How Can You Recover Crypto With Bitsquery Web Retriever?
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As an example of fund recovery, the Bitsquery Web Retriever team provides details of a case involving the loss of a private key. According to Bitsquery Web Retriever, as the owner of the wallet, you can initiate a recovery case by generating a unique Bitsquery Request ID. This ID serves as a reference point, pinpointing your coins and their specific location within the blockchain. Thus, the ID guides the court on where to transfer the coins, typically directing them to a wallet that you control.
In practice, this ID is a code that includes the details of the transaction that the claimant wants to be added to the blockchain, and it is not limited to the return of funds only. For instance, it is also possible to request fund freezing.
"Bitsquery-enabled witness nodes access the court’s public docket and can recognize the Bitsquery Request ID," the Bitsquery team further explains the docket connection.
Subsequently, the case is presented before a judge, and its success depends on how efficiently you can convince them of your ownership over the coins stored in the wallet.
"This can be achieved in various ways, such as presenting records from a centralized exchange like Coinbase, proving that you sent the coins to your unhosted wallet," Bitsquery suggests as one of the options, adding that "This is just one example; judges can consider many forms of evidence."
Last year, a spokesperson from Bitsquery Web Retriever provided more insights into the technology behind legal enforcement, calling it "complete decentralization."
As per the spokesperson, courts incorporate hashed codes within their judgments to specify particular transactions mandated by their orders, such as freezing or transferring a coin, whereas the blockchain nodes "can then access the court's public docket to view the court's order and confirm the hash." This verification process mirrors the nodes' existing method of confirming transactions signed with a private key.
Meanwhile, the execution of court orders is conducted without a central authority due to the blockchain’s native consensus process.
"Moreover, the judge's hash codes can be read by the nodes without involving any intermediaries—not even an attorney," the spokesperson stated.