Example SAFE for Coins.
You create Wallet A and B on your device.
And you create Wallet C that can only transfer to Wallet A or B and needs 1h or 24h or 1 month to make the transaction.
Wallet C is a 1/2 MultiSig Wallet.
You store B and 1 C password offline.
And A and 1 C password online
If you send some coins to Wallet C - they get locked and can only be send to A and B.
So if you lose passwords of A and 1 password to C to hacker you can still move your funds to B
A lot of problems appear with Exchange wallets getting hacked etc
So we think of an Idea of a safe storage for some of the coin.
Topic: Idea against theft of crypto assets. (Read 116 times)
Additional variant.
Multi-signature Walles A and B and Wallet C are created.
Making a transaction requires 1 signature of wallet A or wallet B to be approved by the network.
Transaction is only approved if it goes to Wallet C.
Negative signature of wallet A or B cancels transaction.
So 1 signature is enough to make a transaction after 24 hours on hold (time can be adjusted).
2 signatures required for instant tranaction.
1 signature for transaction and one against it - cancels the transaction.
That practically makes a SAFE Wallet where signature B can be stored offline and used only in emergency.
Common network transactions work as usual as SAFE Wallets can only transfer funds to the specified Wallets.
Multi-signature Walles A and B and Wallet C are created.
Making a transaction requires 1 signature of wallet A or wallet B to be approved by the network.
Transaction is only approved if it goes to Wallet C.
Negative signature of wallet A or B cancels transaction.
So 1 signature is enough to make a transaction after 24 hours on hold (time can be adjusted).
2 signatures required for instant tranaction.
1 signature for transaction and one against it - cancels the transaction.
That practically makes a SAFE Wallet where signature B can be stored offline and used only in emergency.
Common network transactions work as usual as SAFE Wallets can only transfer funds to the specified Wallets.
Idea abstract example:
Smart contract or special wallet with a second signature that can cancel a transaction within a certain period specified by a data-transaction in the network.
Simple example.
An exchange creates a wallet where it keeps it's assets.
It sets 24 hours to cancel any outgoing transaction by an additional password.
The second password is stored securely and is not needed until a successful hacker attack happens.
Negative:
- you have to wait for 24 hours (or whatever time is specified)
- if you loose the second password your assets could be blocked by attacker, but you keep the password securely stored for emergency and don't have to use it online until it happens
Positive: even if you loose both passwords hacker can't use the funds, it will be a cat and mouse game that will discourage stealing
There can be multiple variations.
Same password can make transactions and cancel.
MultiPasswords for cancelation are needed.
And other.
Please tell what do you think about the idea?
disclosure: we are building a new PoS cryptocurrency and want to discuss some new ideas with the community
Smart contract or special wallet with a second signature that can cancel a transaction within a certain period specified by a data-transaction in the network.
Simple example.
An exchange creates a wallet where it keeps it's assets.
It sets 24 hours to cancel any outgoing transaction by an additional password.
The second password is stored securely and is not needed until a successful hacker attack happens.
Negative:
- you have to wait for 24 hours (or whatever time is specified)
- if you loose the second password your assets could be blocked by attacker, but you keep the password securely stored for emergency and don't have to use it online until it happens
Positive: even if you loose both passwords hacker can't use the funds, it will be a cat and mouse game that will discourage stealing
There can be multiple variations.
Same password can make transactions and cancel.
MultiPasswords for cancelation are needed.
And other.
Please tell what do you think about the idea?
disclosure: we are building a new PoS cryptocurrency and want to discuss some new ideas with the community
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