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The Monetary Authority of Singapore has released a report on three use cases highlighting various infrastructure models for digital asset trading.
Web3 assets which can be native tokens, fungible tokens, and non-fungible tokens are primarily stored in digital wallets over the internet. Access to such wallets is available to individual(s) with the seed phrase. Currently, a lot of assets are lost due to their seed phrase being lost and this phenomenon will likely reoccur in the future when the current first-generation web3 users pass away prematurely. The phrases will be lost with the individuals and as a result, a lot of assets being lost will disrupt the web3 space. This paper purposes a simple solution that can be implemented to ensure ...