Kirobo’s new inheritance solution allows users to get and execute an automated last can while not the need for lawyers, government authorities or any other centralized entity .
The concept of cryptocurrency inheritance continues to apace evolve because the decentralized finance (DeFi) business spawns a lot of ways to form a “crypto will.”
The Israeli crypto software provider Kirobo is moving to tackle a serious void within the DeFi industry by providing crypto investors with a chance to pass personal keys or transfer funds according to their last can.
The firm proclaimed on Tues the launch of an inheritance feature on its decentralized crypto wallet Liquid Vault, allowing users to designate crypto wallets to inherit their funds.
The new solution enables the generation and execution of an automatic last can and testament while not the need for lawyers, government authorities or the other centralized entity. Instead, users simply ought to choose up to eight beneficiaries and choose a date for distributing the assets to the designated wallets.
Liquid Vault’s new inheritance mechanism is based on Kirobo’s unique “future conditional transactions” technology, almost like the wallet’s backup feature. The tool allows users to create future transactions or get a secondary access purpose to crypto based on numerous conditions.
“Future conditional transactions may be a distinctive infrastructure, based on smart contracts. It permits users to sign future transactions and to condition them on virtually something,” Kirobo chief operating officer Asaf Naim told Cointelegraph. “It additionally permits third parties to develop complicated services on the blockchain while not the requirement to develop smart contracts,” the CEO additional.
Launched in beta in late 2021, the Liquid Vault wallet supports Ether (ETH) and all ERC-20 tokens, as well as the Ethereum-based version of Bitcoin (BTC), Wrapped Bitcoin (WBTC), likewise as ERC-721 nonfungible tokens (NFTs). At launch, Liquid Vault’s inheritance tool supports ETH and ERC-20 tokens, with Kirobo also planning to add support for theinheritance of NFTs with future updates.
“There’s a growing trend of Web3 users holding important sums in cryptocurrency, increasingly wishing on these assets in investment portfolios and retirement nest-eggs,” Naim noted. in keeping with the CEO, the new tool unlocks a simple and secure inheritance mechanism to pass digital wealth to future generations whereas “staying true to Web3’s values of decentralization and community ownership.”
( Helen Partz, Cointelegraph, 2022 )