DeFi Crypto Wallet Allows Users to Inherit Crypto and NFTs
The concept of cryptocurrency inheritance keeps on growing and advancing as the decentralized finance (DeFi) industry comes up with more ways to decentralize inheritance in crypto and NFTs. An Israeli cryptocurrency solution provider called Kirobo is stepping up to bridge a major gap in the DeFi industry by providing crypto holders with a lucrative opportunity to pass private keys or shift funds as per their final will. Put simply, the company’s new solution enables users to build and implement an automated last will without the intervention of centralized entities such as banks, lawyers, and government officials.
The company announced yesterday (May 31) the launch of a unique feature that enables inheritance on its decentralized crypto wallet called Liquid Vault, thereby allowing users to designate wallets to inherit their crypto and NFT funds. The new inheritance feature of Liquid Vault is based on Kirobo’s revolutionary “future conditional transactional” technology, which is similar to the wallet’s backup feature. The inheritance mechanism allows users to get a secondary access point or generate future transactions to crypto and NFTs on the basis of multiple conditions.
Kirobo’s “Future Conditional Transactional” Technology and Crypto Inheritance
The new inheritance mechanism enables the creation and implementation of an automated last will and testament without the intervention of banks, financial institutions, legal authorities, government officials, or any other centralized entity. Instead, participants only need to choose up to eight beneficiaries and select a date for circulating crypto assets to the chosen wallets.
Asaf Naim, the Chief Executive Officer (CEO) of Kirobo, in an interview with Cointelegraph, said: “Future conditional transactions is a unique and revolutionary infrastructure built on the foundation of smart contracts. It enables users to sign future transactions and get a secondary access point on almost everything.”
“Moreover, it allows third parties to build more complex and advanced services on the blockchain without the need to generate smart contracts,” he added.
The Liquid Vault was launched by Kirobo in late 2021 in Beta. It supports Ether (ETH) and all other ERC-20 tokens such as Wrapped Bitcoin (WBTC), the Ethereum-powered version of Bitcoin (BTC), and ERC-721 NFTs (non-fungible tokens). During its launch, Liquid Vault’s inheritance tool supported ETH and ERC-20 tokens, with the company planning to include support for the inheritance of NFTs with added features in the future.
Niam said, “The trend of Web 3.0 users investing a significant amount of money in cryptocurrency is constantly growing, thereby increasing their dependence on these assets in investment portfolios and retirement nest eggs.” He also said that Liquid Vault unlocks an easy and secure inheritance protocol to transfer digital funds to future generations, all the while “following Web 3.0’s values of decentralization and community ownership.”
Crypto inheritance is one of the most complicated issues for crypto investors as private cryptocurrencies such as Bitcoin do not allow anyone but the holders to control their cryptos by design. A study reported that users have lost access to as much as 4 million BTC, approximately 20% of the total distributing BTC, as of 2020. And the majority of it has most probably been caused by death.
According to Cointelegraph, there are multiple ways how you can transfer digital wealth to future generations, including simply sharing private keys with trusted family members or leveraging software inheritance services.