Last resort access to digital wallet or digital assets with smart contracts and shadow assets
Protecting digital assets is disclosed. A primary digital asset associated with a shadow asset are stored, in a first and a second digital wallet. The primary digital asset and the shadow asset are each associated with respective smart contracts. When the primary smart contract executes, the second smart contract also executes. These smart contracts convert the shadow asset to be the primary digital asset and invalidate the original digital asset. This allows smart contracts to effectively protect a digital asset using digital wallets associated with different private keys and without having to actually transfer the digital asset. The activation of the shadow asset and invalidation of the original primary digital asset can be effected without a private key. The smart contracts execute when the conditions are satisfied.
1 . A method comprising:
associating an original primary digital asset that is stored on a distributed ledger with a first digital wallet, the first digital wallet having an associated a first private key that is configured to allow access to the original primary digital asset via the first digital wallet, wherein the primary digital asset is associated with a first smart contract that is stored on the distributed ledger and configured to be executed upon the satisfaction of first smart contract conditions, and wherein the primary digital asset has not been accessed for a predetermined period of time or a suspicious access attempt is detected;
determining that the first smart contract conditions are satisfied;
executing the first smart contract without using the first private key associated with the first digital wallet;
wherein execution of the first smart contract causes a conversion of a first shadow asset that is a clone of the original primary digital asset, is stored on the distributed ledger prior to the execution of the first smart contract, and is associated with a second digital wallet to become a current primary digital asset, and wherein the execution of the first smart contract causes the invalidation of the original primary digital asset stored on the distributed ledger, wherein the first private key associated with the first digital wallet is different from a second private key associated with the second digital wallet and configured to allow access to the current primary digital asset via the second digital wallet; and
generating a second shadow asset that is a clone of the current primary digital asset on the distributed ledger, and generating a third private key associated with the third digital wallet, the third private key configured to allow access to the second shadow asset via the third digital wallet.
2 . The method of claim 1 , wherein the first smart contract conditions include:
a transfer period, wherein the transfer period is completed when the first private key associated with the original primary digital asset is not used to access the original primary digital asset during the determined time period; or
identifying suspicious activity related to the original primary digital asset stored on the distributed ledger.
3 . The method of claim 1 , further comprising a second smart contract associated with the first shadow asset, wherein execution of the second smart contract is configured to cause the conversion of the first shadow asset to be the current primary digital asset, wherein execution of the second smart contract is triggered by execution of the first smart contract.
4 . The method of claim 3 , wherein the suspicious activity includes receiving a request for the original primary asset that is not allowed by the first smart contract conditions.
5 . The method of claim 3 , wherein the suspicious activity includes receiving a request for the original primary asset from a location that is not specifically allowed by the first smart contract conditions.
6 . The method of claim 3 , wherein the suspicious activity includes a recipient that is not allowed by the first smart contract conditions.
7 . The method of claim 3 , wherein the second smart contract is associated with second smart contract conditions that include execution of the first smart contract.
8 . The method of claim 3 , wherein the second smart contract is configured to hold the first shadow asset in escrow.
9 . The method of claim 1 , further comprising redirecting requests for the invalidated original primary digital asset as set forth in the first smart contract.
10 . A non-transitory storage medium having stored therein instructions that are executable by one or more hardware processors to perform operations comprising:
associating an original primary digital asset that is stored on a distributed ledger with a first digital wallet, the first digital wallet having an associated a first private key that is configured to allow access to the original primary digital asset via the first digital wallet, wherein the primary digital asset is associated with a first smart contract that is stored on the distributed ledger and configured to be executed upon the satisfaction of first smart contract conditions, and wherein the primary digital asset has not been accessed for a transfer period or a suspicious access attempt is detected;
determining that the first smart contract conditions are satisfied;
executing the first smart contract without using the first private key associated with the first digital wallet;
wherein execution of the first smart contract causes a conversion of a first shadow asset that is a clone of the original primary digital asset, is stored on the distributed ledger prior to the execution of the first smart contract, and is associated with a second digital wallet to become a current primary digital asset and wherein the execution of the first smart contract causes the invalidation of the original primary digital asset stored on the distributed ledger, wherein the first private key associated with the first digital wallet is different from a second private key associated with the second digital wallet and configured to allow access to the current primary digital asset via the second digital wallet; and
generating a second shadow asset that is a clone of the current primary digital asset on the distributed ledger, and generating a third private key associated with the third digital wallet, the third private key configured to allow access to the second shadow asset via the third digital wallet.
11 . The non-transitory storage medium of claim 10 wherein the first smart contract conditions include:
a transfer period, wherein the transfer period is completed when the first private key associated with the original primary digital asset is not used to access the original primary digital asset the a determined time period; or
identifying suspicious activity related to the original primary digital asset stored on the distributed ledger.
12 . The non-transitory storage medium of claim 10 , further comprising a second smart contract associated with the first shadow asset, wherein execution of the second smart contract is configured to cause the conversion of the first shadow asset to be the current primary digital asset, wherein execution of the second smart contract is triggered by execution of the first smart contract.
13 . The non-transitory storage medium of claim 12 , wherein the suspicious activity includes receiving a request for the original primary asset that is not allowed by the first smart contract conditions.
14 . The non-transitory storage medium of claim 12 , wherein the suspicious activity includes receiving a request for the original primary asset from a location that is not specifically allowed by the first smart contract conditions.
15 . The non-transitory storage medium of claim 12 , wherein the suspicious activity includes a recipient that is not allowed by the first smart contract conditions.
16 . The non-transitory storage medium of claim 12 , wherein the second smart contract is associated with second smart contract conditions that include execution of the first smart contract.
17 . The non-transitory storage medium of claim 12 , wherein the second smart contract is configured to hold the first shadow asset in escrow.
18 . The non-transitory storage medium of claim 10 , further comprising redirecting requests for the invalidated original primary digital asset as set forth in the first smart contract.