Podcast NFT Morning: Interview with Jean-Charles, President of Legapass

Adam.m
2023-04-14

Jean-Charles Cheminthe president of Legapass was lucky enough to be in the Podcast from NFT Morning.

Avec l’équipe, on vous a compilé cet échange d’une heure en moins de 5 minutes of reading. Une expérience hyper enrichissante pour notre CEO qui a pu échanger avec Rémi et présenter Legapass.

Ready to go? Here we go! 😊🔥

Rémi (NFT Morning) : Peux-tu nous en dire un peu plus sur toi ?

Jean-Charles (CEO) : I have been in the world of tech start-ups. I have worked as a developer and also as a technical director at Qwant, the French search engine.

I like to do a lot of things (laughs) but it's true that Legapass concentrates a good part of my energy.

Rémi (NFT Morning) : Raconte-nous un peu la genèse du projet.

Jean-Charles (CEO) : La solution Legapass est née suite à la perte du père de ma compagne during the Covid. He was hospitalized for a long time and in the meantime, he may have left the family with passwords, memories.

At that point, I thought, "Damn, if something happens to me, what will happen to my digital accounts ?”

I started doing research with Adelina, co-founder of Legapass. I came to the conclusion that everything my digital assets must be preserved if something happens to me.

Especially when you think about it, there are plenty of other assets to protect: banks, neo-banks, password managers, access to the cloud for photos,...

Then I got into the cryptocurrency business and there it was an absolute vacuum. I looked for a solution that I didn't find.

One evening, during a dinner with Eric Maida, the third co-founder of Legapass, we thought about the problem. Very quickly, we designed a first prototype. From there, the Legapass solution was born.

➡️ The startup is now over 1 year old with a first fundraising of 1M€. announced in December 2022.

Rémi (NFT Morning): From there, you realized that there were many uses?

Jean-Charles (CEO) : For me, notaries do not necessarily have an easy solution to offer today in terms of digital transmission.

➡️ How to entrust digital data and be sure that they do not circulate and especially that they are not lost or hacked?

Examples of accounts to protect with Legapass

Remi (NFT Morning): If I'm the only one who knows where my seed phrase is, I can quickly get into trouble.

Jean-Charles (CEO): Yes, and this is true for typical portfolios (hot wallet) as Metamask or for a Ledger key. You'll need a pin code to unlock access. There will always be a problem of trust. In our lives, a lot happens, we move house, the people around us change, but our information accumulates. ➡️ With Legapass, people don't have to worry about security. It's like a safe deposit boxI register, I deposit my access codes and my secrets and then they are sent to a secure safe awaiting their return.

Rémi (NFT Morning): How exactly does Legapass work?

Jean-Charles (CEO): I will not go into technical details (unless there are experts listening). To put it simply, Legapass is a combination of high-level encryption and offline storage. ➡️ How does Legapass work? You register, you arrive on your dashboard, you enter your secret, it is encrypted immediately. It will not go through the internet. It is moved to a temporary storage server. Then, our technology will suck it up and pass it through a dozen security steps to send it to your offline vault. Inside, there are standard disks with hardware encryption. It is important to know that to maintain such a high level of security, we work with competent people from the CNRS. All precautions are taken so that no one has access to the data except your beneficiary at the time of return.

Why Legapass is 100% secure 🔐

Rémi (NFT Morning): How is the restitution going?

Jean-Charles (CEO): We keep an encrypted copy of the accesses you leave on the Legapass platform and we work with French bailiffs for the last step of the process, the restitution. There is always a human verification to confirm the identity of the beneficiary and then we notify the bailiff so that he can send the unlocking key to him. In turn, Legapass sends him the encrypted files.

Rémi (NFT Morning) : In crypto-currencies, we are a bit left to ourselves, there is a reassuring side.

Jean-Charles (CEO): In 9 cases out of 10, the error is human indeed: negligence, abuse... We work daily to maintain the best standards in the market. Our system includes a very important beneficiary clause. In other words, we can quickly search for the user's default beneficiary, and any trusted contacts to contact to ensure the safe's transmission. The idea is to be able to quickly scan the chain of beneficiaries/trusted contacts.

Rémi (NFT Morning): Where are you today, is your solution working?

Jean-Charles (CEO): The solution is fully operational. We've concentrated a lot on the invisible part of the iceberg: the security of our system, and now we're working on the visible part to produce a simple, fluid user experience. Our aim is to support users and reassure them about using our service. We raised 1 million euros to accelerate, to recruit. We're also improving our processes, and yes of course when it comes to safety, we're at the cutting edge of technology. ➡️ In particular, we have a Bug Bounty program at YesWeHacka European leader in cybersecurity, which allows us to stay on top of things.

Rémi (NFT Morning): So I can go to Legapass and register?

Jean-Charles (CEO): Of course, in fact I'm surprised you haven't yet (laughs). Today, we have 2 offers: ➡️ a free offer with payment on return ; ➡️ a Premium offer with an annual fee. It works a bit like the life insurance model with free return and additional features such as express return. When you sign up, you enter your personal details and are guided step-by-step through the accesses you need to secure: your mobile unlock code, computer, crypto,...

Rémi (NFT Morning): How does Legapass compare to Inerity and Safe Haven?

Jean-Charles (CEO): Often the solution is online and this increases the risk of losing the data. What's more, when it's decentralized, we generally name a target portfolio. The problem in this situation is to verify the dead state and then to know who can unlock the data. Then there's the Multisig signature, which can evolve over time. For example, if I have 5 key people, I need 3 to unlock a portfolio. But in real life, for an individual, it's complicated. ➡️ On Inerity or Safe Haven, you have blockchain storage, you are not offline, so there is a risk. It can be attacked more easily by quantum technology in particular which will make it easier to break the encryption.

Rémi (NFT Morning): Even for you, it's a race to Technology?

Jean-Charles (CEO): We have taken the lead, the data we are recording today, it will be able to evolve and take 4.5 additional cryptographic levels to adapt to technological evolutions. ➡️ With regard to traceability, we're looking at ways to trace the integrity of the data we're going to return on the blockchain.

Rémi (NFT Morning): If something happens to me, serious accident (except death) how are you notified?

Jean-Charles (CEO): We have several mechanisms, it can be the notariesWe are in the process of getting closer to them to facilitate communication. There are also the life insurance with whom we come into contact. ➡️ Users of the Legapass service are encouraged to nominate trusted contacts who may be able to alert us in this type of situation. Since they are alerted of their appointment on the service.

Rémi (NFT Morning): What happens if Legapass disappears?

Jean-Charles (CEO): No one is immune. Of course, we've given this situation some thought. If the company goes into receivership, a 30-day period will start during which the user will be contacted regularly by email and other available means (trusted contact, telephone). ➡️ Next, all data will be destroyed to preserve the privacy of our users.

Rémi (NFT Morning): Can you guarantee the non-seizable side with the current regulations (MICA, etc...)?

Jean-Charles (CEO): We position ourselves as a technical means, we never have access to information. We don't know what you're entrusting us with. The law may oblige us to transmit encrypted data in certain extreme cases, but we can say that we don't have the means to decipher itwhich is true. And that's the end of it, as we've already seen on other projects. ➡️ In addition, I would remind you that we have a well-structured restitution process involving a bailiff who has the famous decryption key.

Rémi (NFT Morning) : Thank you for your intervention Jean-Charles.

Jean-Charles (CEO) : Thank you. See you soon 🛡️

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