This is unsafe and should not be used.

This is simply splitting the key in multiple pieces, thus for every piece you have, you gain additional information about the key, allowing for exponentially easier brute-forcing of the remaining key.

Example: Assume someone creates 3 horcruxes and you can get your hands on 2 of them. This gives you 85 bits of the full 128 bit key, thus you only need to brute force 43 bits for the rest. Of course you don't have the full data anyways, but you still learn about 2/3 of it.

A better tool is ssss which uses Shamir's Secret Sharing. http://point-at-infinity.org/ssss/