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]
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
kind of brainwallet features? (edited)
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 banking = commerce, commerce = big money (edited)
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)
you could also be able to set some conditions in case of total volume transfer weekly or sth
in case someone guessed your phrase
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? )
not like parents - more like partners
and people co-op
to have physical security (security shares)
spreaded among many devices and people
so more decentralization -> decentralization of 1 security over multiple people
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
as the biggest vulnarability of crypto is - you can easy loose your funds and noone will help you recover it by far
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.