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

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.