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There are many tragic news stories of people who have either misplaced the private keys to their cryptocurrency wallets or died unexpectedly, leaving their relatives unable to access their crypto fortune they worked hard to earn. One of Safe Haven’s main aims was to revolutionize cryptocurrency with their inheritance project, Inheriti®, so that there were no more sad tales of loss.
What is Digital Inheritance?
As our lives become more digital, so do our assets. Digital assets are anything that exists in a digital format that is owned by you. This could be anything from images, videos, files, cryptocurrency, and NFT’s. Digital inheritance is the process of protecting digital assets so that they can be securely transferred to your family in the case of your death, or in the case of losing your private key phrases. Inheriti® is not only used for digital inheritance, it can also be used as a secure Private Key Backup solution, solving some of the biggest issues crypto users face today.
Why you should choose Inheriti®
Although there are many other digital inheritance solutions, Inheriti® is the only decentralized digital inheritance option. Other digital inheritance companies may claim that their option is the most secure option, but they all store your data on their servers or on titanium tablets or other devices without encryption. These options are easily hacked by third-party threats
Inheriti® is fully decentralized, meaning that no private key data is held on Safe Haven’s back-end systems. Red4Sec, which is a cybersecurity firm, audited the Inheriti® platform and confirmed that Inheriti® “does not currently store private keys, seeds or passphrases in the backend.” Operations with private keys, seeds of passphrases, are all carried out on the client’s side. This makes Inheriti® the safest option for securing your digital assets.
How Inheriti® works
For users to use Inheriti®, you need at least 10,000 SHA tokens (Safe Haven’s native token) in your digital wallet. Inheriti® will allow you to have multiple wallets and exchange accounts and allows storage of up to 500 characters in the current version.
Inheriti® fragments secret data into several shares for optimal security using a version of the Shamir Secret Sharing (SSS) cryptography technique as well as Safe Haven’s own Secret Sharing Distribution Protocol (SSDP). These shares are then distributed to each of the specified inheritors on Safe Haven’s own FIDO2/ U2F “SafeKey” Hardware Security Module (HSM) cold-storage devices.
Inheriti® uses multiple layers to distribute the storage of the data shares across a variety of storage methods such as cold-storage and blockchain to keep all digital assets secure.
Safe Haven uses many security protocols and encryption techniques for this project. All SafeKeys are protected by PINs. These pins are stored using salted SHA-256 hashing algorithms and a max number of PIN attempts prevents attacks. All private key data is stored on blockchain or on SafeKeys and is encrypted using the AES256 encryption standard. Safe Haven also commits to conducting security audits on a regular basis which helps ease users worries in the safety of their digital assets.
Inheriti® allows legal professional involvement which uses separate roles to differentiate between the legal entity trusted with initiating the data recovery and the inheritors that are receiving the data. The legal entity will not have access to your data and is there to make sure a death certificate exists before your inheritors can retrieve the data.
Safe Haven’s Inheriti® is by far the most secure option for digital inheritance and the safekeeping of your digital assets. It is also the only project that is 100% decentralized and the only one keeping you safe from hackers by using multiple encryption and security techniques.
This article was originally posted by Cryptopolitan
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