- Human Wallet’s announcement speeds up its plan to provide a safe and convenient substitute for conventional wallet setups.
- Blind signing, in which users agree transactions without fully comprehending their contents, is dangerous.
The public has been invited to take part in Human Wallet’s web3 wallet alpha testing. The purpose of the testing is to confirm that the wallet is impregnable to the kind of blind signing vulnerabilities that led to Bybit’s recent $1.5 billion attack.
Human Wallet’s announcement speeds up its plan to provide a safe and convenient substitute for conventional wallet setups. By downloading the Human Wallet browser extension from the Chrome web store, wallet users may explore the security features of the wallet and take part in the alpha testing.
Blind signing, in which users agree transactions without fully comprehending their contents, is dangerous. This was made clear by the Bybit breach, the worst theft in the history of cryptocurrency. Human Wallet combats this by combining hardware wallets, trusted execution environments (TEEs), transaction simulation, and two-party computation (2PC) in a unique way.
This creates summaries that are readable by humans, which users may check before signing. The novel aspect of this configuration is that the transaction preview is seen on the encrypted hardware wallet rather than the connected website or device. This method would have prevented the $1.5 billion ByBit attack since transaction simulations would not have been displayed on the compromised frontend. The arrangement requires user agreement, which is cryptographically validated by the decentralized Human Network to sign transactions, in contrast to centralized systems.
Nanak Nihal Khalsa, co-founder and CTSO of Holonym Foundation said:
“Given the urgency of recent events, and the concern this has caused within the crypto community, we’ve expedited internal testing to make Human Wallet available now. As an alpha release, we encourage users to experiment within their security workflows rather than rely on it for major assets at this point in time.”
Instead of using hexadecimal code to confirm transactions, users attach a hardware wallet as a two-factor authentication (2FA) device after downloading the extension and creating an account.
By adding a safety net by using it as a signer in a multisig arrangement, a backup hardware wallet keeps access in case of an improbable problem that affects key recovery. This strategy underscores Human Wallet’s aim to strike a compromise between security and ease by eschewing laborious techniques that need for specialized laptops or command-line verification, which is often used to prevent blind signing.
The goal of the Holonym Foundation is to improve Web3 usability, which Human Wallet expands upon. By providing a compromise between robust protection and ease of use, its TEE and 2PC framework seeks to replace the trade-offs that plague DeFi security.
Previously known as Silk, Human Wallet is a web3 wallet that eliminates the need to choose between security and ease of use. Developed by the Holonym Foundation as a component of the human.tech protocol suite, it prioritizes user control and accessibility by utilizing two-party computation and trusted execution environments to mitigate risks such as blind signing.
