This innovative tool assists users in secret-splitting their BIP39 seed phrase without relying on electronic devices, addressing the growing concerns associated with the traditional method of wallet backup using BIP39 seed phrases. The conventional approach exposes users to risks such as the potential irrevocable loss of funds if the seed phrase is compromised or stolen, and the security vulnerabilities inherent in entrusting the seed phrase to a third party for inheritance purposes.

Secret splitting, as facilitated by Penlock, allows for a 2-of-3 split of the seed phrase into three separate "shares," wherein any two shares can recover the complete seed phrase. This method ensures that no single share discloses any information about the seed phrase itself, promoting secure storage across different locations. It also paves the way for trust-minimized inheritance planning. Despite its benefits, the lack of a wallet-agnostic standard for secret splitting and apprehensions regarding the safety of entering a BIP39 seed phrase into an electronic device have hindered broader adoption.

Inspired by Codex32, Penlock aims to bridge this gap by offering an analog, user-friendly alternative for secret-splitting BIP39 seed phrases, ensuring compatibility with all existing wallets. The project leverages basic tools like printers, craft knives, scissors, pencils, and paper to perform the secret-splitting algorithm securely, devoid of the risks posed by electronic gadgets. Rooted in meticulous research and prototype testing, Penlock strives to find a balance between execution speed and ease of use, positioning itself close to the ideal design solution for managing seed phrases securely.

As an open-source initiative, Penlock encourages the engagement of cryptographers, developers, and blockchain enthusiasts in peer-reviewing and early testing phases, aiming for a public release in Q3 2024. The project's commitment to community collaboration and continuous improvement highlights its dedication to advancing blockchain security practices. Interested individuals are invited to contribute feedback and participate in the beta release by visiting https://beta.penlock.io, further contributing to the refinement of Penlock.