Phaeton proposes to implement a Duo Signature transaction verification process to our Wallet software. This is a new development or a specific offering to align ourselves toward traditional account banking functionality. As traditional laws are currently being discussed in parliament, we propose to advance our technology standards to keep up with the legal framework within traditional banking and financial structural standards.
Phaeton intends to lead structural frameworks around wallet ownership and rights to claim digital assets whilst ensuring transparency on all transactions on the ledger. Phaeton does not intend to disclose any private information on Phaetons explorer as wallet ownership is encrypted with Phaeton Identity. Wallet address owners will have authority to prove account ownership as well as any NFT asset owned under a particular wallet address.
Phaetons digital wallet, also known as an e-wallet or mobile wallet, is a Blockchain software-based system that securely stores payment information and passwords for various financial transactions. It allows users to make electronic transactions, such as peer to peer mobile payments Phae-Phae, without the need to enter their payment details repeatedly. Phaetons digital wallet also poses to integrate Phaetons Identity protocol to ensure wallet ownership is something of the future as we move into a digital world of trading digital currency around the world.
Phaeton intends to add in a Duo Signature verification process to ensure digital transaction are verified by 2 or more partners that have authorisation on transactions to pass via blockchain from a wallet address or account. This is no different to any traditional banking scenario approving and verifying transactions to be passed which in this case uses Phaeton Blockchain distributed ledger technology.
Phaetons Recovery Protocol
Phaetons Blockchain technology is known for its inherent security, speed and immutability, which means that once a transaction is recorded on the blockchain, it is difficult to alter or delete. However, this can also pose challenges if users lose access to their private keys or wallets, resulting in the loss of their digital assets.
In the context of Phaetons blockchain recovery, there are a few common scenarios and approaches that we intend to implement.
Lost Private Keys: Private keys are crucial for accessing and controlling blockchain assets. If a user loses their private key and does not have a backup, it can be challenging to recover the assets associated with that key. In such cases, recovery may not be possible, and the assets could be permanently lost.
Wallet Recovery Phrases/Seed Phrases: Many blockchain wallets provide users with a recovery phrase or seed phrase when setting up their wallets. This phrase typically consists of a series of randomly generated words. If a user loses access to their wallet, they can restore it by inputting the recovery phrase into a compatible wallet software such as Phaetons.
We Proposal a Decentralized Wallet Seed Recovery Protocol:
Phaeton proposal is sharding account seeds to approved family members which is stored on their blockchain assets as an NFT. The approach in this case will require a level of trust between wallet ownership and family members that can assist in the recovery of your wallet. In case of a loss of access to an account, users can often initiate account recovery processes with additional Biometric features as a secondary level of security in which providing the necessary identification and security measures to ensure authentication to activate seed recovery.
Phaetons Third-Party Recovery As a Services: In certain cases, specialized recovery services may be available to assist users in recovering lost blockchain assets. This service involves sophisticated techniques to ensure a level of security and trust between organizations that are part of Phaeton DAO partnerships Program. This could also include a chargeable fee to active this service and is only initiated on the creation of the wallet with Phaeton Identity in place. The protocol will have a decentralized level of trust not one delegate will have full access to the account as seeds will be stored in a decentralise environment protecting the user’s account. Identity verification must pass across all members who have part of the seed this may include various biometric or face to face verification to ensure true authentication of wallet ownership.
It’s important to note that the specific recovery options and procedures can vary depending on the set up when generating the wallet. It’s always recommended to follow best practices for securely storing private keys or recovery phrases and to research the specific recovery options provided by Phaeton wallet platform or third-party services you are using.