Blockchain Wallet Recovery via Trusted Third-Party Mediator
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Solution Overview
Problem
In the cryptocurrency field, if private keys associated with a wallet are lost, users cannot recover access to the wallet, leading to a loss of transaction capabilities.
Innovation Solution
A method for wallet recovery is introduced, which includes receiving a wallet recovery request, verifying user identity, transmitting a challenge initiation request, and providing access when recovery conditions are met, utilizing a trusted third-party-managed recovery scheme with features like multisignature transactions and a timelock mechanism to prevent unauthorized access.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a trusted third-party-managed recovery scheme with timelock mechanism is implemented, then security and reliability are improved, but device complexity increases
Solution Approach 1:
The patent introduces a trusted third-party recovery agent as an intermediary between the wallet owner and the blockchain network. This mediator holds the authority to initiate recovery challenges and manage the timelock mechanism, enabling secure wallet recovery without requiring direct access to the user's private keys. The recovery agent acts as a neutral party that can verify ownership and execute recovery procedures when users lose access to their wallets.
Solution Approach 2:
The patent implements a timelock mechanism that requires a predetermined waiting period between challenge initiation and wallet recovery execution. This preliminary action allows time for verification and prevents impulsive or unauthorized recovery attempts. The challenge period serves as a buffer that ensures proper authentication and reduces the risk of attacks while maintaining the ability to recover lost wallets.
2Reliability
If multisignature transactions and timelock mechanisms are used to prevent unauthorized access, then security is improved, but ease of operation deteriorates
Solution Approach 1:
The patent enables users to initiate the wallet recovery process themselves by submitting a recovery request that triggers the challenge mechanism. The system automatically manages the timelock period, verification process, and recovery execution without requiring continuous manual intervention. This self-service approach simplifies operation while maintaining security through automated multisignature requirements and timelock enforcement.
3Reliability
If a challenge period with abort conditions is implemented, then security against attacker-initiated challenges is improved, but loss of time increases
Solution Approach 1:
The patent implements a predetermined timelock period that is set in advance during wallet configuration. This preliminary action establishes a fixed challenge period that balances security verification time with user convenience. The abort condition allows users to terminate the challenge if they confirm their identity through alternative means, potentially reducing the actual time lost while maintaining security against unauthorized recovery attempts.
Data Source
AI summary
Systems and methods for blockchain wallet recovery, including: receiving a wallet recovery request from a user; sending a signed recovery transaction to the wallet, the signed recovery transaction comprising recovery instructions; and providing wallet access to the user, according to the recovery instructions, when a recovery condition is met. In examples, the recovery transaction is signed by a recovery key, different from a set of old wallet owner keys, that is associated with the wallet; the recovery instructions include new owner address(es) associated with a set of new owner keys; and providing wallet access includes activating the new owner addresses for the wallet after the recovery transaction is verified as signed by the recovery key.