Are you using social recovery for your crypto wallets?

Wallets like Argent and Gnosis Safe offer this feature, and Vitalik has been talking about it along with Account Abstraction (EIP-4337).

Social recovery is a method of recovering access to a cryptocurrency wallet if the user loses their private key, password, or another access method. In a social recovery system, the user selects a certain number of trusted contacts (usually referred to as guardians) who are each given a part of the recovery key. The number of guardians can vary but typically ranges from 3 to 5.

In order to recover the wallet, the user needs to contact a certain number of these guardians (say 2 out of 3, or 3 out of 5, depending on the system's configuration) to get their part of the recovery key. These parts are then combined to create the full recovery key, which can be used to restore access to the wallet.

This system adds an additional layer of security to wallet recovery, as an attacker would need to compromise multiple trusted individuals to gain access to the wallet, not just the user themselves. It's also more user-friendly than many traditional recovery systems, which often rely on long, complex recovery phrases that users can easily lose or forget. However, it does require users to carefully select their trusted contacts and ensure they are reliable and secure.

While it provides a good recovery mechanism, it also has potential risks. For example, the people you trust could collude against you or become a target for hackers. Also, the fact that people hold a piece of your recovery key might be seen as a privacy risk. So users need to weigh these factors when deciding to use a social recovery system.