Solutions for private key management in decentralized apps
▻https://hackernoon.com/solutions-for-private-key-management-in-decentralized-apps-24f95634be16?
How to reconcile #ethereum’s call for decentralization and users’ need for support services?On Ethereum, private keys are used to access accounts, sign messages etc. Once you lose access to your private key, you lose access to all funds stored with that account.How is that different from losing a credit card pin code? It is you can’t ask the bank to give you a new code, because the bank doesn’t exist on Ethereum. Your funds are still credited to your address on the #blockchain, but there is no way for you to withdraw them.Accounts and [DApp-] services on the Ethereum blockchain aim to be decentralized, and no one is safekeeping access codes on your behalf.A service storing your private key in its database would be able to access your funds at any moment — just like a bank — and this is (...)