Stolen Seed Phrase; An idea 💡

I would love to see a solution to the threat of Mike Winfrey scenario. The loss or theft of the Seed Phrase, which AFAIK gives someone else the complete control over our account and eclipses any and all safety measures currently in place.

So this is my idea. We’ve got several tiers of Masternode. Why not try tiered security level system. And, if possible, to create a different type of account. With some additional hard-coded security measures. Ones that cannot be turned off even after the account is recovered using the Seed phrase.

I am not technically savvy in the crypto and programming department so you need to tell me whether or not this is possible. However, since I have dealt professionally with airport security, I know the universal rules regarding safety and security. :slight_smile:

More security = less mobility.
Complete security = no movement at all.

But we can and should find the golden balance. So why not try and offer some users extra security in exchange for some inconvenience. I’m sure there is a significant interest in such a feature.

1 Like

thi sis an excellent idea, and some chains like Argent have implemented similar ideas. But using the masternode network as a layer that facilitates features and security within the economy is an excellent idea. I think, to add to your idea, some form of blockchain based identity management system would go a long way toward having a trustless security system.

1 Like