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Online safety-deposit box equivalent?


drew..
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HI folks, i wanted to start this thread as i suspect *many* involved with Elrond, especially node/staking-agency operators, may want to consider setting up an online safety deposit box.  We each need to consider the HBAB event (lightly known as the Hit-By-A-Bus event).  We joke about it in software/crypto but it is a real concern, especially if we run nodes.

I want to setup up a safe methodology to allow a trusted family member or colleague to be act to access my crypto assets and methodology in the event of my untimely death.  I see few interest and concrete avenues for this, especially in Canada, that require the presence of a death certificate to access my data.

Any and all thoughts are welcome.  thank you, drew..

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  • 2 weeks later...

hmmm, i thought this would garner more interest... perhaps in time when these forums get more energy, which i hope, as forum software is superior to telegram-styled exchange of information (in my opinion, of course).

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On 8/3/2021 at 3:30 PM, drew.. said:

HI folks, i wanted to start this thread as i suspect *many* involved with Elrond, especially node/staking-agency operators, may want to consider setting up an online safety deposit box.  We each need to consider the HBAB event (lightly known as the Hit-By-A-Bus event).  We joke about it in software/crypto but it is a real concern, especially if we run nodes.

I want to setup up a safe methodology to allow a trusted family member or colleague to be act to access my crypto assets and methodology in the event of my untimely death.  I see few interest and concrete avenues for this, especially in Canada, that require the presence of a death certificate to access my data.

Any and all thoughts are welcome.  thank you, drew..

This is an interesting topic.

One option would be to have shamir secret sharing (or some tweaked reed solomon) applied on the secret phrase, where you split it into multiple parts, and then you share each part with different people/services. Then it is easy to recover the seed from k out of n parts.

Of course there should be a mechanism where only in case of the untimely death, or if initiated by the "owner", it is possible to start the recovery. Interesting would be to define the rules and enforce them so they cannot be averted.

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2 hours ago, Adrian Dobrita said:

This is an interesting topic.

One option would be to have shamir secret sharing (or some tweaked reed solomon) applied on the secret phrase, where you split it into multiple parts, and then you share each part with different people/services. Then it is easy to recover the seed from k out of n parts.

Of course there should be a mechanism where only in case of the untimely death, or if initiated by the "owner", it is possible to start the recovery. Interesting would be to define the rules and enforce them so they cannot be averted.

Interesting, i will look into both ("shamir secret sharing (or some tweaked reed solomon)").  I think the idea of putting any power into an "owner" might be a roadblock for recovery though, in case of a secondary untimely event.  I like the idea of k out of on parts though, scattered amongst enough unbiased observers, and allowing for the total n to float in case of other untimely events but maintain the ratio... it just gets complicated as the idea would be to not put pressure on others per responsibility nor require a tech level of understanding.  I sense a blockchain dapp emerging. 

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