I was directed here after my Welcome to share some questions about Multi Sig. My concern is that due to the rigid nature of the code that some unforeseen problems may arise.
Imagine you have a Million Ada and you have set up multisig with your partner to stop her buying shoes at a whim. Suddenly she dies for whatever reason. Your funds would now be essentially frozen forever. I understand this may be a simplistic example but my point is there would be no higher power to appeal to make things right. you are totally at the mercy of the contract. This is common in complex systems that attempt to cater to 100% of situations. There’s always the 1% that fall through the cracks.
Any higher power that was able to override it would add centralization and any loophole type release would diminish the secure nature of the contract.
As i have been attempting to think of a solution to this I have decided that it’s more about responsible storage of the private keys external to ADA system but it may be able to be implemented on-chain. This has lead me to another consideration for the Cardano team.
With a guaranteed amount of ADA becoming orphaned from lost keys, unclaimed wallets, small amounts and destroyed paper wallets etc, It could be useful to have a timeout for inactive address’ where the ADA just returns to the foundation to be put to use (say 5-10-15? years of inactivity) rather than float in the cloud forever. The wallet will still hold a “IOU” incase it belongs to a long term deep freeze hodler.
it may provide a nice additional stream of funds for the sustainability of the ADA system.
Thoughts and comments appreciated