Social Recovery Wallet: Regaining Access with Trusted Contacts
A social recovery wallet enables designated trusted contacts to help restore wallet access, reducing the risk of permanently losing access to funds due to a lost private key or forgotten password.
Basic Concepts
A social recovery wallet is also known as a social key recovery wallet. Users establish a recovery network of trusted contacts in advance; if a private key is lost or a password is forgotten, these contacts can jointly help restore access, adding convenience and protection to wallet use.
Recovery Mechanism
The recovery mechanism is determined by the rules of the specific wallet. The original text uses a simplified scheme for illustration: each contact separately safeguards recovery information, and after the user initiates the process, the contacts jointly provide the required information to regain access. When learning from this example, do not treat splitting and reconstructing credentials as the only implementation of all social recovery wallets.
Example and Considerations
For example, Alice designates Bob, Carol, and Dave as trusted contacts. After losing her private key, she collects the information safeguarded separately by the three contacts and recovers the wallet. When configuring a wallet in practice, carefully select reliable contacts and understand how many contacts the specific wallet requires to participate, so that the recovery network itself does not become a source of risk.
Original Tutorial
https://www.binance.com/zh-CN/academy/glossary/social-recovery-wallet
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