Cardano’s Charles Hoskinson To Run $1 Million ADA Experiment With New Wallet

It’s been just revealed that the co-founder of Cardano, Charles Hoskinson said that he is willing to bet on an upcoming security feature for the new Lace wallet.

The wallet is built by the Cardano developer Input Output Hong Kong (IOHK), and this is a lightweight multi-chain crypto wallet that aims to seamlessly connect everything in Web2 and Web3 to a single interface.

Hoskinson made sure to explain the fact that it’s “extraordinary” to him what happened with the recent hack on the password management firm LastPass.

LastPass noted in an update last week that an unauthorized entity gained access to a third-party cloud-based storage service that the company uses to store archived backups of its production data.

The hacker obtained “basic customer account information and related metadata including company names, end-user names, billing addresses, email addresses, telephone numbers, and the IP addresses from which customers were accessing the LastPass service,” according to LastPass CEO Karim Toubba.

Hoskinson stated the following:

“When… Lace wallet starts supporting PGP encryption of paper wallets, I’m going to take some ADA – probably a million dollars worth of it – put it into a paper wallet encrypted with PGP and publicly post it on my Twitter so you guys can try to break it. I’m very confident in those standards. Master passwords, even if they’re quite long, it’s just a dead standard, and it shouldn’t be done anymore.”

The creator of the Cardano (ADA) blockchain is sharing his thoughts on the short history of non-fungible tokens (NFTs).

In a new Twitter space that he hosted, Charles Hoskinson addressed a list of the possible use cases that NFTs could fulfill as the sector develops.

“NFTs are useful for anything that you have a collection of or is connected to something beyond a standardization. So, for example, a deed of land. Mineral rights. Water rights. Any notion of property rights. “