Cardano
$1.15 -2.98%
ADA · 4w

Notifications after using wallet recovery phrase.

The biggest thing that concerns me about crypto is how fragile seed phrase security can be, in the context of compromised seed phrases. It seems there are people who fall for phishing scams, wherein they enter in their seed phrases and someone else gets ahold of them. Also, there is a possibility that a device is compromised already, and the seed phrase is stolen as soon as the wallet is created. Obviously a hardware wallet mitigates this, but this post is for people who don't have one. So, what about implementing a (opt-in system) lock to a wallet after a recovery phrase has been entered. Furthermore, one could implement in the same system a notification suite, which sends notifications on whatever medium desired to the original wallet owner to alert them to move their funds or create a new wallet. The temporary lock would only affect the non-original wallets, giving the real owner time to create a new wallet, or send to a more secure place. Is this a possibility? What are the downsides of this idea? I think the idea of someone getting your seed phrase, and potentially your life savings disappearing is too big a risk for some people, and is a big disadvantage for people who prefer the insurance of a centralized bank.
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