Currently, if digital assets are in the custody of individuals or exchanges, the corresponding keys that control these assets are are stored in a single centralized location. This single point of failure may be the user, a third party providing the wallet, a centralized exchange or another custodian. Private keys may be compromised by accidental loss, theft, hacking, phishing, and fraud. These unfortunate situations are a common experience for early and even experienced adopters of cryptoassets.