This is a guest post by Pamela Morgan, the CEO of Third Key Solutions. She is a widely respected authority on multi-signature governance, smart contracts, and legal innovation with cryptocurrencies. Third Key Solutions is the culmination of her work advising bitcoin startups in multi-signature governance processes and key management.
Your company’s recovery plan is the most important document you can create to ensure your business will survive an emergency. If you operate a bitcoin-, altcoin- or asset-token-based business, a recovery plan isn’t just nice to have – it’s absolutely necessary. A strong, well-thought-out recovery plan can help to prevent opportunistic fraud and asset transfer mistakes by providing clear guidance during atypical events. Coin recovery should be just one part of your overall strategic operations and recovery plan. These guidelines are one tool that your company may use in building its recovery plan.
When to plan? New organizations should complete the plan prior to launch, reviewing and updating the plan quarterly throughout the first year. After Year One, you’ll probably need to update your