WalletPort — Secure Self-Custody

WalletPort
3 min readDec 16, 2022

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It’s time to address the proverbial elephant in the room within the crypto space, self-custody. It’s a topic that divides consensus. Seasoned veterans are vocal proponents of storing everything in cold wallets. Bitcoin maxis in particular favour their ledgers for example. In recent years we’ve seen a push towards attempting to educate newer entrants into the ecosystem on this topic. A step in the right direction. But as highlighted by the recent FTX collapse, we have a long way to go.

The whole topic is centered around trust. “Not your keys, not your coins”. An expression that is synonymous with crypto, yet we still see continuous examples of investors not heeding the warning. FTX on the face of things presented itself as an unquestionably trustworthy entity. Endless celebrity endorsements and a CEO that had done regular rounds with mainstream media outlets as well as being tightly connected to high profile politicians that are tasked with overseeing regulation on the space. From anyone watching from afar, red flags were non-existent. The rest, as they say, is history.

Part of the problem may owe to the fact that many retail investors are oblivious to self-custody or simply put off, but the apparent technicalities are involved. Seed phrases, cold storage, ledgers, we all began our journey towards understanding the space wondering what the hell this all meant, let’s be honest. There’s no shame in being confused by it all, everyone was once in that same predicament. From a convenience standpoint, setting up an account on an exchange and leaving everything on there definitely ticks all the boxes. That is of course until the wheels come flying off, as they violently did with FTX.

The central point we’re trying to convey with this article is that when it comes to trust, there’s no one you can trust more than yourself. It might be stressful but taking adequate steps to secure your assets is worth it. However, as we brushed upon in the introductory article, self-custody is not without its pitfalls. The concept has remained one-dimensional since its inception. Write down your seed phrase and store it somewhere safe. Simple right? Wrong.

This system has never allowed for curveball scenarios of which there has been no shortage over the years. Lost or incorrect seed phrases are a huge one, very costly at that. Premature death is another. None of us knows exactly when we’re going to pass away but we can all agree on the fact that we’d want our loved ones well covered in any event. These are just two scenarios that threaten the one-dimensional concept that exists at present. Even the most well-thought-out plan can be upended by an anomaly.

Therein lay the opportunity to completely revolutionise the structure of self-custody. A safety net mechanism of sorts to allow the user to be covered in all plausible scenarios. This is exactly what motivated us to create WalletPort. Let’s say for the sake of a hypothetical situation you were to have stored 10 BTC within Wallet A. By connecting Wallet A to the WalletPort protocol, you can set your own time expiration period in which if Wallet A was to exceed that period of time without any user interaction, let’s say 6 months, the funds would automatically be transferred to a backup wallet or Wallet B. Lost your seed phrase? No problem, 6 months later you’ll regain access to your funds again via Wallet B. The same applies if the extremely unfortunate scenario if death occurs.

An effective solution to provide an extra layer of safety and security for your assets. Complete peace of mind. Binance CEO, CZ was just quoted as saying that 99% of crypto owners are not ready for the self-custody of their assets. Well, WalletPort begs to differ. Challenge accepted, CZ.

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WalletPort
WalletPort

Written by WalletPort

Protect your crypto, secure your future.

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