Do you want distributed, decentralized, FOSS blockchains to thrive and grow? Self-Sovereign Key Managment is the first- and most important- barrier to blockchain entry.
What do I mean by Self-Soverign Key Management? This means that all individuals take responsibility for their private keys. It means we can easily, safely and securely use, transfer and store valuable ‘secret’ hashes.
Ultimately, the fate of the entire blockchain ecosystem relies on Self-Sovereign Key Management.
If we accept anything less than personal custody of our private keys, then we may as well continue with our legacy financial systems. Yes, it does sound hyperbolic, but this is where the rubber meets the road. Expecting individuals to keep and recover their private keys is paramount in the evolution of ALL blockchain technology.
Consider Scenario ONE. I like to call it the Stoned Uncle Scenario.
Where is your private key, Uncle?
“I don’t know. I leave all my coins on Coinbase so i don’t have to worry about it.” FAIL
Where is your private key, Uncle?
“I don’t know, I lost it.” FAIL
Where is your private key, Uncle?
“I have backup copies in triplicate stored in various places ITRW and encrypted in the cloud.” SUCCESS
If we are unable to convince EVERYBODY that storing private keys is part of the blockchain contract, then WTF are we doing on the blockchain?
Nobody is going to save you from yourself. Part of the new world order is our ability to manage real value without involving ANYBODY else.
This is self-sovereign key management. Without it, all blockchains are worthless.