TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Fixing SA’s power crisis is not complex: it simply takes the will to do better

      12 August 2022

      Consortium makes unsolicited bid for state’s 40% stake in Telkom

      12 August 2022

      Actually, solar users should pay more to access the grid – here’s why

      12 August 2022

      Telkom says MTN talks remain on track

      12 August 2022

      Analysis | Rain muddies the waters with approach to Telkom

      11 August 2022
    • World

      Tencent woes mount, even after $560-billion selloff

      12 August 2022

      Huawei just booked its first sales rise since US blacklisting

      12 August 2022

      Apple remains upbeat about iPhone sales even as Android world suffers

      12 August 2022

      Ether at two-month high as upgrade to blockchain passes major test

      12 August 2022

      Gaming industry’s fortunes fade as pandemic ends

      11 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»Sections»Cryptocurrencies»Hilton College matric pupil solves multibillion-dollar crypto puzzle

    Hilton College matric pupil solves multibillion-dollar crypto puzzle

    Cryptocurrencies By Ciaran Ryan30 September 2021
    Facebook Twitter LinkedIn WhatsApp Telegram Email
    Matthew Wilson

    Hilton College matric pupil Matthew Wilson got interested in cryptos back in the great boom of 2017, but it was during the hard lockdown of the Covid-19 pandemic of 2020 that he had the time and energy to research the reasons why so many crypto holders lost billions due to lax security.

    “I studied numerous examples of crypto holders losing fortunes both big and small due to ignorance and neglect regarding safe storage of their cryptos,” he says.

    “An initial idea was to create a traditional insurance product aimed at protecting people against these losses. However, it quickly became apparent that this would be unrealistic and not financially viable. This led to a more practical and viable solution that sparked multiple family discussions around the new idea.”

    Wilson’s solution is simple and practical, and leans on technology already in use by the banks

    Last week, Wilson launched CRPT Secure, which solves a problem that has haunted crypto investors for the best part of a decade and accounted for losses running to billions of dollars.

    It’s reckoned that up to 3.7 million bitcoin worth about US$159-billion (R2.4 trillion) – out of a total 18.5 million minted so far – are lost and probably gone forever. A large number of these bitcoins were lost when the owners forgot, misplaced or accidentally threw away the recovery phrases they need to access their crypto wallets. That’s the puzzle Wilson set out to crack.

    When opening a crypto wallet such as MetaMask for the first time, you are required to create a recovery phrase – a 12-word phrase that is the key to your wallet. It should be written down and stored away from your computer (in case that gets hacked). Many people ignore that advice and assume that if they cannot remember their recovery phrase, someone will be there to help them out.

    Dangerous world

    Welcome to the dangerous world of cryptos. Until now, no one would be able to help you over that hurdle – which explains why so many billions of dollars’ worth of cryptos have been lost forever.

    Wilson’s solution is simple and practical, and leans on technology already in use by the banks. Whenever banks issue a new credit card, the new Pin is inscribed using Pin-tab technology. The computer-generated Pin is revealed when you peel back a covering sheet.

    CRPT Secure provides a disaster backup recovery plan for crypto investors by storing their 12-, 18- or 24-word recovery phrases in a safe and confidential format.

    The recovery phrases are stored on three or four pages (depending on the number of words), which are then stored at different physical and secret locations.

    These pages are retrieved from the different locations and returned to the crypto owner, ensuring that their seed phrases can never be compromised, hacked or guessed at.

    That may seem like an obvious solution to the problem, but the ingenuity and elegance of CRPT Secure suggests 18-year-old Wilson has a long career ahead of him in cryptos.

    I have used all these funds in the building of this business, and so currently do not own any cryptos myself

    “Prior to this venture, I was primarily invested in bitcoin with a smattering of altcoins such as ethereum (ETH) and cardano (ADA) making up a small portion of my portfolio. I have used all these funds in the building of this business, and so currently do not own any cryptos myself.”

    With matric around the corner, Wilson is deeply buried in books, with economics and history his favourite subjects.

    • This article was originally published by Moneyweb and is used by TechCentral with permission
    Bitcoin CPRT CPRT Secure Matthew Wilson
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleSub-Saharan Africa needs R3.6-trillion for transition to clean energy: Ramaphosa
    Next Article Review: BMW’s iX electric SUV is ugly, but very capable

    Related Posts

    Fixing SA’s power crisis is not complex: it simply takes the will to do better

    12 August 2022

    Consortium makes unsolicited bid for state’s 40% stake in Telkom

    12 August 2022

    Actually, solar users should pay more to access the grid – here’s why

    12 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    Get your brand in front of TechCentral’s amazing audience

    12 August 2022

    Pricing Beyond CMYK: printers answer the FAQs

    11 August 2022

    How secure is your cloud?

    10 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.