What is FailSafe Recovery Vault?

Core to the FailSafe Interceptor, the Recovery Vault is the automatic safety net that is deployed just-in-time for each user in the face of imminent threat – purpose-built to minimise risk exposure while providing a seamless user experience. The system simplifies digital asset security in several pivotal ways:

• Simplified Wallet Management: Users are relieved from the burden of handling multiple wallets. This eliminates the necessity to acquire or configure additional wallets, thereby reducing risks associated with wallet maintenance, such as the exposure or loss of private keys.

• Minimising User Error: The Recovery Vault provides a secure and timely destination for funds, eliminating the need to educate users about the risks associated with using a backup wallet derived from the same seed phrase.

One of the standout features of the FailSafe Recovery Vault is the timing of deployment: the smart contract wallet is created only when an attack is detected, which reduces overall risk:

• Reduced Risk: The smart contract wallet is not pre-deployed but activated only when an attack is detected – this approach significantly reduces the system’s vulnerability to potential risks. FailSafe maintains a crucial advantage by concealing itself; attackers are kept in the dark about the user’s protection under FailSafe, significantly reducing likelihood of deploying tactics to outmanoeuvre the system’s defences.

• Efficient Cost Management: As the smart contract wallet is activated only during an attack, deployment costs are not a part of the initial onboarding expenses.

The Recovery Vault’s security is anchored by its sophisticated encryption architecture and multi-factor authentication, ensuring unparalleled protection:

• Enterprise-Grade Encryption: The keys of the FailSafe Recovery Vault are safeguarded through advanced encryption. Each key is stored in an encrypted state, secured by the data encryption key within AWS’s Key Management Service (KMS) and Hardware Security Module (HSM). This security is further reinforced by the integration of AWS Nitro Enclaves, the attestation process of which ensures only authorised code is executed, further enhancing its security.

• Withdrawal Protocols: The process for withdrawing assets incorporates mandatory two-factor authentication (2FA), ensuring that each transaction is verifiably authenticated by a trusted administrator.

• Adaptable and Future-Proof Design: The architecture of FailSafe is not only robust but also adaptable, allowing for ongoing enhancements in security. This includes capabilities to protect against emerging threats such as quantum attacks, as detailed in the FailSafe whitepaper. Multi-administrator approval processes are in place to mitigate risks effectively.

• For Enterprises and Advanced Users: FailSafe offers a tailored solution that grants advanced customisation for Recovery Vault key management. This is achieved by duplicating enterprise-specific FailSafe systems, which can be specifically designed for an enterprise’s user base and use case – ensuring that businesses can manage their digital assets with both flexibility and heightened security. The ability to swap the Recovery Vault with a designated wallet address controlled by the administrator is also viable.