The Lost Key Recovery System has been proposed for deployment to the EOS Mainnet
The Lost Key Recovery System smart contract has been proposed for deployment to the EOS Mainnet.
This is the final step of the lost key proposal and requires approval from 15/21 top block producers to execute. They’ve already approved the creation of the eosio.lost account granted with the privileges to issue key swaps. The final proposal deploys the smart contract that contains the logic that automates and secures the key swap process.
Once deployed, genesis account holders have until April 20, 2020 to request an account recovery by signing a transaction with the Ethereum key paired to that account. Accounts must be unused and hold less than 100k EOS to qualify for an automated key swap.
Work began in late December — on the eve of the expiry of an order from the EOS Core Arbitration Forum (ECAF) that directed block producers to swap the lost private keys on a EOS account for an account holder they had ruled was the rightful owner. With ECAF’s authority rejected by token holders, the need for an automated key recovery solution became apparent and members of the community assembled to build one.
Michael Yeates (eosDAC), Rohan Abraham (EOS Authority), Kadar Iyer (LibertyBlock), and Daniel Keyes (EOS Nation) scoped out a solution together on that first call and continued to meet each week to check in as development progressed.
There are a little more than 95 thousand unused EOS genesis accounts holding over 85 million EOS that are eligible for a key swap through the automated solution. Most of those accounts are unused by choice. But there are a good number of account holders within that population that have been locked out from accessing their property since the chain launched last June.
Now, almost a year later and more than four months since we got to work, we have a fully tested and automated solution that’s ready to be deployed to the Mainnet. We’re closing the first chapter in the EOS history books with no one left behind.
Let’s make sure everyone who participated in the token sale makes it safely to the EOS Mainnet. And let’s keep building solutions that make it easier for token holders to protect their keys. The options for securing keys were limited at the time of the genesis snapshot. But the advanced permissions built into EOSIO now make it possible to configure an account to be secured by multiple redundant keys. It’s likely we’ll soon see wallets that make setting up these features much easier, while pairing them with the security of hardware wallets. But it will be up to token holders to take advantage of them.
The Lost Key Recovery System was developed by
Michael Yeates (eosDAC)
Rohan Abraham (EOS Authority)
Kadar Iyer (LibertyBlock)
Daniel Keyes (EOS Nation)
RAM was paid for by
EOS Nation is a top Block Producer on the EOS Mainnet. Let’s connect:
