Cryptocurrency brings the promise of "being your own bank". However, the average user is in no way prepared to handle the responsibility that comes with that. Millions of coins have been lost or hacked due to poor private key management. The best solution we have for the average user is to "write your seed phrase on a piece of paper and store it in a bank deposit box." What happened to being your own bank??
What it does
KeySplit allows you to create encrypted shards of your wallet seed phrase and share it with 5 trusted contacts. If you ever lose your key, you can recreate it by collecting any 3 of those 5 shards and recombining them through KeySplit. Each shard is useless by itself, so as long as you don't tell your trusted contacts who else you've shared the shards with, they can't recreate your private key.
How we built it
We use Shamir's Secret Sharing to create the encrypted shards. We share those shards with the contacts via a URL, and use a smart contract to emit events & make sure shard holders still have possession of the shards.