“Crypto will not go mainstream until balances are safe from lost passwords.” Dan Larimer, Jan 2018
Today, if a user loses their password/keys, there is no recourse. Even on Steemit, which offers a solution to recover stolen/compromised accounts, it relies on a user providing an owner key used in the last 30 days. “There is no way to recover your account if you lose your password or owner key“ (Steemit FAQ).
For EOS.IO to attract mainstream adoption, users need a better solution to protect their digital currency and their identity across any dApp. Research shows that “82% of people forget their password” (Study: Attitudes and Behavior Towards Password Use).
Account recovery is a fundamental and expected feature by users on any application. EOS makes this possible on blockchain through features such as (1) multisig (2) deferred transactions and (3) flexible smart contract development.
The EOS Account Recovery solution improves a user’s relationship with blockchain technology because it is designed for how people actually behave in the real word, not on an unrealistic expectation that a password with never be lost or stolen.
EOS.AR offers users a better account validation solution based on: (1) real identity not imperfect evidence, (2) social proof via trusted relationships and (3) property protection from human flaws.
We are delighted to announce EOSIO is now the only blockchain to offer users a password recovery solution; a game changer for mass blockchain adoption.