Adi Shamir created an algorithm in cryptography called Shamir’s Secret Sharing Scheme. It is a tool to use secret sharing, where a secret key or passphrase is divided into several parts.
To reconstruct the original secret key or passphrase, a minimum number of parts is required. Example: 5/8 means you split your XRP private key into 8 parts and you decide that a minimum of 5 parts is needed to reconstruct the original XRP private key.
The advantage is that you can secure your private keys on different places, without someone to access it, if they don’t have the reqiured amount of split parts.
You make a 3 of 5 parts needed, and you securely store some parts at home, at work, give it to your family or friends, save it in a bank vault, ect. The way and places of storing and saving your key parts is almost endless. This makes your XRP private keys safe against hackers, thieves and even when you loose some parts, you can still restore your private keys . It is much safer than having a piece of paper with the private keys, which everyone can access when found.
- A hacker or thiev has to steal many key parts from different places.
- Key parts can be stored or given to other people, without them to access it.
- The private key or passphrase can only be reconstructed when the required amount of key parts are combined together.