COMPUTER-IMPLEMENTED SYSTEM AND METHOD PROVIDING A DECENTRALISED PROTOCOL FOR THE RECOVERY OF CRYPTOGRAPHIC ASSETS
Abstract:
Techniques are presented to enable recovery of one or more digital assets held on a blockchain after a private key is lost. The computer implemented method comprises setting access for the one or more digital assets held on the blockchain under the public key Pk and accessible using the corresponding private key Sk of the user such that the one or more digital assets are also accessible using a private key x shared by a congress on the blockchain network, each member of the congress having a private key share xi to be used in a threshold signature scheme used to generate a valid signature. As a result of the private key Sk being lost, the congress accesses the one or more digital assets on behalf of the user in response to the user proving their identity to the congress by providing a recovery password.
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