Account Recovery Idea - Community DAPP brainstorming

idea
braingstorming

#1

passcombo.com [7:01 PM]
@grewalsatinder better sharing a trusted user for account recovery maybe? Imagine you have a friend and you make him your security in case you loose your device or password

[7:02]
but this should have some limits and dependencies so that if someone just steals your friend device he wont steal your money by pass recovery

grewalsatinder [7:02 PM]
nice… :thinking_face:

[7:03]
in that case 3 of 2 multisig probably can be used…

passcombo.com [7:03 PM]
possiblity to withdraw that sharing in your app/device + detecting how long you are offline - so for exampel if you lost your hey and you are offline for +7 days your friend is able to recover that… I dont know if possible and how secure that may be, but could be very usefull

[7:04]
kind of brainwallet features? (edited)

[7:05]
here actually you could build a “banking app” on it - allowind someone else to manage your account (+ set limits of it) -> and here comes banking :slightly_smiling_face: banking = commerce, commerce = big money (edited)

[7:06]
some (or most) people will need some trusted 3rd parties like “banks” to take care of their funds by charging some fees

grewalsatinder [7:06 PM]
the conditions seems like:

  • original user should be able to sign and make transactions just on his/her own.
  • must be able to assign 2 or more guard accounts assigned to his own account
  • guard accounts should not be able to get the recovery key even in case they collude somehow
  • guard accounts should only be able to reply the recovery actions. no multisig etc.
  • We need a condition on which the guard accounts can do some action which gives back access to the original account they been guarding to.
    • Additional Example feature: Parents providing access to their child accounts with limited funds access per set period of time. (edited)

passcombo.com [7:06 PM]
the same is now, just with fiat cash (edited)

[7:08]
you could also be able to set some conditions in case of total volume transfer weekly or sth

[7:08]
in case someone guessed your phrase

[7:08]
volume limit reached = security/guard account must confirm (edited)

grewalsatinder [7:08 PM]
that seems more like parents providing access to their child accounts with limited funds access per set period of time.

passcombo.com [7:09 PM]
and you have banking app (maybe first banking app in crypto? )

[7:09]
not like parents - more like partners

[7:09]
and people co-op

[7:09]
to have physical security (security shares)

[7:09]
spreaded among many devices and people

[7:10]
so more decentralization -> decentralization of 1 security over multiple people

[7:11]
here you build an eco system for new jobs like banking - and that’s why it’s great commercial idea that will make money inflow

[7:12]
as the biggest vulnarability of crypto is - you can easy loose your funds and noone will help you recover it by far

[7:12]
that’s why banks are better for normal people - if you loose your card you just go to bank, they give you a new one

grewalsatinder [7:14 PM]
hmm… may be need more thought experiment on this feature.


#2

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