I’ve been considering quite a bit currently about key administration and fund restoration. It occurred to me that we may create a system that permits us to recuperate funds from misplaced keys by signing time certain transactions which may 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 could possibly be a buddy, member of the family and even your alternate) and setting time constraints similar to not legitimate earlier than and/or not legitimate after. You too can signal many of those transactions with a number of nonce values so that you just nonetheless have a sound transaction within the occasion that you just make future transactions.
Since this signed transaction is constrained to the recipient and sure time standards, it isn’t delicate and will be saved anyplace, together with on the cloud. As a person you will have the facility 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!
