The below characteristics have were highlighted in a post from the CasperLabs CTO Medha Parlikar:
- Accounts in Casper are more than just a key pair – they have a full data structure around them. Each account has ‘Associated Keys’ and each associated key has a weight. The default is 1. Accounts can have up to 1000 associated keys.
- Accounts also have Thresholds for Actions and Key Management. The default thresholds for Actions and Key Management is 1.
- Account Action Thresholds specify the weight required in order to perform transactions on behalf of the account – essentially ‘transactions’. Think ‘multi-sig’ for the account.
- Account Key Management Thresholds specify the weight required in order to modify the weights or associated keys on the account. Think about the IT department that can only grant or revoke permissions. The default is 1.
- Associated keys are authorized to perform actions or manage keys only if the cumulative weight of all the keys meets or exceeds the threshold. Ex: key management threshold of 3 and 2 keys sign a transaction, each with a weight of 1, this transaction is ‘not authorized’.
- Key weights and Thresholds are arbitrary, contract authors can set them to any numbers they want. Smart contract execution on the account, signed by authorized keys is how updates are made.
- Associated keys can be used to recover an account. Associate a fully authorized key to the account, then put the primary key in cold storage. Use the authorized key for all transactions. If lost or stolen, use the primary master to revoke the key and authorize a new one.
- Build Social key recovery by authorizing 3 of your friends to modify associated keys. They sign a transaction to authorize a new key, and revoke the lost one. This is possible without sharing any private keys.
- All of this functionality is host side, and visible in the blockchain state. No sharing of private keys is required.
- We created this structure so Web3 accounts could function like Web2 accounts. An organization can associate a set of accounts that can only update associated accounts. These accounts can only manage permissions in an organization.
- Organizations have complex permissioning schemes, and compliance requirements around access controls – so transparency around changing access rights is critical, as well as audits of ‘who performed which actions’.
- We wanted to build something that was both flexible and powerful for business. They need to support their customers, sometimes authorized account access is needed. It’s possible with Casper accounts.
- Use this feature responsibly. Testing is crucial! Read more about Casper accounts at bit.ly/2WPJM3y
Disclaimer: This article is written for the purposes of research and does not constitute financial advice or a recommendation to buy.
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