Dead-man-switch crypto transactions are coming, for you.

thisismein360vr (51)in #crypto • 6 years ago

Upon your death, your last Will and testament will be used to distribute your assets through an executor, based on your latest stated intentions.

If only there were "programmable money" to do something like that ...

Enter Smart Contracts.

Crypto currency enables giving money the ability to 'include' the contracts themselves.

(If you are new to crypto currencies or blockchain, click here)

There are several ways using this feature allows this difficult task to be accomplished. I think the simples solution is the creation of a platform/system that allows easy programming for contracts known as a "Dead-Man Switch". A system for delayed, or event triggered responses.

A dead man's switch generally isn't something triggered by death but is rather triggered by the absence of input from a living person. Account inactivity (several years) could trigger an action 'label' user death, and send your loved ones your crypto savings directly.

Like an IFTT event, an inactive account, or a submitted death certificate could trigger post-dated or pre-signed transactions, email or messages to send family members an encrypted file with a seed or private key. Hints to the password could be included. You also provide the decryption passphrase to a trustee (but not where one person has both the encrypted wallet an passphrase.) A multi-signature address.

There is another method as well. It could be based on delayed transactions. (perhaps the system most often chosen will be a combination of both)

Create a long term transaction, sending money to your family's future. Perhaps even leaving options for them to see the raw data (unsent transaction) in case they need to update the receiver address. Once the time runs out, (or due to inactivity), the transaction is broadcast.

The fact remains, a system needs to be developed for Crypto-currency transactions of this type, because a deceased person shouldn't write their own private key in their will, (because in several countries the testament is considered public document).

Either way, since it is possible that the family member receiving the transaction information may be crypto illiterate, so supplemental information may also need to be sent along with the transaction rather than just pass along the coins/tokens.

Blockchain and Cryptography technology can reduce the burden on lawyers.

Currently there are similar systems in place for Email, or Social media accounts.Google's Inactive Account Manager, (Gmail) has a dead man's switch option

And what if you died today?

Who will get your Crypto investments?

This notion opens up many amazing possibilities once a system of transactions in this way is available.

Reward systems can be linked to any database. Gamification can be linked to any interaction where money is involved.

-Little Johnny keeps his grades up, money gets deposited.-Company exceeded yearly projections, money gets deposited.-You only watched half of that movie, money gets reimbursed.