Yesterday, my NFT was stolen. The NFT that I spent all my money to buy, the NFT that can give me a bright future, was stolen. This isn't the first time I've been robbed.
So this made me take another look at WEB3. This time the theft was due to the leak of the private key.
Yes, in the blockchain world, private keys are everything. It is the highest authority, and the only thing that can reduce its importance is multisig.
But for ordinary users, multi-signing is a high threshold and difficult to complete. So, is there a tool that can "lock" your wallet?
This "lock" does not review incoming assets, but only reviews assets when they flow out. It can be a secondary password, or a fingerprint verification. This "lock" must follow the address, not a single wallet. As you can imagine, even if the thief logs in to the wallet with the private key from another place, the "lock" existing in the address is still in effect. It may be able to steal your private key, but it cannot steal your secondary password or physical characteristics.
Is this "lock" technically difficult to implement?
Basically only solution that comes into mind is making new kind of protocol, but that is also making the user experience even harder, it would be most likely highly centralized compared to current system, and collecting biometrics or such data would create problems with EU:s privacy rules. Because users would need to have a possibility to opt out afterwards, and with blockchain tech, it would need a whole new structure i guess.
Other one would be that the issuer who makes the contract has a possibility to freeze assets and with new kind of tech, even reverse transactions. And that's harder puzzle to solve without going full centralized systems and permissionless transactions and immutability would be thrown out of the window as well. And to be clear, those are the very things that make blockchain tech valuable in the fisrt place.