Quote from: satscraper on November 18, 2023, 05:19:29 PM

-snip-

I've read through the links you provided, and while there are some good things about their system, there are some bad things as well.

Combining their RNG with entropy from physical sources is a good. Ambient light from a camera is good depending on how they extract the entropy from the picture (although the article does not go in to that). Fingerprints are bad, for the same reasons that all biometrics are bad - they are easily copied and easily faked. The user interaction section is utterly meaningless. Swapping around 8 substrings gives 8! = 40,320 combinations, which could be bruteforced in a second. This part is security theater rather than anything meaningful.

But their justification for their back up system makes a lot of incorrect statements:

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Aside from some experimentation with Shamir Secret Sharing, so far, there is no solution that truly overcomes this single-point-of-failure characteristic.

Multi-sig.

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Finally, there is an even greater challenge to overcome: what if you lose your backup? You then lose your keys and therefore access to your funds, forever?

You go to your second back up.

And their back up system is even weirder. They use two steel plates, one acting as a decryption key for the other. So if you lose one, you've lost your coins. So no different to a standard back up, except now you've got two separate single points of failure. But then they say if you lose the decryption plate, NGRAVE can recover it for you? And if you want, you can complete KYC and store the data on your other plate with them as well? All in all it is the worst of all systems - single points of failure, zero redundancy, and a trusted third party being involved as well.