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RE: The Wild Wild West Era Of The Blockchain - What The Latest Ethereum Hack Tells Us About The Future Of Cryptos
Security of online wallets is a major area for concern. There are so many altcoins which do not have hardware wallets, and so the only option is an online wallet.
When it comes to Steem Power, it has to be online because your voting strength depends on your online balance. If the SP power down is ever hacked, I hope these cowboys spring into action quickly.
Some way of having SP offline in a hardware wallet with an encrypted key which is used to verify your offline balance for your voting strength would be an ideal preventative measure to decentralize SP.
Well, I don't think you have to keep it online all the time. I'm sure you can use a hardware wallet for that, @furion wrote an article about that: https://steemit.com/trezor/@furion/build-yourself-a-trezor
Also @jesta has a local wallet (an app you download) called Vessel: https://github.com/aaroncox/vessel/releases
Thanks for pointing that out to me. I'll have to read those posts a few dozen times to understand them. I have access to a couple of T61 laptops, so may give it a try.
STEEM converted to STEEM POWER obviously has to be on the platform to count toward your voting strength. Being able to keep 100k SP offline and still count would be good, not that I'm anywjete near that, yet...