What is it about?
Digital assets like Bitcoin and Ethereum, have a major problem, users keep losing their wallets with no recourse. This paper provides a solution for digital asset recovery in which the user can place trust in a group of their friends and family to assist in the recovery of their digital assets.
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Why is it important?
Digital assets are stored in wallets, which place full control and responsibility of the assets on the end user. While full control is exceedingly important to the crypto community, some user's are simply not ready for the responsibility and end up losing their wallets, and being unable to ever recover their assets.
Perspectives
This paper is about acceptable trust. It is difficult to place trust in a central party these days, due to corruption, data leaks, and censorship. However everyone has at least a few people in their lives whom they can trust. This work will allow digital asset owners to place their trust in those closest to them. And with their help, digital asset owners may rest easy knowing their assets are safe.
Allan Pedin
Christopher Newport University
Read the Original
This page is a summary of: Smart Contract-Based Social Recovery Wallet Management Scheme for Digital Assets, April 2023, ACM (Association for Computing Machinery),
DOI: 10.1145/3564746.3587016.
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