Charles Hoskinson has stated that he will test IOHK’s new Lace Wallet with $1,000,000 in ADA.
He cites the recent LastPass hack as a major reason why several tests are required before wallets are made available to users.
Cardano (ADA) has seen tremendous growth this year, from network security to non-fungible tokens (NFTs), and its latest wallet is now available for early adoption.
As security tests continue, Cardano co-founder Charles Hoskinson says he is willing to put $1,000,000 in Input Output’s (IOHK) new digital asset wallet. He expressed trust in the Pretty Good Privacy (PGP) encryption used in paper wallets and challenged users to break it.
“When Lace wallet starts supporting PGP encryption of paper wallets, I’m going to take some ADA, probably a million dollars worth of it, put it into a paper wallet encrypted with PGP, and publicly post it on my Twitter so you guys can try to break it. I’m very confident in those standards. Master passwords, even if they’re quite long, it’s just a dead standard, and it shouldn’t be done anymore,” says Hoskinson.
Lace, an IOHK lightweight wallet, aims to connect data in web2 and web3 in a single interface. By incorporating Nano X into the wallet, the network prioritizes security.
Hoskinson discussed the recent LastPass hack in a new YouTube video, calling it “a screw up and a pretty dirty hack.” LastPass is a password management company that was hacked after hackers gained access to a third party’s cloud-based storage that the company used to store data.