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June 12, 2017, 06:57:35 AM |
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Does this exist? There are a thousand ways someone could steal your Ethereum and other coins. They could simply break into your house, hold a gun to your head and demand your private keys and clear your entire wallet in a matter of minutes. Why do people not consider this? Even the hardware wallets have this flaw of physical extraction. Our credit cards have daily limits, why not where we store our coins?
Coins which utilizes smart contracts should have some sort of vault feature which physically limits the amount to withdraw at once. I remember reading about how someone created an Ethereum smart contract which locks in your coins until 2020. I thought it was an interesting idea, but could easily go further than this. I'm assuming it might exist already, but I just haven't found it anywhere or heard anyone talking about it!
Optional features: Allow only certain wallet addresses to transfer to, possibly removing the withdrawal limit to a set number of wallets which you could easily store elsewhere such as a safety deposit box
Lock code which locks it down for a day/week/month/year
Email or text notification. This might require a paid, centralized, service
Only allow withdrawals during certain dates, or times, or hours?
My ideal smart contract is have, say an Ethereum contract vault with, say 10 Ethereum in it. Daily withdrawal limit on each would be 1 Ethereum per day. If I needed to withdraw more, I would have an empty wallet used only for emergencies enabling the withdrawal of 5 ethereum per day. This empty wallet would be put in my safety deposit box at the bank. Say for example my ex-wife, or a hacker got ahold of my account and I saw that they withdrew 1 Ethereum, I would simply enter in the lock code to lock it for a week which buys more time to get the coins to my empty wallet in my safety deposit box. I could also just not have an emergency wallet. This gives me some peace of mind.
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