The problem TrueResQ solves

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.

Challenges we ran into

The biggest challenge in any social recovery setup (on-chain or off-chain) is that friends might collude to take over the account. We solved it using a time-lock encryption scheme. The shares with the friends are encrypted with an ephemeral key pair. The private key is time-locked in a smart contract. If the time lock is for one year, we start sending the user notifications about his / her will expiry from the 11th month, if the user is alive, the user will point the smart contract to a new private key. Since the funds are held in the smart contract, the private key is only needed for the transaction initiation.