'What is a Social Recovery Wallet?' by VitalikButerin vitalikbuterin wallets
was multisig. You could have a wallet that has three keys, where any two of them are needed to send a transaction.
, the main challenge is: who holds the funds, and how are transactions approved? The most common formula is some variant of "two easily accessible, but separate, keys, held by you and a third more secure but less accessible a backup, held offline or by a friend or institution". Guardians are easy to add: you can add a guardian simply by typing in their ENS name or ETH address, though most social recovery wallets will require the guardian to sign a transaction in the recovery webpage to agree to be added.
If you already have a wallet, there is no ongoing mental effort required to be a guardian: any recovery operations that you do would be done through your existing wallet. If you not know many other active Ethereum users, then a smaller number of guardians that you trust to be technically competent is best.
In the event that you die or are permanently incapacitated, it would be a socially agreed standard protocol that guardians can publicly announce themselves, so in that case they can find each other and recover your funds.One common response to suggestions to use any form of multisig, social recovery or otherwise, is the idea that this solution goes back to "trusting people", and so is a betrayal of the values of the blockchain and cryptocurrency industry.
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