Backup and recovery

Safe recovery hub

About

• Marketplace for Safe account recovery options
• Built as a Safe module
• See Introducing Safe{RecoveryHub} - A new crypto wallet recovery ecosystem launching with Sygnum and Coincover by Safe

Types of recovery

• Social recovery/self-custody: Set other accounts to be able to recover your account
• Custodial recovery: Provide an organization the ability to provide partial or full recovery
• Approval threshold recovery: In-progress (2023-12-14)
  • Set a threshold of approvals from specific accounts required for recovery
  • See @SchorLukas Tweet 2023-12-07
• Hybrid recovery: A mix of the above recovery options

Features

• Review window
  • Set a time-lock, period of time it takes for the recovery process to finalize
  • The original owner can cancel the recovery during this time period
• Transaction expiry
  • The period of time the recoverer has to finalize the recovery after the review window
  • Default is infinite
• Set a new owner
  • Set by the recoverer after the recovery action is finalized

Manual backup

Steps

1. Save information offline with multiple redundancies.

2. Test the recovery process.

   a. Setup

   1. Use a new wallet addresses that will only be used for testing.
   2. Use a low amount of funds.

   b. Optional compatibility test

   1. Swap the seed phrases between signing accounts/devices when going through the recovery process.
   2. You may need the original derivation path(s) for the wallet addresses.

3. Verify the cosigners/owners have the expected address. a. Verify the receive address in each signing account/device's app. b. Verify the Safe account address when loaded into the Safe app after recovery.

Information to save

• The Safe account's require threshold of private signing accounts/keys
  • Seed phrase(s)
• All signing accounts
  • Derivation paths (If a hardware wallet)
• Recommended
  • Safe account address
    • This can be found in the transaction history in a worst-case.

Without the Safe apps

About

• Use in a worst-case scenario where the core Safe team no longer exists.
• See Trustless interface

Components

1. User Interface (UI) options

   • Download the Safe app.
     • GitHub releases
     • Or use the last desktop app with a checksum and verify the download.
   • Use the web app: app.safe.global
   • Previous Safe smart contract versions work with the Safe app UIs: Add hardware wallet support #29

2. Smart contracts, backend infrastructure, and transaction indexer a. Command Line Interface (CLI)

   • Use the commands in the computer's terminal.
   • The CLI will not work if all signing accounts are hardware wallets.
     • You must use a version of the Safe app in step 1.
     • See Add hardware wallet support #29

   b. Advanced users (Requires testing 2023-02-23)

   • Note: Test without as many as Safe backend services and dependencies as possible.
   1. Interact with the smart contract directly: Guide: Integrating the Safe Core SDK
   2. Run the code with the Safe Transaction Service.
      • Connect to an Ethereum node to run the service.

This is not financial, technical, or legal advice. Consult professionals and do your own research.