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# ETHTaipei
## Social Recovery on
<span class="hl">DefiSansevieria</span>
---
## Agenda
- Why Social Recovery
- Why Gnosis Chain
- Recovery Process
- Demo
- Q&A
---
## 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
---
## Why Gnosis Chain
- Faster & lower fees
- Stablecoin (xDAI) for transactions and fees
- EVM compatible
- Many resources
- Community support
---
## 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 |
---
## 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.
---
## 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
---
## Demo
{%youtube WiHAdbOt8Mw %}
01:33
---
# Team Members
| Max Hsu | Garrick Chen | Ryan Hsu |
| - | - | - |
|  |  |  |
---
# Q & A
<span class="hl">DefiSansevieria</span>
---
## 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
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