Crypto startups said demand for digital asset inheritance services like Bitcoin (BTC) is growing rapidly amid the outbreak of the Covid-19 pandemic.
Casa and Unchained Capital said they have noted a significant increase in demand for the service of transferring ownership of Bitcoin to relatives after customers have died and have died.
Bitcoin technology makes the transfer of assets necessary to have a private key, if Bitcoin is a currency then we need to have an infrastructure to handle asset management if a customer falls into unfortunate circumstances and The entire property is locked because the private key is not inherited to the next generation.
This has happened before with the former CEO of QuadrigaCX exchange in Canada. According to a statement from the family, the CEO did not leave the private key to anyone else and that caused millions of BTC to be locked and unreachable.
Meanwhile, not only Bitcoin but Ethereum's developers are building a similar infrastructure to compete with Bitcoin network rivals.
Even before Covid 19 broke out, the Alfred project at Ethereum's hackathon in Denver developed a toolkit to transfer tokens according to the ERC 20 and ERC 721 protocols.
Project member Seth Foldfarb said the development team chose the name Alfred to soften the theme of the project they were trying to develop. From a technical perspective, the system will have two parts: wills service, obituary writing and wills deposit.
It's not nice to think about, but it may prudent to have a detailed plan for what will happen to your Bitcoin when you die
Companies are quietly adding tooling for this, but on the open source side of things I would check out a Lightning Network concept: https://t.co/LyLCYPRRyo
- Alex Bosworth ☇ (@alexbosworth) March 24, 2020
When oracle discovers a customer has suddenly died, the escrow system will perform a countdown and send the user's Bitcoin assets to a third party as a member of the family.
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According to Coin68 / CoinDesk