Following an unprecedented data breach, Tether‘s CEO Paolo Ardoino proclaimed the end of cloud storage for passwords and announced the upcoming launch of PearPass, a fully local and open-source password manager. His declaration arose after 16 billion passwords belonging to numerous major corporations and services like Apple, Google, and Facebook were leaked. Dubbed the largest data breach recorded, Ardoino highlighted this incident as a strong signal to abandon cloud dependency, promoting PearPass as a more secure alternative.
Massive Data Breach Sparks New Tech Innovation
The leaked data affected billions of users globally, as reported by Cybernews. Security experts liken it to a “manual for mass exploitation,” warning that malicious entities could utilize the stolen data to execute hacking assaults or phishing scams. This breach has spurred a call for more secure, local-first password management solutions.
The data vulnerability highlighted Tether’s necessity to develop PearPass. Ardoino describes PearPass as a “completely local, open-source” password manager, ensuring that all information, including passwords and encryption keys, remains on the user’s own device, independent of cloud storage. Upholding the motto “No cloud. No servers. Never a leak.” Ardoino noted that the product’s release is imminent.
Building Human-Centric Technologies
Issuing the world’s most prominent stablecoin, USDT, Tether has a history of creating decentralized technology projects, including releasing a peer-to-peer (P2P) lending platform Pear Credit in 2022. Although it remains uncertain if PearPass will be associated with this existing P2P platform, Tether continues to champion cutting-edge technology.
In a recent podcast interview with Anthony Pompliano, Ardoino elaborated on his tech philosophy: developing systems operable in worst-case scenarios, such as a third-world war. Prioritizing local functionalities, his mission aims to establish outstanding technologies that put humans first. “Even in catastrophic scenarios, local technologies are indispensable,” he emphasized.
Last month, it was announced that Tether is working on an open-source artificial intelligence (AI) tool, Tether AI, which integrates with cryptocurrency payments via Tether’s Wallet Development Kit (WDK). This tool is compatible with any hardware and exemplifies Tether’s proactive approach to technological advancement.
