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12/28/2022

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Cardano CEO Bets $1,000,000 In ADA To Test New Cardano Wallet's Security | Herald Sheets

Cardano’s founder revealed that he is willing to bet on the confidence he has in the safety of its newly launched paper wallet, Lace. He planned to deposit $1 million in ADA in the wallet and asked hackers to...

Cardano CEO Bets $1,000,000 In ADA To Test New Cardano Wallet's Security | Herald Sheets

Cardano’s founder revealed that he is willing to bet on the confidence he has in the safety of its newly launched paper wallet, Lace. He planned to deposit $1 million in ADA in the wallet and asked hackers to try to break into it.

Hoskinson Brags Of Lace Wallet’s Security System


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Recently, an intruder attacked LastPass security protocol and stole vital information from the platform, according to reports. Following the attack on LastPass, Charles Hoskinson released a video where he bragged about the top security level of the Lace wallet.

Lace wallet is a decentralized paper cryptocurrency wallet that allows users to store funds across multiple networks. It was created by the developer of the Cardano network, Input Output Hong Kong (IOHK). It aims to help users explore Web2 and Web3 seamlessly on the same interface.

In the video, Charles emphasized that he has a high confidence level in the security system of the newly launched Lace Wallet. He stated that the wallet’s security protocol is more secure than the password administration firm LastPass, which was hacked last week.

Cardano Founder Commented On LastPass Security Attack

LastPass stated last week that an intruder broke into its system and exploited it. The attacker accessed the third-party cloud storage system where the firm stored backups of operation information.

In addition, the perpetrator stole phone numbers, e-mail & IP addresses, company names, end-user names, locations, and other users’ basic data from LastPass. The Chief executive officer of LastPass, Karim Toubba, shared the update on the platform’s official page.

Hoskinson commented on the incident as a terrible error from the password administrator firm. However, he added that Lace wallet would start using the PGP encryption protocol soon.

By then, he would store a million dollars in ADA tokens in the Lace wallet and post its address on his Twitter page. He added that hackers are free to try breaking into the wallet and stealing the funds as it is a process to determine the strength of the wallet’s security system.

Meanwhile, in a recent Twitter post, Charles Hoskinson shared his view on non-fungible tokens (NFTs). He tweeted about the possible role that the utility cases of NFTs would occupy in the future of the cryptocurrency industry.

Charles believes NFTs are beneficial for collecting items and objects that provide an excellent recollection of events. He cites examples like water rights, Mineral rights, pieces of land, and other property documents.

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