- Handcash has created a seed phrase-less solution for accessing your coins
- It’s taken three years of hard work, but Handcash has finally pulled it off
- Simply input your email address and unlock your BSV thanks to Handcash
If you speak to anyone who’s new to the crypto world, the thought of losing your seed phrase is a scary thought. We accumulate dozens of these phrases and if we’re not careful, we can easily lose them or forget what they’re for.
So, to combat the issue, Handcash has spent years developing a solution to make seed phrases a thing of the past. On Monday, Handcash announced it managed to pull it off, waving bye, bye to seed phrases for good!
How Is That Even Possible?
If you’re more experienced in the crypto world, then you’ll likely be scratching your head. Pulling off a feat like this is incredibly tough and it’s why virtually no non-custodial crypto wallets have succeeded in dropping seed phrases.
According to Handcash, in information it can divulge, it’s using a tech known as “Threshold Signature Scheme” – TSS for short. This means that two or more parties can sign part of a transaction, meaning that you could potentially break down the seed phrase into two or more parts and store in different locations.
From here on in, this is pure speculation, but feels like it makes a lot of sense. Handcash partnered with MatterCloud, a blockchain data storage system. On top of this, Handcash asked its users to verify their email address. Now, if Handcash splits up your seed phrase into two parts, and stored them both through MatterCloud, then it could work.
Your verified email address could be tied to your seed phrase and unlocks the phrase when the correct email has been entered. The only issue we can see here is if someone gains access to your email account and manages to access your keys, so to speak. But, we’re sure Handcash has that sorted.
A Lot More Behind the Scenes
Obviously, Handcash can’t go into too much detail because otherwise three years of sleepless nights and the trade secrets that it produces, will be for nothing. However you cut it, you’re more likely to remember the access information for your email address than you are 12 random words that aren’t linked in any way, making this a huge leap for Bitcoin SV.
We’re certain that this is safe, secure and easy to use, so go ahead and give it a try if you’re a Bitcoin SV hodler – it’s going to be insane!
