Social Account Locking
A protective mechanism to secure your assets!
Account locking can be used to freeze your smart wallet assets i.e. not allowing any withdrawal/transaction to go through. This can be useful in case of an emergency like losing access to your wallet or generally safeguarding your assets when not putting them to use for the long term, etc, by locking them.
With smart wallets, one can use a few trusted parties, known as Guardians, to lock or unlock their smart wallet accounts.
How it works
Assigning Guardians: The user assigns guardians for their smart accounts. Generally, 3 or more guardians are a good number.
Lock request creation: When needed, an assigned guardian can create a Lock Request for the user's smart account.
Achieving consensus: A consensus has to be achieved on the generated lock request by guardians signing the request from their respective Guardian portal.
Once the consensus is achieved, the wallet is locked, stopping any transactions from being executed, unless unlocked.
Unlock Request: To unlock, an unlock request can be initiated by a guardian in the same way and consensus has to be achieved on the unlock request as well to unlock the smart account and resume its transactions.
Guardian Portal: Guardians can access the lock/unlock requests on the Guardian interface and sign the requests there.
Consensus Evaluation: Once all guardian signatures have been received, an assigned guardian can trigger the account lock consensus evaluation, which will evaluate all lock/unlock request signatures and lock/unlock the user's account if the consensus has been achieved.
Social Account Recovery
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