Wallet recovery method

Patent metadata

Field	Value
Publication number	US-11367066-B2
Application number	US-201916456963-A
Country	US
Kind code	B2
Filing date	Jun 28, 2019
Priority date	Jun 28, 2018
Publication date	Jun 21, 2022
Grant date	Jun 21, 2022

Abstract

Systems and methods for blockchain wallet recovery, including: receiving a wallet recovery request from a user; sending a signed recovery transaction to the wallet, the signed recovery transaction comprising recovery instructions; and providing wallet access to the user, according to the recovery instructions, when a recovery condition is met. In examples, the recovery transaction is signed by a recovery key, different from a set of old wallet owner keys, that is associated with the wallet; the recovery instructions include new owner address(es) associated with a set of new owner keys; and providing wallet access includes activating the new owner addresses for the wallet after the recovery transaction is verified as signed by the recovery key.

First claim

I claim:

1. A method comprising:
receiving, by a computing device, a signed recovery blockchain transaction, wherein the signed recovery blockchain transaction identifies a first public key of a first owner account that is requesting recovery of a wallet, wherein the signed recovery blockchain transaction is signed by a private key of a recovery account of the wallet, wherein the signed recovery blockchain transaction includes a recovery deposit, and wherein the wallet is configured with a second public key of a second owner account;
causing the recovery deposit to be transferred to an address associated with the wallet;
based on receiving the signed recovery blockchain transaction, initiating a waiting period during which the second owner account is able to abort the recovery of the wallet;
during the waiting period, monitoring for expiration of the waiting period and monitoring for receipt of an abort message that is associated with the second owner account and is signed by the private key of the recovery account; and based on a determination that the abort message has not been received during the waiting period;
configuring the wallet by removing the second public key from the wallet such that the second owner account is removed from a set of owner accounts of the wallet and by activating the first public key such that the first owner account is included in the set of owner accounts of the wallet, and
causing the recovery deposit to be returned.

2. The method of claim 1 , wherein after the first public key is activated such that the first owner account is included in the set of owner accounts of the wallet, the wallet allows processing of transactions that are signed with a new private key paired with the first public key.

3. The method of claim 1 , wherein the signed recovery blockchain transaction is received from a trusted third party device based on the trusted third party device receiving a recovery request, from a requesting device, that includes the first public key.

4. The method of claim 1 , further comprising:
receiving information identifying at least one wallet functionality that is prohibited from being processed during the waiting period; and
during the waiting period, prohibiting the at least one wallet functionality from being processed.

5. The method of claim 4 , wherein the at least one wallet functionality includes a withdrawal transaction.

6. The method of claim 1 , wherein the first public key is part of an asymmetric key pair generated by a requesting device that is requesting recovery of the wallet, and wherein the asymmetric key pair includes a new private key that is stored by the requesting device.

7. The method of claim 1 , further comprising:
during a second waiting period associated with a second attempt to recover the wallet by activating a third public key that is associated with a third owner account, receiving, based on an abort instruction signed by a private key of an owner user device, an indication to abort the second attempt; and
based on the indication to abort the second attempt, aborting the second attempt such that the third owner account is prevented from accessing the wallet.

8. The method of claim 1 , wherein monitoring for receipt of the abort message includes monitoring for receipt of a plurality of abort messages associated with a plurality of owner user devices; and
wherein the determination that the abort message has not been received during the waiting period includes a determination that the plurality of abort messages associated with the plurality of owner devices has not been received during the waiting period.

9. An apparatus comprising:
one or more processors; and
memory storing executable instructions that, when executed by the one or more processors, cause the apparatus to:
receive a signed recovery blockchain transaction, wherein the signed recovery blockchain transaction identifies a first public key of a first owner account that is requesting recovery of a wallet, wherein the signed recovery blockchain transaction is signed by a private key of a recovery account of the wallet, wherein the signed recovery blockchain transaction includes a recovery deposit, and wherein the wallet is configured with a second public key of a second owner account;
cause the recovery deposit to be transferred to an address associated with the wallet;
based on receiving the signed recovery blockchain transaction, initiate a waiting period during which the second owner account is able to abort the recovery of the wallet;
during the waiting period, monitor for expiration of the waiting period and monitor for receipt of an abort message that is associated with the second owner account and is signed by the private key of the recovery account; and
based on a determination that the abort message has not been received during the waiting period;
configure the wallet by removing the second public key from the wallet such that the second owner account is removed from a set of owner accounts of the wallet and by activating the first public key such that the first owner account is included in the set of owner accounts of the wallet, and
cause the recovery deposit to be returned.

10. The apparatus of claim 9 , wherein after the first public key is activated such that the first owner account is included in the set of owner accounts of the wallet, the wallet allows processing of transactions that are signed with a new private key paired with the first public key.

11. The apparatus of claim 9 , wherein the signed recovery blockchain transaction is received from a trusted third party device based on the trusted third party device receiving a recovery request, from a requesting device, that includes the first public key.

12. The apparatus of claim 9 , wherein the executable instructions, when executed by the one or more processors, cause the apparatus to:
receive information identifying a withdrawal transaction that is prohibited from being processed during the waiting period; and
during the waiting period, prohibit the withdrawal transaction from being processed.

13. The apparatus of claim 9 , wherein the first public key is part of an asymmetric key pair generated by a requesting device that is requesting recovery of the wallet, and wherein the asymmetric key pair includes a new private key that is stored by the requesting device.

14. The apparatus of claim 9 , wherein the executable instructions, when executed by the one or more processors, cause the apparatus to:
during a second waiting period associated with a second attempt to recover the wallet by activating a third public key that is associated with a third owner account, receive, based on an abort instruction signed by a private key of an owner user device, an indication to abort the second attempt; and
based on the indication to abort the second attempt, abort the second attempt such that the third owner account is prevented from accessing the wallet.

15. One or more non-transitory computer-readable media storing executable instructions that, when executed by one or more processors, cause an apparatus to:
receive a signed recovery blockchain transaction, wherein the signed recovery blockchain transaction identifies a first public key of a first owner account that is requesting recovery of a wallet, wherein the signed recovery blockchain transaction is signed by a private key of a recovery account of the wallet, wherein the signed recovery blockchain transaction includes a recovery deposit, and wherein the wallet is configured with a second public key of a second owner account;
cause the recovery deposit to b

Assignees

• Coinbase Inc

Inventors

• Kim Peter Jihoon

Classifications

• H04L9/3239

  involving non-keyed hash functions, e.g. modification detection codes [MDCs], MD5, SHA or RIPEMD · CPC title

• G06Q20/065

  using e-cash · CPC title

• H04L9/50

  using hash chains, e.g. blockchains or hash trees · CPC title

• G06Q20/3672

  initialising or reloading thereof · CPC title

• H04L9/321

  involving a third party or a trusted authority · CPC title