A Decentralized Mnemonic Backup System for Non-custodial Cryptocurrency Wallets

【Author】 Sans, Thierry; Liu, Ziming; Oh, Kevin

【Source】FOUNDATIONS AND PRACTICE OF SECURITY, FPS 2022

【影响因子】

【Abstract】When using non-custodial cryptocurrency wallets such as Exodus (Bitcoin), Metamask (Ethereum), and Keplr (Osmosis), the private keys are directly stored on the user's device. Using such a wallet comes with the risk of losing all crypto assets when the device gets lost, stolen, or breaks down irremediably. Fortunately, most non-custodial wallets offer a way to recover the private keys by the mean of a "recovery phrase" also known as a "mnemonic seed phrase". That phrase is usually between 12 and 24 words and it is generated when the user creates the wallet. Indeed, this mnemonic phrase is a really sensitive piece of information since anyone knowing that phrase can get full control of the crypto assets held by the wallet. Usually, it is recommended to write this passphrase down on a piece of paper and store it in a "safe place". However, storing a physical object is still not ideal since it can get stolen, lost, or destroyed as well. In this paper, we propose a decentralized application that can be used to back up mnemonic phrases and recover them eventually using a simple email. This application is built on a privacy-preserving blockchain to store the confidential passphrase and protect the identity of its owner and the crypto assets holders.

【Keywords】Blockchain; Smart Contracts; Decentralized Applications; Privacy; Wallets; Cryptography Protocol

【发表时间】2023

【收录时间】2023-07-06

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