This is great, thanks for sharing the link.
That's roughly right but the trusted contact has a key to decrypt the mobile key. They don't have direct access to the mobile key. See more details here https://bitkey.build/sharing-our-recovery-design/
Discussion
Ok, now that I’ve read that I’m revising my opinion. I’m just putting some thoughts here for a sanity check.
Cloud backup - I missed that before. I don’t like the platform lock-in, but that’s not a deal-breaker for me.
Trusted contact - At first, I thought this was an alternative cloud backup, which would enable a multi-platform workaround. But, after fully reading it seems to be an extra security layer on top of the normal cloud backup, which is nice.
Break glass - It seems that as long as you have your hardware key this sort of overcomes the platform lock-in since it includes an encrypted copy of your mobile key & you can theoretically make multiple copies. It doesn’t really overcome the inability to migrate between platforms though. Only to sweep your funds & migrate away from the Bitkey.
All that said, I do now think that I’ll set it up & use it to replace my hot wallet as it seems to offer a bit more security.