Human Wallet has launched alpha testing for its new Web3 wallet, aimed at addressing the blind signing risks behind Bybit’s $1.5B hack.
By inviting users to participate in the tests, Human Wallet aims to verify its wallet’s ability. The goal is to safeguard transactions from such attacks.
The Bybit breach, the largest in crypto history, occurred due to blind signing. This process involves users approving transactions without fully understanding what they’re signing. Human Wallet aims to solve this problem using a combination of two-party computation (2PC). Also, trusted execution environments (TEEs), transaction simulation, and hardware wallets.
This setup generates human-readable transaction summaries, allowing users to clearly understand what they’re approving before signing. What’s new is that these previews appear on the secure hardware wallet instead of the connected website or device. In the case of the Bybit hack, this system would have prevented the attack, as users would have seen the transaction details securely on their hardware wallet, not the compromised frontend.
According to Nanak Nihal Khalsa, co-founder and CTSO of Holonym Foundation, “Given the urgency of recent events, and the concern this has caused within the crypto community, we’ve expedited internal testing to make Human Wallet available now.” He added that while the alpha release is ready for testing, users should experiment within their security workflows rather than rely on it for major assets just yet.
To get started, users simply download the Human Wallet browser extension from the Chrome web store, create an account, and link a hardware wallet as a two-factor authentication (2FA) device. With this setup, users approve transactions in plain language, not complex hexadecimal code. The multisig setup also offers an extra layer of security by allowing a backup hardware wallet to maintain access in case of key recovery issues.
Human Wallet’s solution bridges the gap between simplicity and security, offering a smoother, safer user experience without the hassle of cumbersome methods like command-line verification. The wallet is built on the Holonym Foundation’s mission to improve Web3 usability, offering a middle ground between user-friendly design and robust protection against DeFi risks.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers, and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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