How can your loved ones inherit your cryptos
Remember when I wrote about a concern that upon a passing of a crypto-wealthy individual, more often than not his portfolio is lost as other people tend not to have access to his private keys. Sure, you can dig in his digital devices to find a trace, but who wants to put all their eggs in that basket?
Luckily, other people, who are more tech-savvy than me, have also been pondering these questions and services have popped up here and there.
Enter Digipulse
This Latvian startup saw light, when Normunds Kvilis, one of the co-founders, experienced sudden health issues while travelling. Struggling with his health problems, Kvilis pondered about life and death and suddenly came to a realization that there would be no-one to inherit his bag of crypto, should something serious happen to him.
As there was no such service at the time, it didn't take much for Kvilis to get partnered up and bring us Digipulse.
How would a service like this work? Basically, one would only need to create an online vault, where he could store all his digital data, keys, wallet addresses and the system would monitor activity in these accounts. Should there be no activity detected during a user-set time, the system would automatically contact pre-set individuals with instructions on how to access the vaults contents.
Sounds simple? It really is. And the founders offer even more use cases:
The business model extends beyond inheritance, incorporating any situation which requires the automated transmission of assets or other information, like documents, passwords and cryptocurrency wallet keys, in accordance with certain pre-set criteria.
Perhaps some basic service like this will be incorporated into all future cryptowallets, to deal with inactive and lost accounts? I know Steem has recovery accounts, but mere mortals can possible not change those.
Anyway, check out Digipulse at digipulse.io and hopefully you can avoid making your loved ones sad:
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It is a great and novel idea, however there still the concern of having the private key on the vault as it becomes a hacking target. Still there needs to be a combination of sharing the key but needing a pin that only the recipient would know.
The question is that how much safe is this digipulse services? Big exchanges are being hacked these days so what about if the data from their database is stolen or some of their own employees compromise with the security and leak the data. Centralization is not the answer here.
Valid points! But portfolio recovery should be prioritized in all further developments.
@furious-one
That was a good post.
Keep steeming
It is said that it is very safe but there are people who still do not trust this.