Sarcophagus enables users to specify the recipient to unlock the files stored in Arweave after the set date. Use scenarios include wills, key retrieval or inheritance, and credential storage.
Written by: Karen
As the public’s awareness of the risk of their data, files, assets and even their lives has increased, more and more people have begun to take precautions, such as password backup, credential storage, and the establishment of wills. In the field of cryptocurrency, the “inheritability” of assets or private keys is even more important.
Have you ever thought of proactively defending against these unknown risks on the blockchain through a decentralized application, that is, upload the file and store it for a period of time, and at the same time specify the recipient, when the set time expires, the file is ready to be received Party unlocked. Such a defense mechanism is also called Dead Man’s Switch, which is a switch that can automatically perform actions when the operator loses behavior, such as death, loss of consciousness, or leaving the control device. The Sarcophagus I will introduce today is such a decentralized disabling switch application based on Ethereum and Arweave.
What is Sarcophagus?
Sarcophagus is an open source project built by an anonymous team composed of software developers, encryption enthusiasts and security experts. It calls itself a decentralized autonomous organization (DAO) that enables users to specify recipients to unlock after a set date The files stored in Arweave can be wills, keys, or some other files. Correspondingly, usage scenarios include wills, key retrieval or inheritance, and credential storage. Sarcophagus launched the mainnet based on Ethereum and Arweave at the beginning of the first quarter of this year, and will explore the Tezos network, Layer2 and Filecoin storage networks in the future.
According to the official website, Sarcophagus’ supporters and partners include accelerators Open Web Collective, Decent Labs and Arweave. Earlier this month, Sarcophagus announced that it had completed a $1.8 million financing through the sale of tokens. Placeholder Ventures led the investment. Other investors include Greenfield One, Blockchain.com Ventures, Coral DeFi, Aragon co-founder Luis Iván Cuende, Synthetix founder Kain Warwick Wait.
Sarcophagus operating mechanism
Sarcophagus means sarcophagus in Chinese, and the theme of the page is also in the style of Egyptian sarcophagus and mummies.
Before understanding the operating mechanism of this protocol, let’s take a look at the three main roles and some terms on the Sarcophagus platform. Sarcophagus refers to the files to be stored as Corpse, and the three roles are the person who creates the disability switch ( Embalmer, the embalmer), the address that has the right to access the file after reactivation (Recipient), and the archaeologist (Archaeologist, the third-party incentive node operator who helps discover the disabled switch).
In the Sarcophagus application, transactions are executed on Ethereum, and data is stored in Arweave. An overall operating mechanism is that the person who created the disability switch uploads a file (document or picture, etc., with a maximum file size of 2.9 MB) in Sarcophagus, and specifies the recipient of the private key and sets the resurrection date. Resurrection here means that if the person who created the disability switch fails to take action or re-wrap during the storage period, the sarcophagus will be decrypted by the third-party incentive node operator after that date, and the recipient can Visit the inner layer of the sarcophagus, the document itself.
Flow when creating a disabling switch
Of course, when creating a disabling switch, the user also needs to pay the node operator a fee, which needs to be paid in Sarcophagus’s native token SARCO. The fee includes two parts, namely the bounty (Bounty) and the mining fee (Digging Fees). Among them, mining The fee is used for the resurrection on the day of the resurrection, and the bounty is paid to the node operator to successfully resurrect the file. The farther the resurrection time is from now, the higher the cost to be paid.
In addition, Sarcophagus has formulated a Curse constraint rule for node operators and users. Once the resurrection time is reached, the node operator must help users resurrect the document according to the correct parameters, otherwise they will receive a Slash penalty. Specifically, when a user selects a node operator to resurrect its document at a certain time, the node operator must pay a partial deposit (posted bond) to lock it. If the node operator resurrects the file too early or too late, this part of the SARCO deposit will be destroyed and the bounty will be returned to the user in the same way.
If the user does not re-archive or the set time expires in the future, the recipient will be able to unlock the user’s files stored in Arweave. Of course, before the expiration of the resurrection date, the person who created the disabled switch can also send the transaction repackage file to extend or shorten the storage time, but once it is created, it cannot be deleted.
Regarding document confidentiality, the Sarcophagus protocol stated that the sarcophagus has two layers: the inner and outer layers. The node operator decrypts the outer layer, while the inner layer and the recipient’s public key will be fully encrypted. The recipient needs to enter the private key to unlock the inner layer and obtain the pair. Access to the inner layer. In addition, the user encrypts the document before selecting the node operator, so there is no possibility of file leakage in this regard, and the node operator cannot view it. However, the mainnet version released by Sarcophagus on Ethereum has not been audited by a security company, and users need to use it with caution.
Sarcophagus token economic model
The total number of Sarcophagus tokens SARCO is 100 million, of which 1% will be distributed to stablecoin liquidity providers through a fair launch at the beginning of this year. Only USDC, USDT and DAI are supported. It will be within one year after the project is launched. The allocation will end in February next year; 60% will be allocated to DAO, 2% (in the form of grants) to node operators and 2% to disabled switch creation users, and 15% to node operators’ Arch Bonding Incentives, 20% is allocated to early supporters and the development team.
SARCO token economic model
The Sarcophagus agreement stated that for node operators, the SARCO fees received will be used to pay the contract and data storage network. Therefore, when the network matures, the value of SARCO will reach a relative equilibrium point, but the tokens consumed by the node operators The underlying value of SARCO and market demand will also affect the relative price of SARCO.
Analysis of the flow of SARCO tokens and other required tokens in the operating mechanism of the Sarcophagus protocol
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