Ethereum (ETH) founder Vitalik Buterin suggested the use of social recovery wallets to make it easier for crypto users to access wallets, especially if they forget or lose keys.
Social recovery wallets work like wallets that are commonly used by crypto users (hot wallet or cold wallet) but with the addition of features, guardians.
The guardians in question are those individuals who are able to sign a petition from the original owner of the wallet for access if the owner loses or forgets their keys.
Sounds risky but it doesn't. This is because, the identity of the owner with a third party will not be revealed to avoid any risk to the owner of the wallet.
For Buterin, this method is much easier than using multi-signature wallets.
Undoubtedly the concept of a decentralized system (centralized) may bring benefits but any time crypto users face huge losses if they lose or forget the key.
This can happen to anyone, including economist Peter Schiff, who had to lose his Bitcoin (BTC) points because he forgot his password. Similarly, Coil CEO Stefan Thomas reportedly had two more login attempts before losing more than $ 200 million BTC.
Social recovery wallets are not yet synonymous in the crypto sector and the only largest manufacturer to apply this concept in their technology is HTC through the Zion wallet.
Buterin, on the other hand, recommends Argent Wallet and Loopring with the guarantee of a smoother experience.
