Wallet recovery
Last updated
Last updated
goodcryptox wallet is non-custodial. If you lose your recovery phrase - in most cases you will lose access to your funds.
When you create a goodcryptoX wallet, its private key is sharded and initially stored with two different cloud providers (see wallet architecture for details). At this point, as long as you have access to your GoodCrypto account - you have access to your wallet.
While your wallet's security at this stage is already comparable to a cold wallet as it's protected by the full MPC (again, see wallet architecture), the setup is semi-custodial (no third party has access to your key but several parties together can theoretically have).
Thus, we recommend to all users to go fully non-custodial by creating a recovery phrase for your wallet. Once you set it up, no one can have access to your wallet, even theoretically (again, see wallet architecture).
To set up your recovery phrase, click on 'Recovery phrase' in the wallet tab:
On the next page, pick a recovery phrase that will be easy to remember. Your recovery phrase could literally be anything: a word, a phrase, a number, even your favorite poem - as long as you can remember it.
Once you save it, the annoying red dot will disappear - this means that your recovery phrase was successfully created and your wallet is now fully non-custodial:
Now, whenever you sign in to your GoodCrypto account in a new browser or on a new device, you will need to enter your recovery phrase to regain access to your wallet. In this case you will see the 'Setup wallet' buttons again:
Clicking on any of them will ask you to enter your recovery phrase:
Once you enter it - you will regain access to your wallet. You will only need to enter your recovery phrase once on a new device.
You can change your recovery phrase at any time - simply click 'Recovery phrase' in the wallet tab. You will be asked to enter your current recovery phrase and the new one you want to set:
If you are using your wallet on several devices, after changing the recovery phrase you'll need to enter the new one on each of those devices.
We recommend to authorize your wallet on several devices you control (sign in to your GoodCrypto account and enter your recovery phrase). This way, if you ever lose/forget your recovery phrase, at least you'll be able to transfer your funds out of this wallet from any of those devices.
In one of the upcoming releases we will add the ability for advanced users to export the private key to your wallet. This way, even if goodcryptoX were to disappear tomorrow, you will still be able to recover access to your wallet.
Also, you can recover your wallet directly with web3auth (see wallet architecture to understand what it is) by using the social login/email that you used to create your GoodCrypto account and your recovery phrase. At the moment this process is manual (you'll have to contact web3auth's support), but they are building a self-service web interface for it.
Last but not least, we will be taking advantage of the Smart Contract Wallet functionality and will add the ability to assign trusted delegates to your goodcryptoX Smart Contract Wallet. You will be able to pick one or several wallets that you or your trusted persons control to act as recovery wallets. You'll be able to setup your own recovery rules (e.g. 2 out of 3 trusted delegates needed to recover access). We will create a special recovery portal for this case. Alternatively, it can be done via ZeroDev's web interface (again, see wallet architecture to understand what it is) or by communicating directly with the blockchain (requires minimal coding skills).
