Creating a decentralized inheritance plan is key to protecting your digital assets.
But what is a decentralized inheritance plan and how safe is it to rely on one?
Introduction to decentralized inheritance
A decentralized inheritance plan is an arrangement for passing on your digital assets to your loved ones after you die, but without the use of a middleman.
A decentralized inheritance plan will arrange for the transfer of your most valuable digital possessions, in a fully automated manner.
None of your data will be stored in one centralized location or with one liable party.
Safest way to create a decentralized plan
The only safe and 100% decentralized inheritance solution currently on the market is Inheriti®.
A decentralized inheritance plan from Inheriti® works like this: you set up a plan and the tool splits and encrypts your data. You then distribute the encrypted data as shares among the beneficiaries of your decentralized inheritance plan.
This means that the shares of data everyone receives are completely unreadable, individually. A person called the “merge authority” will have to bring them together in order to decrypt the inheritance plan.
The only way to decrypt and access your data is for the merge authority to activate your inheritance plan and wait until the activation period of the Dead Man Switch has passed.
After that the beneficiaries have to bring all shares together in order to decrypt the full plan.
You decide who inherits your data after you pass away, and who your merge authority will be to handle the process.
Example of decentralized inheritance
Let’s take a look at an example.
Imagine you are a married man who likes to invest in cryptocurrencies and NFTs. You’ve got all of these stored on digital wallets and you’ve decided to distribute access to:
- your wife, who loves to paint
- your son, who loves technical stuff
- your cousin, who loves to stay on top of the latest memes
In this scenario, in your inheritance plan, you could write that you wish for your NFT artwork to go to your wife.
You could tell your son to take your tokens from highly innovative blockchain projects.
Finally, you could tell your cousin to have fun with the memecoins you’ve gathered throughout the years.
Distributing your legacy
This is just hypothetical – there are countless scenarios in which you could distribute access to your belongings, and you could give them to anyone – not just to family.
Your beneficiaries will come together to decrypt your plan and to meet your requests about distribution.
You could arrange for a legal service provider, like a notary, to be the merge authority in your plan. They would have the legal authority to ensure that the distribution of your assets goes according to your wishes, and to make sure that everything goes smoothly.
Even in this scenario, your Inheriti® plan remains decentralized, fool-proof and completely secure against hacking.
The beauty of an Inheriti® decentralized inheritance plan
Arguably, the greatest beauty of an Inheriti® decentralized inheritance plan is that none of your data needs to be held by a middleman responsible for its safekeeping.
The decentralized inheritance plan is fully automated.
After you’ve set up a plan with Inheriti®, all your assets and personal data will remain fully available for you to use.
After all, you don’t need a custodian to single-handedly store and safekeep your data. So you don’t need to hand over your access. Your data will be kept safe by smart contract technology and can only be decrypted using that same technology.
Decrypting a decentralized inheritance plan
When you pass away, the Inheriti decentralized inheritance plan can be opened by either one of your heirs or the merge authority, and requires a degree of cooperation of the shareholders.
All beneficiaries must wait until the Dead Man Switch activation period has passed.
During the activation period, emails and/or text messages will be sent to you, urging you to reply to your message or log in to your Inheriti® account.
If you take action, the activation of your decentralized inheritance plan will be stopped.
However, if you do not access your Inheriti® account or reply to Inheriti®’s emails/messages during the period you’ve set for your plan, it will be assumed that you have passed away.
In that case your decentralized inheritance plan will be ready for its final step.
Eventually, all shares owned by every beneficiary need to come together. In case one of the shareholders is unable to or doesn’t want to, Inheriti® will use the backup shares (if specified when you created the plan).
Then, the merge authority can enter every share to let Inheriti® decrypt the data.
When all pieces are brought together, the full plan will be decrypted and your data will be shown to the merge authority and observing parties.
The safest solution to digital inheritance
Find out why Inheriti® is the safest solution for your digital inheritance:
- Inheriti® has been under continuous development since 2017
- Developed completely from the ground up
- Thoroughly audited and tested by the world’s best ethical hacker collective and various quality assessment organizations
- Completely automated and tamper-proof
- Distribution of data carried out exactly according to your wishes
- Patents in the EU, US and China
- The use of proprietary hardware for cold storage of inheritance plans (SafeKey)
- Storing encrypted backup shares of the inheritance plan on the blockchain
- Safe Haven uses military-grade encryption in all its products
Safe Haven’s decentralized inheritance solution offers top-notch safety and will meet all your needs.
If this sounds appealing to you, we invite you to spend time reading through our website. Make yourself familiar with our suite of products and set up your personal, decentralized inheritance plan today.
It may make a world of difference for your loved ones one day.Back to wiki