Account Recovery: A Game-Changer in Crypto Adoption

Introduction

Beans app is a non-custodial wallet designed for mass adoption by people who may not have a lot of experience with cryptocurrencies or blockchain. One of the challenges of this approach is that many people are unfamiliar with how to handle private keys, which can be confusing, technically challenging, and even risky if they’re not handled or stored properly. That’s where Beans’ account recovery feature comes in.

With the implementation of our account recovery feature we offer a way for Beans users to store their private keys in a non-custodial and decentralized manner. This way only the rightful owner (not even us at beans!) is able to retrieve custody over their wallet, without any effort or a large chance of losing your funds!

How does this work for our users?

If you lose your phone or have any other issues with your Beans account, don’t panic! Just install the app again, enter and verify your email, and use your pin code. Your account will be restored and ready to use. But how is this possible if you don’t have your private key? When you create a Beans account, two new keys are also created on separate servers. These servers can then create a new key for you if you ever need to recover your private key.

• Server 1: Signs for a new key if you can prove ownership over your email or phone number*.
• Server 2: Signs for a new key if you can prove ownership over your pin code or secondary email*.

If both servers have authenticated the user, they will sign for the issuance of a new private key that the user can use to get their wallet and money back!

• *Don’t have access to your email anymore? You can verify your phone number through an SMS to prove ownership on Server 1!
• *Did you lose your pin code? You can use a secondary email to verify ownership on Server 2!

This way, forgetting your email or pin is not a single point of failure. At the same time, an attacker still needs to steal two authentication methods from you to gain access to your account. Making it safer than just having a single seed phrase.

Non-custodial and decentralization

Because these 2 servers only have 50% signing power over your wallet they are not able to sign a transaction themselves. This means that your account is safe, and no one is able to create new keys or sign malicious transactions without your consent. The two servers are run by two different entities making sure there is no single point of failure there as well.

Money in Beans is like cash in your pocket

One of the great things about Beans is that you retain full control over your funds. You don’t have to worry about losing access to your wallet or having your funds held by a third party. It’s like having cash in your pocket — you can use it whenever you want, and no one other than you can control it.

What’s next?

In the future, Beans plans to add even more flexibility to the account recovery feature. Options could include adding friends and family as guardians, adding other devices as guardians, or adding more authentication options like security questions. This way, you can set up your account with as many layers of security as you’d like. With account recovery, you don’t have a single point of failure, making using the blockchain a lot safer.

Conclusion

With Beans’ account recovery, you can feel confident that your funds are safe and sound. The recovery process is super easy and secure, thanks to the use of multiple authentication methods. Plus, the decentralized nature of the system ensures that only you can control your funds. So go ahead and use your Beans like cash — you can trust that your money is always within reach.