I’ve been pondering lots these days about key administration and fund restoration. It occurred to me that we might create a system that permits us to get well funds from misplaced keys by signing time sure transactions which might sweep our funds within the occasion that we lose entry.
In a nutshell, this works by signing a transaction that deploys a contract which sends funds to a different deal with (this may very well be a good friend, member of the family and even your alternate) and setting time constraints comparable to not legitimate earlier than and/or not legitimate after. You can too signal many of those transactions with a number of nonce values so that you just nonetheless have a legitimate transaction within the occasion that you just make future transactions.
Since this signed transaction is constrained to the recipient and sure time standards, it’s not delicate and could be saved wherever, together with on the cloud. As a consumer you’ve gotten the ability to invalidate the transactions at anytime by both spending the funds or utilizing up all of the nonces.
I’ve began making a prototype right here: https://github.com/James-Sangalli/eth-timelocked-backup, let me know what you consider the idea and the way you’ll enhance it.
Merry Christmas!
