The operation of these purses is basically the same as a multisig. In fact, The tutor or guardian, who holds the rest of the keys, has the ability to act in the event of any problems with your account (theft, loss, permanent disability or death of the account holder). The person who owns the account (the owner of the crypto) can go to people, institutions, or request the recovery of funds for their account. & nbsp;
Under normal circumstances, a user can use their social recovery wallet as if it were a traditional wallet, signing messages to approve their transactions. But in case of loss of your personal keys, it may be Uber said that with the help of the rest of the guardians, using a multisig that enables re-use. & nbsp;
Imagine for a moment the following scenario:
You have a wallet with 100 BTC and you lost it, you don’t have your seed phrase, and you don’t have a backup of the wallet in a safe place. How to withdraw your 100 BTC? This is impossible under the current wallet plan, your 100 BTC will be there. Held forever, until you have the key to it. This situation is not strange, in fact, it happens very often, not only in bitcoin but also in many other cryptocurrencies.
However, with a social recovery wallet, you can get access to your wallet. This is possible, because when creating a wallet, you have created a special multisig wallet, which allows this action. This multisig allows that under certain conditions (such as if you have not made a transaction in a certain time) enable your parents to perform operations that can regain control of your coins. To do this, all you have to do is get in touch with your parents, so that they sign the transaction together so that you get back control of your money.
And this is possible, because the parent can sign a particular transaction that will change. The public / private key will be registered in the original wallet contract for a new key in your power. So you will get your 100 BTC back, and leave that money behind for fear of losing that money. & nbsp;
Wait, is it really safe?
You wonder And in this way my funds cannot be stolen? The answer is no. This is due to the fact that the purse-making contract has a series of several conditions that must be fulfilled so that the guardian can act, if these conditions are not met, they will not be able to do so. Also, if your parents want to steal your money while your wallet is active, then the transaction is not done immediately, it gives you the opportunity to deny the transaction, and gives the parents a chance to change Is so that it does not happen again.
This is, of course, just an estimate of probabilities, but it gives you a clear idea of how these types of actions have been thought, analyzed, and strategized which assures us that they are not excluded. Can.
Additionally, the selection of tutors is in your hands, as they can be:
- Other equipment (or paper dynamics) owned by the wallet holder
- friends and family
- Institutions that will sign a recovery message if they receive confirmation of your phone number or email or perhaps cases of high value, verify it in person on a video call.
That is, there are tools and strategies that apply to this type of wallet to make them as safe as possible. & nbsp; In fact, an example of this type of purse can be seen Money, Whose security and recovery model includes this type of option.
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