Charles Hoskinson Says He’ll Run $1,000,000 ADA Experiment With New Cardano Wallet To Test Security

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

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

Hoskinson says in a new YouTube update 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 calls it a “screw up” on LastPass’s part and says it’s “pretty dirty what happened.”

The Cardano co-creator says “it’s a shame” that Pretty Good Privacy (PGP), an encryption program, isn’t a standard.

Says Hoskinson,

“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.”