Gridlock has developed a unique system for account recovery. We combine social verification with a new process called Fading Security.
Because your key is distributed to different devices guarded by people you trust, they can help you recover your account. If you are ever locked out, you can ask your device holders to verify your identity.
With Gridlock, your recovery process is distributed, as well as your encryption key. This ensures the highest levels of effective security.
If social verification doesn't work, we have another way to recover your account.
Traditional account recovery mechanisms often require users to give up their privacy and autonomy to a central authority. Gridlock aims to solve that problem with the first truly decentralized recovery system.
While central authorities can let you back into your wallet, it means you have to put your trust in a third party. This third party can also be a single point of failure. If they cannot grant you access, then the situation is out of your hands.
With Gridlock, there is no central authority to fall back on, so we must consider the best way to balance security and usability. We solved this problem with fading security; an innovative system that guarantees users get access to their own vaults without a centralized system overseeing it.
If you lose part of your credentials — for example, your mobile phone — you can put in a request to regain access to your account. After a predetermined amount of time, the system eliminates the need to use that device to access your account.
Your assets remain safe and all you have to do is wait until the fading security engine allows you to re-establish access.