First Mover Asia: The Luna Foundation Guard now holds about $1.7 billion in bitcoin, but crypto markets seem unimpressed with its purchases this year; bitcoin and ether are flat. thesamreynolds, DantesOutlook, JPRubin23 report.
To be fair, the Block plan is different from Worldcoin’s in crucial ways that make it more defensible. In part because the planned wallet is a single-user device, it will be able to create and store its biometric credentials locally, as your phone does. Worldcoin, by contrast, seemed likely to require aof iris-scan hashes, an absolute five-alarm fire of poor security architecture.
Equally worrisome, making a fingerprint the main way of authorizing a crypto wallet could mean less emphasis on private key management. That could introduce an added risk vector for users: if your hardware wallet is the only home of your private keys, and that hardware is controlled by a fingerprint, the risk of losing all your money just went up rather than down.
All that said, Block is trying to thread an extremely tricky needle, and its current plans deserve a thoughtful rather than knee-jerk response. The announcement post makes clear the priority was to design a wallet that can be used “securely, but with ease,” balancing user experience with safety.
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