Introduction to Verus Vault

Vault is part of the VerusID self-sovereign identity protocol, built within the Verus multichain blockchain protocol. One of many VerusID features is that it functions as a human readable cryptocurrency address. You can store $VRSC on your VerusID and lock them with Vault. In the future tokens and other bridged crypto assets can also be stored.

A locked VerusID can not spend, which means assets can not leave your human readable cryptocurrency address anymore. You can still stake $VRSC, receive funds and sign data.

Using Vault is the safest way to store cryptocurrency assets if you have set up revocation and recovery authorities (more on this later). It is now impossible to steal assets that are stored in a VerusID, even if a bad actor has access to your private key.

Vault Options

Vault has two different options to lock your assets, TimeLock and DelayLock. You can only choose one option to lock the Vault. And the only way to circumvent a locked Vault is through revoking and recovering the VerusID.

TimeLock

With TimeLock you determine how long you want the Vault to be locked. After the determined period is over the assets can be spent again. The maximum amount of time the Vault can be locked is 21 years.

DelayLock

With DelayLock you determine a cooldown period. You lock the Vault and have to request an unlock. After requesting the unlock you have to wait the determined cooldown period before the assets can be spent again.

Revocation and Recovery Authorities

What if the private key of your VerusID is exposed? Maybe through your own fault, or a hacker that tries to steal your crypto assets. You don’t want anyone to be able to run away with your hard earned assets. You’d want to be able to revoke access to that VerusID, so no one can do anything with the assets that are on it. And after that, you’d want to completely recover those assets into your own control.

Revocation Authority

A revocation authority is a VerusID that can revoke access to the VerusID in which you have stored assets. Revoking access basically means you hit the stop button. The VerusID you revoked is frozen and unable to perform any actions.

Recovery Authority

A recovery authority is a VerusID that you use to restore access to your assets. You can only recover assets from a VerusID that has been revoked. When recovering you safely put assets on a revoked VerusID back into your own control.