@feld @kravietz @PlaneSailingGames @GossiTheDog @vpz
ok, now I got to understand that the Keychain is an encrypted data structure stored somewhere (it could be Apple's key-value store). Reading this story I gather that a whole thing is encrypted with a symmetric wrapping key. This wrapping key can be either obtained by the syncing identity or derived from the recovery code.
So devices exchange the key exchange key among themselves during pairing? Could recovery code be seen as a #SPOF?