How to secure your digital assets for life and why is an Inheriti® plan the best solution?
People who dabble in digital assets need to take proper care of their cybersecurity.
It’s essential to take strong precautions in this digital world full of digital assets.
If you don’t secure your digital assets for life, you could get hacked or it could lead to loss of funds, tokens or art.
That’s why it’s important to secure digital assets for life.
In this article, we’ll take a good look at all the different digital assets that hold monetary value and how you can secure them.
What is a digital asset?
A digital asset is an item that you can buy, sell and virtually hold on your computer or online.
Usually, you cannot physically see or touch it.
These may be digital currencies like Bitcoin, or they may be the underlying assets trading on the blockchain.
But also social media accounts or passwords may be consider valuable digital assets.
Their value however, always comes from a claim to ownership.
Examples of digital assets
A digital asset can be anything that you can store or transfer online via computers and other electronic devices.
Well-known examples today are cryptocurrencies and non-fungible tokens (NFTs). You can’t hold them with your hands, but these are real assets with real value that can buy, sell or trade online.
Tokens like cryptocurrencies and NFTs live on blockchains.
Among cryptocurrencies, some popular assets are Bitcoin, Ethereum, Polygon, Solana, BNB and Dogecoin. NFTs, relatively new, can represent a variety of properties including art, collectibles, music, virtual reality, gaming items, domain names and property records.
Cryptocurrencies and NFTs can be bought and sold using accounts at cryptocurrency exchanges and via decentralized exchanges. They can be held on decentralized wallets, which are accessed through popular wallet apps like Metamask and Trust Wallet.
Non-fungible tokens, commonly called NFTs, represent artwork and other content presented in digital form. Whereas every Bitcoin is the same, every NFT is a unique asset. However, you use the same technology to buy, sell and trade NFTs as you do with cryptocurrencies.
NFTs have been around since the early days of the internet, but they’ve only exploded in popularity in recent years.
NFTs can typically be “minted”, which means buying a brand new NFT from the creator. These NFTs can then be sold later on NFT marketplaces.
Popular NFT marketplaces include OpenSea, Rarible and Foundation.
These work in a similar way to cryptocurrency exchanges, allowing you to buy, sell and trade your NFTs.
However, NFTs also trade on decentralized marketplaces like Ethereum Name Service (ENS) and Uniswap.
Each decentralized wallet has a unique address and private key. The public address allows you to receive assets, while the private keys give you access to your assets if you want to use them.
You will need to safely backup your seed phrase if you wish to secure your digital assets for life.
Each digital asset and NFT has a unique address. You can track them using a large public database, the blockchain.
Transactions are verified in groups called “blocks” and keep a record of the ownership of the digital asset. This creates a safe network that anyone can use to send and receive digital assets.
In the future, we could see shares of stock, auto and real estate titles, and other physical assets eventually move to a blockchain ownership format, to transact in a similar way.
Secure digital assets
So, now we know what digital assets such as cryptocurrencies and NFTs are all about. Since many of them hold value, it’s clear that it’s important you secure digital assets for life.
If something were to happen to you, wouldn’t you want to make sure that your loved ones receive your digital assets?
If there is no inheritance plan and you have no backup of your seed phrase, then your digital assets might disappear forever if you die.
It also wouldn’t be clear who you would want to receive your digital assets, if you haven’t shared access with certain people.
That’s why it’s absolutely essential to secure your digital assets for life.
So what’s the best way to do this?
Make your digital assets inheritable
Inheriti® is the best way to secure digital assets and make them inheritable.
You can use Inheriti® to create fully decentralized backup and inheritance plans that allow you to store sensitive data.
Your personal data will be split, encrypted and safely stored on SafeKeys (2FA devices capable of holding the encrypted data). If you’re using a Mobile plan, you can store the encrypted shares of your plan on mobile devices.
Secure digital assets with strong encryption
By storing your private key or seed phrase in a decentralized inheritance plan, you can make sure that it’s safely stored in every possible future scenario.
With Inheriti® you can also choose the heirs for your inheritance plan and give them the encrypted shares to your wallet.
If you or your heirs need access to your private key, all shares will need to be brought together to decrypt your decentralized inheritance plan.
Then, the automated activation method (“Dead Man Switch”) will validate if you are still capable of answering emails/messages or not.
If you don’t respond to your emails or messages for a certain time, the activation method will be validated, and the plan can be decrypted by bringing all encrypted shares together.
Secure digital assets for life
Inheriti® securely stores your digital assets during your life and even after you pass away.
You can set up a plan to store your private data and appoint your beneficiaries at any time. You will always remain in full control of your assets.
The Inheriti® solution is the perfect way to ensure that your loved ones get access to your crypto assets once you pass away. All according to your wishes.
The inheritance problem in crypto has never been easier to solve! Set up your crypto inheritance plan today.Back to wiki