A factor that helped promote decentralized currencies (apart from their speed and convenience) was the ability of users to obtain practical, yet reasonably good levels of security in the digital world.
This was achieved through a long and complex string of characters that make up the private key of an e-wallet. The lengthy nature of the keys and the blockchain rules where keys are recoverable only through a set passphrase ensure that no ill intended person can hack into an asset holder’s account.
Problems With Security
One major issue with the level of security provided through the use of the private keys is that it is too secure. If the private keys to a crypto wallet are lost, then the assets held in the wallet are lost forever. Lost keys are recoverable by some wallets through a passphrase, which itself is a complex collection of random words.
Even then, the wallet developers stress users that the passphrase be kept as secure as the private keys, since anyone with access to the passphrase also has access to the wallet account. Loss of the passphrase means funds are gone forever.
This is particularly annoying if the wallet owner is no longer able to access the wallet (by forgetting the keys and passphrase) or the non availability of the owner him/her self (in case of death. Two major incidents where a Wales resident accidently threw away a hard drive containing 7500 BTC can no longer access his coins on the blockchain, and the recent demise of a billionaire who has left nearly $1,000,000,000 worth of XRP stranded since his family does not know the private keys, are examples where the security seems over-engineered.
DigiTrust Solving The Heirship
A Singapore-based blockchain startup, DigiTrust has come up with a novel and easy solution of transferring cryptocurrencies to legal heirs. The platform works in a simple manner: smart contracts, that are totally automated, have encoded situations where the owner may no longer be able to access the funds, or is himself not available, can have the digital money transferred to predetermined heirs.
A user on the DigiTrust platform can set exact conditions, down to his or her demise, and have the currencies be given to people nominated. The whole system is automated, ensuring that there is no person ever involved, eliminating the chance of illegal transfers.
This gives cryptocurrency holders a breath of relief, knowing that in case they are gone their families and relatives will have their wealth to live on by.
Tokenizing Digital Wills Through Will Tokens
DigiTrust platform powers its digital wills system through the use of their internal token, called the WILL. Registered users on the platform can access the complete services of DigiTrust and setup a system of transferring their digital assets, when they are no longer in this world.
The WILL token is currently running its token generation event, where a total of 250,000,000 WILLs are available to backers at USD 0.1 = 1 WILL and a 12% discount. The event will end on 7th of July.
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