Charles Hoskinson is so confident in Pretty Good Privacy public key encryption technology that he plans to challenge the crypto community to crack the security of the Lace wallet.
Cardano creator Charles Hoskinson has publicly expressed his support and confidence in the Pretty Good Privacy (PGP) public-key encryption technology, which is used to enhance the security and confidentiality of online communications and to authenticate messages with digital signatures. This technology was introduced by cryptographer Phil Zimmermann in 1991.
However, despite its great advantages for privacy and security, the use of this technology has not yet become widespread. That is why during a broadcast on his YouTube channel, Hoskinson emphasized that the Pretty Good Privacy encryption system should become a standard for security.
Hoskinson highlighted that the Lace wallet, which is developed by Input Output Global (IOG), the same company behind Cardano, will integrate PGP technology to ensure the safety of its users.
Lace is part of IOG's upcoming releases for next year. It is a multi-chain lightweight wallet designed to facilitate entry into the Web3 ecosystem. At the moment, Lace is in development and is only available for public testing in PreProduction, as stated by the developers on their website.
Lace wallet will support Pretty Good Privacy
During the stream, Hoskinson indicated that he has great confidence in Pretty Good Privacy’s technology and encryption system, so when Lace starts supporting PGP, he will create a wallet with $1 million in ADA and challenge the crypto community to break the code.
“I’ll take some ADA, probably a million dollars, put it in a PGP encrypted paper wallet and post it on my Twitter so you can try to crack it”, the Cardano founder said while criticizing the Master Passwords password management standard. “It’s just a dead standard and should no longer be used”, Hoskinson said.
The founder of Cardano I speak about the hack suffered by the password management and administration firm LastPass last August, which left the passwords of the platform's users exposed.
What happened to LastPass?
LastPass CEO Karim Toubba posted an update on the company's blog to provide more details about the hack that occurredAccording to Toubba, a hacker gained access to LastPass through a cloud-based storage service that the firm uses to store backups of its data. The hacker also used social engineering to steal the credentials of one of its employees, which allowed him to access and decrypt some of the firm's stolen data from the cloud storage service.
The data affected by the LastPass security vulnerability includes usernames, website passwords, email addresses, phone numbers, IP addresses, and data filled out in forms.
However, Toubba clarified that the stolen passwords remain encrypted with 256-bit AES technology, but that the hacker could still try to decipher them using brute force or, alternatively, by applying phishing or social engineering techniques to try to guess or obtain the master passwords of its users.
Continue reading: Project Catalyst brings on-chain governance to the Cardano blockchain
