A World Where We Choose Our Own Seed Phrase
Seed phrases are one of the most encrypted passwords we al know, the first time I encountered them I thought it was a very smart idea because it will take a great hacker to decrypt it and it will take a very long time making it almost impossible, but does that completely make your asset safe? We have seen cases where lots of assets have been lost because the owners of the assets forgot their seed phrases, these seed phrases are created randomly that a makes them almost impossible to get memorised. I tried memorising my seed phrase once and I couldn’t. To be on a safer side, dont you think it will be nice for us to choose our own seed phrase just as we choose our own password?
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The future of seed phrases is going to be no more, there is going to be an easier method that will give users seamless experience while protecting users funds too. Seed phrase is nice but complicated, I think there will be no seed phrase in the future. There is going to be a form of security but then, no seed phrases. Self custody wallets should implement the use of biometrics, this way no one can gain access to your wallet except through you and incase the biometric is faulty, the user should create a secondary means of password. Third party is always a bad idea because this exposes your wallet to being stolen by the third party, but then, we have to look at some unforeseen circumstance like death, unconsciousness or sickness. But this will limit the access of the cold storage should incase the owner or user dies.
Using a phone number or email address will subject cold storage to a centralised system which is not the aim of crypto at all. So the only solution I can imagine is generating the seed phrases yourself with a symbolic letters and numbers only the user can understand. Lets say you make an initials of all your family members from the oldest to the youngest with their year or month of birth at the end, for instance if your father’s name is Peter and was born in 1950 or in April, your seed phrase could start with P50 or P04, this way when you are writing or memorising it, it will be easier for you to remember and hard to loose and also decentralised because it can only be known by you. What do you think?
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That is a really terrible idea for the same reason non-random passwords are unsafe. Humans are the worst randomness source you can find. We think our passwords are random but it's really just an illusion. Others use predetermined rules for their passwords, so it is easly crackable. The only safe way is to never let a human thought influence the generation process.
do you think seed phrases should be there forever? is there no other way?
Not necessarily. They are just an easier representation of the private key. We have plain text, qr code and seed phrases for that right now. Maybe some day someone will come up with another kind.