What is it?
Common Interest Protocol (CIP) is a general framework for solving problems in a decentralized network. CIP solves decentralized governance issues. CIP has three trustless participants involved in this process.
- Guardians - Are a pool of candidates to participate in solving the subproblem.
- Committee - The subset of selected Guardians solving the subproblem
- SafeBox - Entity registering as a Guardian to perform activities and accepting solutions to subproblems
CIP is utilized within Stakehouse to solve decentralized signing key recovery. Each committee member forms a partial decryption of a key, and posts it to the SafeBox smart contract.
Common Interest Protocol and Stakehouse
CIP gives validator owners power to make decisions that benefit themselves, the Stakehouse they are a part of, and the Ethereum Network. If a validator within a Stakehouse show obvious signs of neglect, validator owners are able to utilize the Common Interest Protocol to bring the validator back online.
Backing up your validator Signing Key
The first step to ensuring the signing key durability is backing up the key in the Common Interest Protocol. This can be done by encrypting the signing key and storing it in the Ethereum network by sending the encryption transaction. It is important for validator owners to encrypt their BLS signing key. Validator owners have the option to use the official Stakehouse UI or the Stakehouse Software Developement Kit. No single guardian or entity has access to an individuals signing key. Validator credentials can only be recovered by the owner.
Requesting Signing Key Decryption
Conditions for requesting signing key recovery are the following:
- Signing key backup has been completed
- The party requesting the decryption owns more than 2 SLOT tokens in the Stakehouse Vault from the associated validator
A validator owner can request a signing key decryption. This is possible after the validator owner's signing key has been backed up. In case the key has been lost, wait 21 hours and submit a request again.
Recovering the Signing Key
Once the decryption request is submitted, the participating guardians start to prepare the decryption pieces. They are then sent to the validator owner requesting the credentials. The procedure is asynchronous and can take up to 10 minutes. Once executed, the validator owner will receive their decryption pieces. The requesting validator owner can unlock them by using the decryption key generated in the previous step. Then with the help of the SDK or UI, assemble these pieces to recover the signing key from the network.
CIP Mechanics talk: