nothing is impossible
ledger recently announced a new crypto recovery service that people who have ledger devices can choose to opt in for a monthly fee.
and if or when someone opts in their private keys are split up into three separate encrypted shards and stored by three separate third parties for decentralized storage.
so, if the person ever loses access to their crypto wallet’s private keys, ledger would be able to help them recover their access to funds using a combination of some personal identification like passport and by combining the encrypted shards of their private keys.
ETHEREUM
there are two type of Ethereum accounts
1.externally owned account (EOA)
2.contract accounts
1.Externally owned account (EOA)
this is an account controlled by anyone with private keys
so, when we set up a ledger device or create a wallet app or create wallet on our cellphone with ‘Coinbase’ wallet app or when we create ‘Meta mask’ wallet on our browser ,we are given word seed phrase. these word seeds are wallet’s private key
since we have these private keys , we can send and receive funds .
similarly in case of TANGEM wallet , when creating our wallet when creating our wallet with tangem wallet cards to our phone and encrypting it with a passcode. the card protects and secure the private keys. and our passcode allows us to access transfer, send and receive funds.
2.Contract Account
it is a smart contract deployed to the network controlled by code and think of a smart contract. As any regular contract that can define rules parameters and so forth.
however with a smart contract all the rules and parameters are enforced by computer code.
SO,
Both EOA and contract account can receives and holds ether and tokens as well as interact with deployed smart contracts.
these accounts are made up of a cryptographic pair of public and private keys that control the account activity.
they can only initiates transactions, in between two EOAs, can be ether or token transfers.
in contract accounts it cost some ether to set up because due to the code involved in the smart contract. it is taking up and using storage on the ethereum network. also a contract account can only send transactions in response to receiving transaction.
transactions from EOA to contract accounts can trigger code to execute many different actions such as transferring tokens or even creating a new contract.
finally,
contract accounts don’t have private keys instead they are controlled by the logic of the smart contract code. and both EOA and smart contract are safe of trading and storage currencies .