NEM Key Recovery Service
The recovery of keys is a big challenge in all cryptocurrencies. One of the main concerns for many people using cryptocurrencies is the security of their funds. This is not an easy task for most people because we are used to centralized organizations taking care of security and supporting us when we have forgotten our password. In crypto-land, our funds are forever lost if we lose our keys or in some cases, third-party services have scammed people stealing all their crypto coins. This is why a Key Recovery Service (KRS) is highly relevant for the adoption of a cryptocurrency such as XEM.
The KRS is built around three use cases:
* Create new KRS: the creation of new private keys, which can be recovered if lost.
* Encrypt existing KRS: recovery service for existing private keys.
* Multisig KRS: a user wants to use a third-party service (e.g., a wallet), but wants to make sure he can access his funds if the service shuts down, he forgets his password, or he loses faith in the service.