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# System prepended metadata

title: Social Recovery
tags: [ETH Taipei Hackathon]

---

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type: slide
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.small {font-size: 24px;}
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# Social Recovery
![](https://i.imgur.com/ThVqMad.png =400x)
<span class="hl">DefiSansevieria</span>
![](https://i.imgur.com/QAncD50.jpg =150x)

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## Agenda

- Why Social Recovery
- Why Gnosis Chain
- Recovery Process
- Demo
- Q&A

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## Why Social Recovry

- [1500 BTC may be lost every day](https://news.bitcoin.com/analyst-1500-bitcoins-lost-every-day-less-than-14-million-coins-will-ever-circulate/)
- Difficult to save private key or seed phrase in safe ways.
- Hardware wallets are not good enough
- Social Recovery is last protection of your wealth


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## Why Gnosis Chain

- Faster & lower fees

- Stablecoin (xDAI) for transactions and fees

- EVM compatible

- Many resources

- Community support

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## Recovery Process

1. Setup Guardians
2. Propose a new owner by guardian
3. Transer ownership to new owner after cooldown period

```mermaid
sequenceDiagram
    participant Alice
    participant Alice'
    participant CA
    participant GuardianA
    participant GuardianB
    participant GuardianC

    Alice->>CA: set Guardians

    rect rgb(114, 189, 53)
    note right of CA: Recovery Process.
    GuardianA->>CA: New owner is Alice'
    GuardianB->>CA: New owner is Alice'
    GuardianC->>CA: New owner is Alice'
    end

    CA-->>+Alice': Wait cooldown
    Alice'-->>-CA: Take ownership
```

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## 1. Setup Guardian

Owner can setup 3 to 9 guardians


|  Guardian Size   | Proposal Threshold  | Voting Threshold
| -  | - | - |
| 3  | 1 | 2 | 
| 4  | 1 | 3 |
| 5  | 1 | 4 |
| 6  | 1 | 4 |
| 7  | 1 | 5 |
| 8  | 2 | 5 |
| 9  | 2 | 6 |


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## 2. Propose a new owner

If owner lost its private key
he/she can ask guardian to propose a new owner address

- If the voting reach <span class="hl">Proposal Threshold</span>, contract'll emit an event to notify other guardians to vote

- Once the voting consensus reach <span class="hl">Voting Threshold</span>, new owner is determined. It'll become new onwner after Onboarding cooldown.


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## 3. Transfer ownership

- New owner take the ownership after onboarding cooldown (1day)

- Old owner can revoke the recovery process whenever new owner don't take its ownership yet


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## Demo

{%youtube WiHAdbOt8Mw %}
01:33

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# Team Members

|  Max Hsu   | Garrick Chen | Ryan Hsu |
| -  | - | - |
| ![](https://i.imgur.com/YsN5hGw.jpg =300x) | ![](https://i.imgur.com/Oqir9It.jpg =300x) | ![](https://i.imgur.com/qC4Rpx3.jpg =300x) |

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# Q & A

<span class="hl">DefiSansevieria</span>
![](https://i.imgur.com/QAncD50.jpg =300x)


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## Reference

- https://vitalik.ca/general/2021/01/11/recovery.html
- [Account Abstraction](https://eip4337.com/en/latest/)
- https://github.com/eth-infinitism/account-abstraction
- https://docs.stackup.sh/docs/getting-started

###### tags: `ETH Taipei Hackathon`
