Digital Wallet Shadow Asset Activation via Smart Contracts
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Solution Overview
Problem
Blockchain networks face challenges in accessing and protecting digital assets when a user's private key is lost or compromised, leading to the immutability and transparency features becoming disadvantages, as users cannot retrieve their assets even if the key is unavailable.
Innovation Solution
Implementing shadow assets and smart contracts that create a copy of the primary digital asset, which can be activated when certain conditions are met, such as inactivity or suspicious activity, allowing the shadow asset to become the primary asset and invalidating the original, thus ensuring continued access and protection without altering the blockchain.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain networks maintain immutability and transparency, then data integrity and trust are improved, but access to digital assets is lost when private keys become unavailable
Solution Approach 1:
The patent segments the digital asset access mechanism by creating separate shadow assets that are independently managed from the primary asset. The shadow asset can be activated independently when the primary asset becomes inaccessible, allowing segmentation of the access control function while maintaining the integrity of the original blockchain structure.
Solution Approach 2:
The patent implements preliminary action by pre-creating shadow assets that are held in reserve before any loss occurs. These shadow assets are prepared in advance with the understanding that they may be needed if the primary private key becomes unavailable, allowing for recovery without compromising the original immutable ledger.
2Reliability
If private key control is maintained for security, then asset protection is improved, but asset recovery becomes impossible when keys are lost
Solution Approach 1:
The patent creates shadow assets that are copies or representations of the primary digital asset. These shadow copies maintain the essential value and functionality of the original asset while being accessible through alternative means, effectively creating a backup mechanism that preserves access without compromising the security of the primary key-controlled asset.
Solution Approach 2:
The smart contract acts as an intermediary mechanism that mediates between the primary asset control and the shadow asset recovery system. It monitors conditions and facilitates the transition from primary to shadow asset control when appropriate, providing a bridge that maintains both security and recovery capabilities.
3Ease of operation
If smart contracts automatically switch to shadow assets, then asset accessibility is improved, but system complexity increases
Solution Approach 1:
The smart contract implements self-service by automatically monitoring the status of primary assets and autonomously activating shadow assets when loss conditions are detected. This automation eliminates the need for manual intervention or complex user procedures, simplifying the user experience despite the underlying system complexity.
Solution Approach 2:
The system implements feedback mechanisms where the smart contract continuously monitors asset status and private key availability. When feedback indicates loss or compromise, the system automatically responds by activating shadow assets, creating a closed-loop control system that manages complexity through automated decision-making rather than manual processes.
Data Source
AI summary
Protecting digital assets is disclosed. A primary digital asset associated with a shadow asset are stored, in a first and a second digital wallet. The primary digital asset and the shadow asset are each associated with respective smart contracts. When the primary smart contract executes, the second smart contract also executes. These smart contracts convert the shadow asset to be the primary digital asset and invalidate the original digital asset. This allows smart contracts to effectively protect a digital asset using digital wallets associated with different private keys and without having to actually transfer the digital asset. The activation of the shadow asset and invalidation of the original primary digital asset can be effected without a private key. The smart contracts execute when the conditions are satisfied.