Ah okay I see. I'm just trying to understand the risks involved for both parties. Let's say your server was hacked, there would be the possibility for the attacker to steal the account of a borrower. But you still have the requirement to set the recovery account to a trusted account and you know the new owner key of the borrower account, so you could recover jt right? But - purely theoretically - you could wrongfully take over the account of the borrower and he couldn't do anything about that, or not? Actually, now that I think about it, it can't work any other way, as long as the blockchain doesn't have a way to know whether the debt was repayed.
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All account keys and sensitive data collected by the Hive.Loans account key custodian are going to be hashed and salted with encryption to make it incredibly difficult for a hacker to do anything with data obtained in the event of a server security breech.
Once the Hive.Loans account is set as your accounts recovery key you'll be able to use it for free whenever to recover your account keys assuming you don't have an active lending contract outstanding.
Debating the idea of leaving "breadcrumbs" on the blockchain to serve as evidence of functions going on with the service which would also have the side effect of allowing future decentralized incarnations of the service to replay up to a reproducible block state for all future clients.