Diversified set of guardians required for safe self-custody: Vitalik Buterin

cointelegraph.com:

Ethereum co-founder Vitalik Buterin has emphasized the importance of having a varied set of “guardians” to maximize the safety of crypto asset self-custody via multisig and social recovery wallets.

Given the ever-growing rate of crypto scams and hacks over the past few years, and several major crypto firms going bust in 2022, the importance of self-custody and maintaining sufficient wallet safety procedures has never been more important.

In a March 16 Reddit post on the r/ethereum community titled “How I think about choosing guardians for multsig and social recovery wallets, Buterin gave a detailed run down of how he approaches wallet security.

Self-custody is important. And social recovery and multisig is a great way to do it.A quick reddit post on how I think about choosing guardians for social recovery and multisig wallets:https://t.co/FY1iyJ6BFCWhile their structures differ, Multisig wallets and social recovery wallets both rely on guardians, which essentially serve as external sources to recover funds or approve transactions.