Social Recovery: Achieving Financial Sovereignty Through Decentralization

Social Recovery: Achieving Financial Sovereignty Through Decentralization

Tyron Coop

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The Impact of the Relational Use of Tech on Cybersecurity

In the ever-evolving realm of cryptocurrencies, a harsh reality has emerged – the loss of key-based wallets and their funds. This loss has reached astronomical figures, totalling billions of dollars invested in Bitcoin and other cryptocurrencies. It's a stark reminder of the critical importance of security in the digital finance world.

Who Holds the Power over Your Data?

Traditional finance relies on banks to safeguard and manage your data, but history has shown the vulnerabilities of this system. In contrast, decentralized systems redefine the relationship between users and their data, giving individuals unprecedented control. The key to this shift? Key-based wallets.

Decentralization: A Technological Revolution

Decentralization aims to eliminate intermediaries, empowering individuals to manage their wealth without relying on third parties. Key-based wallets become exclusively owned by the user, removing the need for trust in intermediaries. This revolution reshapes finance while empowering individuals to take control of their data assets.

Introducing Tyron's Social Recovery

The Tyron SSI Protocol implements a secure way to regain control of your SSI account and assets, even those deposited in DeFi protocols. One must assign at least three guardians to an SSI account in order to enable social recovery. More guardians mean higher security. To recover the account, one needs signatures from the majority (half plus one) of configured guardians.

An SSI account relies on a key-based wallet as the controlling wallet. But what if one loses access to the current key-based wallet? Social recovery steps in. By creating a new controlling wallet and obtaining guardian signatures, one can regain access to the SSI account and funds, including those deposited in DeFi protocols.

You can create your SSI account and activate social recovery at - using the in-app browser of the ZilPay mobile application.

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