed.
Notice that Seedstash is not storing or even protecting your seed phrase. You are protecting and storing your seed phrase with modern encryption that’s simultaneously easy to use and nearly impossible to crack. Seedstash and Apple cannot read or decrypt your seed phrase - you are in control. Seedstash is the tool that you need to finally achieve the right balance in your crypto security and give you peace of mind.
No security solution (physical or digital) is perfect. Sadly, there will always be scams, data breaches, stolen funds, and other terrible outcomes in crypto. But we envision a world where users can enjoy the benefits of crypto without being constantly fearful that their wallets will be taken over. With Seedstash, crypto newcomers and experts alike can take one remarkably simple step on the journey to protecting themselves. Welcome!