"Non-custodial secret Recovery and Inheritance Protocol"
The crypto ecosystem has come a long way since the inception of Bitcoin, the first-ever peer-to-peer digital money. Interestingly, it has paved the way for more innovations than just internet money now. We have seen the radically transformative changes in finance, governance, collectible marketplace, and in many more areas due to the creation of decentralized and open versions of it. But most, if not all projects rely on crypto-assets to fuel their projects. So, there is a tremendous value being derived in these projects in the form of crypto assets. Hence, one has to make sure that their assets are safe and sound.
<aside> 🪄 As much self-custody gives immense power to and freedom to the people it brings a huge responsibility. Check out this short post on this.
Owning, securing, and inheriting the digital crypto-asset unlike other digital assets can be challenging due to the self-custody nature of the ownership. Crypto and other digital assets are held under accounts protected by digital keys, they are secured by passwords and seed phrases. As these are not registered financial instruments with any centralized agencies, the asset holder loses a significant sum, should any unfortunate event take place in his/her life: be death or accidental loss of the secured information.
Currently, the systems employed by asset holders are odd, crude, and unsophisticated with several security concerns as there is no standardized way to easily and securely back up and recover the assets without putting a tremendous trust in a few actors. Many times asset holder writes the seed phrases somewhere on a piece of paper or passes on the secret information to some relative or known individuals, where the possibilities of abuses/misuses exist.
But every user always desires a guaranteed recovery and inheritance mechanism in case of tragic events with ease and security. This is why we need a non-custodial solution when it comes to the recovery of self-custody information and assets. This is why we are building Safient 🚀
Safient proposes an intuitive solution to this critical problem with a mechanism to securely manage all the secrets through Safient safes that can be recovered or inherited during claimable events without any intermediaries or custody. Safient is a trustless protocol, meaning that there is no need to necessarily trust any actors while using the solution.
Safient itself is a secret recovery and inheritance protocol that can be used as a generic secret transfer mechanism. You can think of it as a key exchange mechanism but with much more functionality. We differentiate our protocol by focusing our efforts on building a secure and conveniently pluggable platform that could be easily integrated with services for the recovery and inheritance of digital assets.
<aside> 💡 Safient is the combination of 2 words: Safe and Convenient as we believe in providing the safest and most convenient way to protect and inherit your self-custody secrets.
<aside> 🔐 Secure safes:
Backup your secrets on Safes that are secured by robust cryptography techniques and data stores
<aside> ✅ Convenient claimable safes:
The safes are recovered by the beneficiaries only after the pre-specified claim conditions are met.
<aside> 👯 Trustless protocol:
Safes are guarded by trustless guardians and arbitrators to ensure the highest degree of resilience
Safient allows any user to create a safe where any secret information that needs to be later recovered or inherited during a certain event can be stored. Safient workflow mainly consists of three phases.
<aside> 🔐 1. Create a safe: Create a safe to store your secrets. Add beneficiary and select a claim condition.
<aside> 🤚 2. Request to claim the safe: The safe owner or beneficiaries can recover the safe by creating a claim.