Kirobo's innovative inheritance solution lets users create and execute an automated final will without any centralized entities involved
The problem of crypto inheritance is one of the most pressing concerns for crypto owners, since private cryptocurrencies such as Bitcoin (BTC) are designed to prevent other parties from controlling their assets. As of the year 2020, it was anticipated that up to 4 million BTC, or around 20 percent of the total circulating BTC, had been irretrievably lost owing to lost access to BTC, with a major percentage presumably due to death.
The Israeli crypto software company Kirobo is attempting to fill a significant hole in the DeFi sector by enabling crypto investors to transfer private keys or assets in accordance with their final will.
On Tuesday, the company announced the debut of an inheritance function for its decentralised crypto wallet Liquid Vault, enabling users to nominate crypto wallets to inherit their cash.
The innovative system allows for the automatic creation and execution of a last will and testament without the need for attorneys, government officials, or any other centralised institution. Instead, users just need to specify up to eight recipients and a date for the distribution of assets to the chosen wallets. As per Asaf Naim, CEO of Kirobo;
There’s a growing trend of Web3 users holding significant sums in cryptocurrency, increasingly relying on these assets in investment portfolios and retirement nest-eggs
Similar to the wallet's backup function, Liquid Vault's new inheritance method is built on Kirobo's "future conditional transactions" technology. The application enables users to make future transactions or get a secondary crypto access point depending on a variety of situations.
Liquid Vault wallet supports Ether (ETH) and all ERC-20 tokens, including the Ethereum-based version of Bitcoin (BTC), Wrapped Bitcoin (WBTC), as well as ERC-721 nonfungible tokens when it enters beta in late 2021. (NFTs). At launch, the inheritance tool for Liquid Vault supports ETH and ERC-20 tokens, with Kirobo expecting to add support for NFT inheritance in future releases.
According to the CEO, the new tool unlocks a simple and secure inheritance mechanism to pass digital wealth to future generations while
staying true to Web3’s values of decentralization and community ownership.