Oh well for this specific scheme, an MPC, it offers less flexibility. What if I want to remove one of my friends from my trusted guardians? What if I want to swap one out?
You can also design other schemes, like a time-lock one that says if none of the guardians are reachable (say they all lost their keys too, bad luck), you can recover it with some other secret key as long as none of the guardians reject it in 90 days, or something like that.
There are groups trying MPCs for this, but I think smart contract wallets will be far superior in user experience in the long run. You can even put in like bank-level protections, completely decentralized. For example, you could impose a daily spending limit, so even if you were compromised, you didn't lose everything and had time to lock the wallet. You could also restrict transactions to a set of whitelisted contracts, a list possibly maintained by a DAO. The possibilities are endless, it's turing complete code!
