Why Blockchain Security Isn’t The Perfect Solution For FriendTech

Blockchain, however, already has its own security systems. Anyone who signs up for wallets will already have a seed phrase that they can use to regain control of their wallets in case they lose their private keys.

Unfortunately, there are also problems with this- if you forget your seed phrase and have no remaining record of it, then your wallet is effectively locked away forever.

Around 4 million BTC are estimated to have been lost forever. For a cryptocurrency that will never have more than 21 million in total supply, 20 per cent is quite a large amount to be permanently out of circulation.

Social sign-ins were supposed to help rectify this solution, but they themselves are not perfect, as we have seen with the FriendTech debacle.

The solution for friendtech, and for Web3 sign ins in general, will be something that manages to offer the best of both worlds- the convenience of Web2 social signins, with the security of Web3 signins.

Social signins are popular because almost everybody has some form of social media- whether it is Twitter, Facebook, Instagram, or something else. That is the source of its convenience as a form of identification. There is certainly something to lose if we abandon this system completely.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.