One of the LUKSO developers added a new standard to the LUKSO GitHub, it is called “LSP11”. LSP stands for LUKSO Standard Proposal.
What does this standard add?
” This standard allows for recovering access to ERC725 contracts such as tokens, NFTs, and Universal Profiles by adding a new address to control them through the Key Manager after a recovery process. The social recovery contract should provide the most flexible and secure process, where the guardians, set originally by the owner, can vote to one address in each recoverProcessId. The address willing to recover can choose a recoverProcessId where he reached the guardiansThreshold and after successfully providing the right secret word, that produces the hash already set by the owner, he will be granted the owner permissions in the account recovered and a new hash will be set and all previous recoverProcessId will be invalidated.”
What does it mean?
It means that LUKSO proposed a new standard what makes it possible in a specific way to recover your wallet/Universal Profile keys when you lost them.
Any Key could be lost or leaked due to a certain accident, so it’s not advised to rely on one singular key to control ERC725 contracts through the Key Manager and a social recovery contract is needed in this case.
In the case above, the user can simply reach out to his guardians and ask them to vote for a certain address.
There are many possible choices for whom to select as a guardian. The three most common choices are:
– Other devices (or paper mnemonics) owned by the wallet holder themselves
– Friends and family members (EOAs or Universal Profiles)
– Institutions, which would vote for the address provided if they get a confirmation of your phone number or email or perhaps in high-value cases to verify you personally by video call
Check it out on the LUKSO GitHub here: https://github.com/lukso-network/LIPs/pull/68/commits/575a96cab74c463b9d41c70ae8b296614a97d5a2