Safe co-founder Lukas Schor emphasizes that members of the “social recovery” group will only have access to data in the event of a recovery, and users will still retain full control over their crypto wallets through veto power to prevent unauthorized recovery attempts.
“The Safe{RecoveryHub} module standard aligns with Vitalik Buterin’s holistic approach to critical data recovery. It allows for the appointment of at least three recoverers or ‘guardians’, depending on the user’s risk preferences. This user-managed module, where account holders dictate asset management terms, sets a new milestone in both the crypto industry and traditional finance, promoting financial sovereignty,” said Lucas Shore.
Safe is not the first company to offer distributed social storage functionality for recovering digital assets. Ledger previously caused controversy by notifying users of the Ledger Nano X hardware crypto wallet about a solution that involved sharing parts of the seed phrase with third-party holders.