On the first day of the three-day event Satoshi’s Vision Conference in Tokyo the creator of a project called Safewords presented a new solution to safeguard cryptocurrency ”passwords”. Smartwords is a 2-out-of-3 distributed backup kit for your mnemonic seed words.This week the founder and CEO of the company Coin Storage Guru, Brenden Lee introduced his new project Safewords. The product is a 2-out-of-3 distributed backup kit for private keys. Lots of cryptocurrency holders have written down 12-24 words for their mnemonic seed on a piece of paper, and then they usually hide the material out of view. Lee has designed a simplified system that enables a way they can safely distribute the mnemonic phrase between two other trusted individuals or two vaults. The system works with any cryptocurrency that uses a 12-24 word backup.
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