What happens to your cryptocurrency assets when you die? Safe Haven has an answer!
The cryptocurrency market is moving blazingly fast. If you are reading this article you have probably invested in one or more of the many coins and tokens that are out there nowadays. But have you ever wondered what happens to all your assets when you suddenly die? The assets in question are most likely secured behind dozens of passwords, keys and passphrases. How will your nearest and dearest be able to inherit these well-secured assets? Do not worry, because Safe Haven has an answer.
The inheritance of your crypto assets is presumably not something you have thought about. But maybe you should, anything can happen to anyone at any time. The chances to suddenly die are slim but they are not non-existent. Strokes, accidents, heart disease, the list goes on. It might be time to think about how your crypto assets will be passed on, in case of a sudden death.
So how are you going to safely arrange the inheritance of your assets for your family and friends. How will you manage that without locking yourself out whilst you still walk this earth. Safe Haven has a solution. Safe Haven is building a platform that will handle the inheritance and protection of your assets, so you can stop worrying about it.
Safe Haven proposes a platform to safely and transparently share the keys to your crypto kingdom with stakeholders or children. They do this by utilizing their TFC Share Distribution Key, Escrow Protocol and their Trust Alliance Program. Their priority is letting the investor keep all power over his assets. In the event of the investor passing, a member of the Trust Alliance Program will be able to pass the legacy to the children or stakeholders.
Now, how does this all work? In their protocol the investor that wants to protect his legacy is called the initiator or parent. Initiators can distribute seeds, private keys and such amongst three children. He or she does that by going to a member of the Trust Alliance Program. The Trust Alliance Program is a group of legal entities that has a secure relationship with Safe Haven.
The legal entity, which is referred to as validator in Safe Haven’s protocol, handles the distribution of shares, with a share being a piece of the data that the initiator shared. The shares are managed as a legal certificate by the notary. Shares can be seen as a piece of a puzzle. One needs all pieces to be able to see the whole puzzle.
The last piece of the puzzle, the share of the initiator, will be protected by the platform. It is encrypted and stored on the Ethereum blockchain as a smart contract. In case of a sudden death, the children can obtain “the last piece to the puzzle” by presenting the necessary legal documents to a member of the Trust Alliance System. This so-called TFC Share Distribution Key system is a Threshold cryptosystem.
That’s not all, there is a whole lot of math that goes into a system like Safe Haven. Which is all outlined in the whitepaper. The (technical-heavy) whitepaper also describes multiple protection plans such as “The Family Circle Plan”, “The Business Continuity plan”, “The Investment Circle” and the “Safe Haven Vault”. Be sure to read up on that!
You might wonder how is this project different from My Wish which also promises an answer to the cryptocurrency inheritance problem. According to the developer Safe Haven is more than a contract on the blockchain. They will supposedly only trigger smart contracts when a legal entity gives the necessary authorizations. They market themselves as a service for people by people using state of the art technics in order to make assets of any kind inheritable.
Last but not least. How does the SHA token play into all this? The developers explained that the SHA token will be used as a payment service. For example, when a legal entity wants to register something in the blockchain SHA tokens will be needed. When asked about potential extra upcoming functionalities of the token, to promote holding, the developers said more details will follow in the upcoming weeks.
Not a lot of information is out there about the project besides their site and whitepaper. Yet the system described seems like a secure and transparent way to protect assets on the blockchain. Safe Haven’s pre-ICO is ongoing right now, after that the ICO will start. Time will tell if this new project will succeed. You may or may not want to use this proposed solution for the problem of crypto assets inheritance. But this article will surely make you think about it.