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Smart Contract-Based Social Recovery Wallet Management Scheme for Digital Assets

Published: 12 June 2023 Publication History

Abstract

Social recovery schemes enable the recovery of decentralized digital assets like Bitcoin and Ethereum through a social network. These schemes suffer from security issues and limitations including centralization, a conspiracy of one's network, large transaction fees for the user and network, and verifiable connections between the user and the network. To mitigate these issues, the work proposes and implements a novel social recovery scheme based on verifiable secret sharing, smart contract code, encrypted communication, and biometric encryption. The security and performance analysis versus key existing implementations is evaluated in terms of security features and gas fees.

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Vitalik Buterin. 2021. Why We Need Wide Adoption of Social Recovery Wallets. https://vitalik.ca/general/2021/01/11/recovery.html
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Vitalik Buterin. 2022. Ethereum Whitepaper. https://ethereum.org/en/whitepaper/
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William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs. 2018. EIP-721: Non-Fungible Token Standard. https://eips.ethereum.org/EIPS/eip-721
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Ethereum.org. 2022. Blockchain Bridges. https://ethereum.org/en/bridges/
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Shuangyu He, Qianhong Wu, Xizhao Luo, Zhi Liang, Dawei Li, Hanwen Feng, Haibin Zheng, and Yanan Li. 2018. A Social-Network-Based Cryptocurrency Wallet-Management Scheme. IEEE Access 6 (2018), 7654--7663.
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Abdul Ghaffar Khan, Amjad Zahid, Muzammil Hussain, and Usama Riaz. 2019. Security of Cryptocurrency Using Hardware Wallet and QR Code. In International Conference on Innovative Computing. IEEE, Lahore, Pakistan, 1--10.
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Satoshi Nakamoto. 2008. Bitcoin: A Peer-to-Peer Electronic Cash System.
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  • (2024)A Practical Recovery Mechanism for Blockchain Hardware WalletsIEEE Access10.1109/ACCESS.2024.349730212(169928-169944)Online publication date: 2024

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      cover image ACM Other conferences
      ACMSE '23: Proceedings of the 2023 ACM Southeast Conference
      April 2023
      216 pages
      ISBN:9781450399210
      DOI:10.1145/3564746
      Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than the author(s) must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected].

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      Association for Computing Machinery

      New York, NY, United States

      Publication History

      Published: 12 June 2023

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      Author Tags

      1. blockchain
      2. conspiracy protection
      3. decentralization
      4. secret sharing cheater identification
      5. smart contract
      6. social recovery wallet
      7. verifiable secret sharing

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      ACMSE 2023
      ACMSE 2023: 2023 ACM Southeast Conference
      April 12 - 14, 2023
      Virtual Event, USA

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      ACMSE '23 Paper Acceptance Rate 31 of 71 submissions, 44%;
      Overall Acceptance Rate 502 of 1,023 submissions, 49%

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      • (2024)A Practical Recovery Mechanism for Blockchain Hardware WalletsIEEE Access10.1109/ACCESS.2024.349730212(169928-169944)Online publication date: 2024

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