With the current model of Web3, your private key is either custodied by you or by a corporation. litprotocol CEO davidlsneider explains the decentralized network that functionally serves as a decentralized programmable key for CoinDeskIDEAS Week.
, which will be featured at CoinDesk’s upcoming IDEAS conference, is neither of those two categories of wallets.
According to CEO David Sneider, before Lit the option was to “use Amazon’s key management service to store the key,” but this is a problem because the application developer is totally trusted and can “rug with the key at any time.” On the access control side, Lit Protocol focuses on who can read private and permissioned data that is stored on the open web like on blockchains and decentralized storage systems.
Through Lit Protocol, an individual user can “have their own encrypted shard of the open web,” Sneider said. What makes Lit Protocol different from a traditional self-custody key is the encryption and decryption rights for some specific content can happen based on certain programmable rules. Sneider said it’s incongruous to build a decentralized internet without a decentralized private key system.
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