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Replace pre-defined recovery address with recovery seed phrase verified using ZK #3

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parketh opened this issue Aug 29, 2022 · 0 comments
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parketh commented Aug 29, 2022

At the moment, the recovery address to which funds are sent must be set in advance when deploying the RecoveryContract contract. This reduces flexibility for the user, as the recovery address cannot be changed subsequent to deployment, and if details to the recovery account are lost (and a new recovery address is not deployed), so too are the user's funds.

We can replace the recovery address with a recovery seed phrase that allows the asset owner to specify a recovery address at the point of asset withdrawal. The seed phrase will be verified using zero knowledge to restrict its use to the asset owner only. This adds an extra layer of flexibility and simplifies the security setup of the recovery service.

@parketh parketh added the enhancement New feature or request label Aug 29, 2022
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