There are so many cool crypto-projects out there. We can decentralize everything, from citizenship, to control of autonomous organizations and ofcorse owning assets. This all requires a private key. The problem is people really suck at keeping track of important papers.If we are serious about a decetralized future, all your assets, maybe your income, any memberships, digital reputation and citizenship would be bound to your private keys. I have imagined every household having a safe where you keep this and that parents teach their kids about the flowers, bees and the private keys. But this is not enough. With the current best practice (hardware wallet+paper backup) if you lost your private key. You would loose all those things. Imagine if even Facebook didn't have a reset password button, that would be unacceptable.I imagine a solution, where X of Y other private keys can be used to regenerate your private key. For example 3 out of 5 people. Typically this would be family members or close friends. If you are wealthy, you'd probably have professionals also, maybe lawyers or notaries and more people needed to sign, Bill Gates might have like 60 out of 100 or something. ofc your specific setup is not public knowledge.I can't do the crypto-math, so I'm not sure if this is possible but ideally this would just be a standardized algorithm, not a new coin or so. You all meet up and recieve a specific signed message from the people who you trust and the algorithm can use those to regenerate your seed. You could have a seed reset family-party!
Submitted October 17, 2019 at 04:51PM
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