Account Recovery: A Game-Changer in Crypto Adoption
A guide to explain how account recovery works and how it’s a game-changer in crypto adoption.
Introduction
Beans app is a non-custodial wallet designed for mass adoption by people who may not have a lot of experience with cryptocurrencies or blockchain. One of the challenges of this approach is that many people are unfamiliar with how to handle private keys, which can be confusing, technically challenging, and even risky if they’re not handled or stored properly. That’s where Beans’ account recovery feature comes in.
With the implementation of our account recovery feature we offer a way for Beans users to store their private keys in a non-custodial and decentralized manner. This way only the rightful owner (not even us at beans!) is able to retrieve custody over their wallet, without any effort or a large chance of losing your funds!
How does this work for our users?
If you lose your phone or have any other issues with your Beans account, don’t panic! Just install the app again, enter and verify your email, and use your pin code. Your account will be restored and ready to use. But how is this possible if you don’t have your private key? When you create a Beans account, two new keys are also created on separate servers. These servers can then create a new key for you if you ever need to recover your private key.
- Server 1: Signs for a new key if you can prove ownership over your email or phone number*.
- Server 2: Signs for a new key if you can prove ownership over your pin code or secondary email*.
Want to read more? Check out the rest of this blog on www.beansapp.com!
What is Beans? 🌱
Beans is an app that gives anyone, anywhere in the world, free payments and a healthy-yield savings option — all through a simple, straightforward interface.
