Charles Hoskinson says he will conduct a $1,000,000 ADA experiment using a new Cardano wallet to test its security
Charles Hoskinson, a co-founder of Cardano (ADA), is prepared to wager on a forthcoming security feature for the new Lace wallet.
Lace, created by Cardano developer Input Output Hong Kong (IOHK), is a multi-chain wallet that attempts to link everything in Web2 and Web3 via a single interface.
Hoskinson said in a new YouTube video that he finds the latest attack of password management company LastPass “amazing.”
LastPass said in an update last week that an unauthorized actor had gotten access to a third-party cloud storage service used by the firm to hold archived copies of its production data.
According to LastPass CEO Karim Toubba, the hacker stole “basic customer account information and associated metadata, including business names, end-user names, billing addresses, email addresses, telephone numbers, and the IP addresses from which consumers used the LastPass service.”
Hoskinson calls it a “mistake” on the side of LastPass and describes the incident as “very filthy.” The co-creator of Cardano laments that the encryption tool Pretty Good Privacy (PGP) is not a standard.
Says Hoskinson, “When… Lace wallet supports PGP encryption of paper wallets, I’ll put a million dollars worth of ADA into a PGP-encrypted paper wallet and upload it publicly on my Twitter so you may attempt to crack it. I am really sure about these criteria. Master passwords, even if they are relatively lengthy, are an outdated practice that should no longer be used.