So why don’t crypto networks have some kind of decentralized

Question

So why don’t crypto networks have some kind of decentralized

protocol for regaining access to a wallet in the case of a lost key and/or phrase? Especially if mass adoption is to ever take place. People are flawed and mistakes will be made. Like if someone who needs to regain access to their wall simply submits a request to the network, where participants/nodes/devs are notified that a request has been made and the requester has provided enough documentation/evidence to verify they are the owner of the wallet. If the community is satisfied the wallet can be reinstated, maybe only if the owner still has the password, and there would be a time limit the wallet would be available to the owner for access and clearing the wallet. After that period the wall is deleted by the network. Maybe like a self executing contract (SC). Just Brain storming.

#blockchain #cryptocurrency #russian #vechain

0

31.12.2021

11 ответов

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. Duss

It wouldnt be decentralized, because the leaders of this blockchain/coin would be able to go into your wallet if they really wanted. You are the only person with the keys and the pw, if you cant watch after them, write them down and put them into a bank, give them to your family or load it onto a stick and hide it. If someone could open your wallet then a good hacker can do the same

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31.12.2021

Nathan Hurlocker Автор вопроса

. Duss
It wouldnt be decentralized, because the leaders o...

Sorry Duss I don’t think you understood my question. I understand decentralization but VET is not completely decentralized any ways. It’s a balance they are after. In addition, I’m asking why can’t a decentralized protocol be developed for suck things.

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02.01.2022

. Duss

Nathan Hurlocker
Sorry Duss I don’t think you understood my questio...

It would be just like a bank, you have the key and they have it and this is exactly the problem. If you want it like this you should just use a wallet that handles things like this. Maybe on a CEX you will have exactly this

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02.01.2022

SliZzo-✘

. Duss
It would be just like a bank, you have the key and...

He lost his seedphrase?

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02.01.2022

. Duss

SliZzo-✘
He lost his seedphrase?

I dont think its him, but he said it should be possible to open the wallet with the help of the organisation or something like this.

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02.01.2022

SliZzo-✘

. Duss
I dont think its him, but he said it should be pos...

Well whoever it is before you create a wallet it states keep seedphrase in a safe place. There is no insurance on this. Developers shouldn't have access to your wallet. Like you said stay on a CEX for that reason.

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02.01.2022

. Duss

SliZzo-✘
Well whoever it is before you create a wallet it s...

Exactly

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02.01.2022

Nathan Hurlocker Автор вопроса

SliZzo-✘
Well whoever it is before you create a wallet it s...

guys/gals I understand how it all works. I’m just trying to have a conversation about a solution to this problem. I’ve been in crypto heavy since 2017 but I still made the biggest mistake you can in this business. As long as this exist, banks will always have relevance. Humans are imperfect and we make mistakes. Any yes, I am aware of the crypto culture of “its on you” and that has to change if we truely want mass adoption. Above I proposed an idea (ultra basic frame work) on a decentralized protocol for wallet recovery. Obviously if you don’t have your key or phrase.

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02.01.2022

. Duss

Nathan Hurlocker
guys/gals I understand how it all works. I’m just ...

Like i said, just use a centralized wallet if you want it like this.

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02.01.2022

izi

Nathan Hurlocker
guys/gals I understand how it all works. I’m just ...

This would clearly be a heavens gate for sca.me,rs they could abuse this recovery method. Having it on your own hand is way better, we need to learn to handle finances ourselves and not give it to a third party

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02.01.2022

Rose · Accepted Answer

Rose

VET has NO contract address. VET is a coin of its own blockchain, VeChainThor. Please make sure you are not purchasing tokens on other blockchains, which would be “fake” VET. There is no VET on Ethereum, there is no VET on Binance Smart Chain, there is only VET on VeChainThor. Anything else is fraudulent.

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31.12.2021

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So why don’t crypto networks have some kind of decentralized

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