The concept of cryptocurrency inheritance is rapidly expanding as the decentralized finance (DeFi) industry develops more “crypto will” production mechanisms.
Kirobo, an Israeli crypto software developer, aims to address a significant need in the DeFi market by allowing crypto investors to transfer private keys or assets as they see fit.
On May 31, the business announced the addition of an inheritance option to its decentralized cryptocurrency wallet Liquid Vault, allowing users to choose a cryptocurrency wallet to inherit their money.
The novel technique automates the drafting and execution of a last will and testament without the involvement of lawyers, government authorities, or any other centralized entity. Instead, users must choose up to eight recipients and set a date for the payments to be sent to the selected wallets.
The new Liquid Vault inheritance mechanism is based on Kirobo’s “future conditional transactions” technology, which is analogous to the wallet’s backup feature. Depending on a variety of parameters, the program allows users to begin future transactions or get a secondary access point to cryptocurrencies.
“Future conditional transactions is a unique infrastructure, based on smart contracts. It allows users to sign future transactions and to condition them on almost anything,” Asaf Naim, CEO of Kirobo said. said the CEO.
When it goes into beta in late 2021, Liquid Vault will handle Ether (ETH) and all ERC-20 tokens, including the Ethereum-based version of Bitcoin (BTC), Wrapped Bitcoin (WBTC), and ERC-721 nonfungible tokens. (NFTs). Kirobo expects to integrate NFT inheritance capabilities in future updates to Liquid Vault’s inheritance mechanism, which currently supports ETH and ERC-20 tokens.
“There’s a growing trend of Web3 users holding significant sums in cryptocurrency, increasingly relying on these assets in investment portfolios and retirement nest-eggs,” Naim added. According to the CEO, the new technology allows for a simple and secure manner of passing on digital wealth to future generations while “staying true to Web3’s decentralized and community-owned goals.”
One of the most urgent problems for crypto owners is the issue of crypto inheritance, given that private cryptocurrencies like Bitcoin (BTC) are meant to limit ownership of their assets to their owners alone. As of 2020, it was estimated that up to 4 million BTC, or around 20% of all BTC in circulation, had been irretrievably lost due to lost access to BTC, with a major portion apparently due to death.
As previously reported by Cointelegraph, there are many ways to pass on bitcoin to the next generation, including using software inheritance services or just exchanging private keys with trustworthy family members.
The post DeFi aims to decentralize cryptocurrency and NFT inheritance appeared first on NFT News Pro.