Lykke Wallet’s Private key distributed backup
The competition and voting have completed. Winners were determined by the citizens of Lykke City.
Days of the project
Mar 2 - Apr 24 (52 days)
Mar 2 - Apr 15
Mar 10 - Apr 15
Apr 15 - Apr 24
Our method of private keys backup:
- Digital key converted to 12 words.
Risk: Client may forget to save them.
- The key is stored on Lykke server.
It is protected by the encryption client’s password so Lykke’s staff can’t steal it.
Risk: The client can forget his / her password.
- The key is stored on client’s device.
Risk: The device can be stolen or broken.
Requirements for your solution
Private key backup should be distributed over the Lykke's clients network.
It has to be:
- Secure for clients
- Protected against hacking
- Realised in our system
- Easy to use for clients
- Stored only on the client’s side (otherwise, it should be securely encrypted)
No one should have access to the key or to any part of it. Even Lykke itself.
Try to imagine all the ways of client's activities and fails.
And try to think as a smart hacker: how would you protect your own solution?
We are waiting for a description of a technical solution that will give us full answers to the following questions:
- How to make a distributed backup
- How to recover the key from a backup step by step
Next Lykke Streams project will be to implement the winner's idea. You will be able to participate and have greater chances to win.
The best participant can be hired by the Lykke Team as a developer.
About Lykke Wallet
Lykke is building a global marketplace where all asset classes and instruments can be traded. The exchange went live in June 2016 and is now in beta mode. Tradable assets include FX, bitcoin and Lykke coins (equity of Lykke). Lykke Exchange is using semi-centralized architecture. Matched orders are settled on the Bitcoin blockchain, where each successful trade between parties appears as a set of atomic colored coins swap transaction. The exchange does not take possession of the traded coins but needs to be trusted to match trades correctly.
- A private key can be divided into pieces and distributed over the Lykke customers network. How to make it safe?
- Think of a system of incentives for customers: How to motivate them to help other customers make backups and participate in a password recovery.
We will only grade solutions that meet the following formal requirements:
The solution is to use the existing "mobile client-server" architecture of Lykke.
- Private key backup should be distributed over the Lykke clients network
A private key or its part should never be disclosed either on the side of the Lykke server or on the side of the clients who help with the recovery.
The keys can be stored and forwarded through Lykke only in an encrypted form.
Please provide flow charts clearly describing the process of 1) key backup and 2) key recovery.
Please provide quantitative assessment and recommendations on the key distributed storage depending on the number of clients involved.
Please provide your assessment of the possible rewards for customers helping to restore the keys of other clients.
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