Thursday, July 7, 2022

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What does “self-sovereign” mean and why is it important?

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  4. What does “self-sovereign” mean and why is it important?

When ndau was designed by the ndau collective, the decision was made for ndau to support a self-sovereign experience.

Self-sovereign simply means giving you ownership and personal control over your digital assets.

Why is this important?

Today, most people are used to giving up ownership and control of a great deal of their assets to custodians.

Custodians are 3rd parties (typically companies) that users must trust completely.  Examples of custodians include Google (they have full control over your Gmail and Google Drive files), Instagram (they have full control over your photos), as well as entities like banks and centralized cryptocurrency exchanges (they have full control over your money and digital currencies).

Giving custodians control over your assets may be convenient, but it’s far from ideal from a security perspective.

ndau was designed so you don’t have to trust anyone but yourself when managing your ndau holdings and earning yields.  This is all done through the ndau wallet app, which gives you ownership and control of your recovery phrase which in turn controls all your private keys.

As long as you keep your recovery phrase a secret, nobody else in the world will be able to access your ndau.  And you never need to transfer your ndau to a custodian to earn yields, since you earn yields simply by holding ndau in your own self-sovereign wallet app.

A self-sovereign digital asset experience is a powerful opportunity for personal freedom and security.  And it’s at the heart of the ndau experience.

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