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Cardano’s Charles Hoskinson will test new Cardano wallet security with $1M ADA

Charles Hoskinson, ADA, Cardano, Lace, Lace Wallet

Charles Hoskinson, ADA, Cardano, Lace, Lace Wallet

Cardano (ADA) co-founder Charles Hoskinson states he is willing to bet on an upcoming security feature for the new Lace wallet.

What is the Cardano (ADA) lace wallet?

Lace Cardano Wallet is a secure and user-friendly cryptocurrency wallet designed specifically for the Cardano blockchain. It is an open-source wallet that allows users to store, manage, and transact with their Cardano (ADA) and other digital assets in a secure and decentralized manner.

Lace Wallet for Cardano ADA

Charles Hoskinson, along with being the co-founder of Cardano (ADA) is also the CEO of IOHK, the company that develops and maintains Cardano. IOHK is the developer that built the new Lace wallet that looks to connect everything in Web2 and Web3 to a single interface.

Hoskinson stated that it is “extraordinary” what occurred regarding the recent hack of LastPass, a password management company. 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. Cardano’s Hoskinson said “it’s a shame” that Pretty Good Privacy (PGP), an encryption program, isn’t a standard in the password protection industry.

Cardano (ADA), Lace Wallet

Cardano (ADA) Charles Hoskinson Lace bet

The Cardano CEO has stated that, “when.. Lace wallet starts supporting PGP encryption of paper wallets, I’m going to take some ADA – probably $1 million dollars worth of it, put it in a paper wallet encrypted with PGP, then publicly post it on my Twitter so you guys can try to break it. I am very confident in those standards.”

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