solace uses social-recovery to help you regain access to your funds if lost
If you lose your device, you do NOT lose your funds. In such an event, you simply have to install Solace on your new device, initiate ‘recovery’, and your trusted guardians can help you regain access to all those funds you worked day and night for.
who are these guardians?
guardians are other wallets you own like phantom, solflare with their own seedphrases — preferably on other devices — or people you trust, who also have similar wallets.
how can guardians help me?
your guardians have 2 primary roles:
-> if you initiate a transaction, to any untrusted address from your solace vault, it requires guardian approval. this ensures that hackers cannot send money to themselves
-> if you lose access to your device, guardians can help you regain access to your funds, instantly, as soon as they approve your recovery request.
do I get to choose my trusted guardians?
yes, you do. after creating the solace vault, you get to choose any number of trusted guardians in a 12 hour incubation window instantly.however, once the 12 hour window has passed or if you have chosen to end the incubation window prematurely, guardians can be added with a 36 hour wait period — this is an added layer of security preventing hackers from being able to transfer the funds to themselves.
what else can guardians do?
apart from approving transactions and recovering vaults, guardians can also block transactions when you are sure that your vault has been compromised, putting your vault in a recovery state where no funds can be moved
"my preferred method for securing a wallet: social recovery" - Vitalik Buterin