2Recover – Guardian and Digital Signature Provider

One of the great challenges with making cryptocurrency and blockchain applications usable for average users is security: how do we prevent users' funds from being lost or stolen? – "Why we need wide adoption of social recovery wallets" by Vitalik Buterin
Disclaimer: Vitalik is not affiliated in any way with 2Recover service.

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How Does Social Recovery Work? 

A social recovery system works as follows:

– There is a single "signing key" that can be used to approve transactions
– There is a set of at least 3 (or a much higher number) of "guardians", of which a majority can cooperate to change the signing key of the account.

The signing key has the ability to add or remove guardians, though only after a delay (often 1-3 days).

Diagram

Basic operational flow

How Does it Help?

Under all normal circumstances, the user can simply use their social recovery wallet like a regular wallet, signing messages with their signing key so that each transaction signed can fly off with a single confirmation click much like it would in a "traditional" wallet like Metamask.

If a user loses their signing key, that is when the social recovery functionality would kick in. The user can simply reach out to their guardians and ask them to sign a special transaction to change the signing public key registered in the wallet contract to a new one. This is easy: they can simply go to a webpage, sign in, see a recovery request and sign it. About as easy for each guardian as making a Uniswap trade.

How To Select a Guardian?

There are many possible choices for whom to select as a guardian. The three most common choices are:

– Other devices (or paper mnemonics) owned by the wallet holder themselves
– Friends and family members
– Institutions, such as 2Recover service which would sign a recovery message if they get a confirmation of your phone number or email 

Guardians are easy to add: you can add a guardian simply by typing in their ENS name or ETH address, though most social recovery wallets will require the guardian to sign a transaction in the recovery webpage to agree to be added. 

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