Safe says the new Safe{RecoveryHub} solution will help users restore access to accounts through designated restorers who will act as a virtual “personal backup device.” For example, trusted family members, friends or colleagues. In addition, Safe{RecoveryHub} partners: Sygnum Bank and CoinCover will be able to act as custodians.
Safe co-founder Lukas Schor assured that selected members of the “social recovery” group only get access to data if a recovery event occurs. In other cases, crypto wallet users retain full control through veto power to override any recovery attempt.
“The Safe{RecoveryHub} module standard is fully consistent with Vitalik Buterin’s call for a holistic approach to recovering critical data. It provides for the appointment of at least three recoverers or “guardians” to recover keys in accordance with the client’s personal risk preferences. The user-managed module, where account holders dictate the terms of asset management, is unprecedented in both the crypto industry and traditional finance, marking a new milestone on the path to financial sovereignty,” declared Lucas Shore.
Safe is not the first company to offer distributed social storage and digital asset recovery functionality. Previously, Ledger notified owners of the Ledger Nano X hardware crypto wallet about the availability of a solution for wallet recovery, which involves transferring parts of the seed phrase to third-party holders. This caused a big scandal in the community.
Source: Bits
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