Mitul Gajera

After solving the problem of scaling for blockchain, privacy is the next biggest problem to solve to onboard the next billion users and for mainstream adoption of decentralized applications. People don't always want their online activities, including sensitive financial, online purchase activity, or medical data, to be visible to everyone, just like they don't want their purchases on Venmo, google pay, or other payment apps to be visible to everyone. Imagine a setting on Venmo where everyone can see every purchase — but magnified for all aspects of your digital life. This is also applicable to businesses, as it would be challenging to operate if contracts, capital investments, and salaries were made visible to everyone. For enterprises considering doing business on blockchain-based systems, the transparent reality of an architecture like Ethereum has been a non-starter. How would you feel, if your live bank balance was always visible to those around you? How would you feel, if everyone around you could see where you spend your money? Well...That’s exactly how everyone in Web3 feels right now. Most blockchains lack privacy and are only pseudonymous but to make DeFi a viable alternative to traditional finance, there is a need for privacy in current user experience with strong compliance. Vitalik Buterin also recognized the significance of privacy emphasizing privacy(https://vitalik.eth.limo/general/2023/06/09/three_transitions.html) as one of the pillars of successful blockchain adoption. Buterin had also proposed concepts like stealth addresses(https://vitalik.ca/general/2023/01/20/stealth.html) previously, allowing transactions on Ethereum to occur anonymously between parties. Developing a robust privacy infrastructure is crucial for enabling secure and confidential transactions and attracting a wider user base, including businesses and institutions.

In this hackathon, we have created a social recovery service + a wills service. We do this with the help of an abstracted account. The user sets a recovery account into a smart contract. We have built a resistance mechanism to avoid friends colluding, making TrueResQ one of a kind. TrueResQ brings the ease of social logins to smart contract wallets. The biggest barrier to crypto adoption is onboarding. Most humans are going to misplace private keys. We leverage existing social logins to onboard users. This improves the user experience massively while still staying non-custodial. We've used multi-party computation, ensuring the private key is never constructed. The way it works is that we divide a private key into three shares. Share A stays coupled with a service provider such as your google login. This share is split into nine parts and stored on a decentralized network. Share B stays on the user's device. Share C can be a security question or a backup share on email. A combination of these two shares gives "access" to the private key.