Kirobo’s new probate solution allows users to create and execute automatic wills without the help of lawyers, government agencies or other centralized authorities.
The concept of cryptocurrency inheritance is evolving rapidly as the decentralized finance (DeFi) industry develops more and more ways to create a “cryptocurrency.”
Israeli crypto software provider Kirobo is trying to fill a major gap in the DeFi industry by giving crypto investors the ability to transfer private keys or funds according to their last will.
On Tuesday, the company announced the launch of an inheritance feature in its decentralized cryptocurrency wallet Liquid Vault, allowing users to designate cryptocurrency wallets to inherit their funds.
The new solution allows you to automatically create and execute last wills and wills without the involvement of lawyers, government agencies or other central bodies. Instead, users simply need to select up to eight beneficiaries and choose a date for the assets to be distributed to specific wallets.
Liquid Vault’s new inheritance mechanism is based on Kirobo’s unique Future Conditional Transactions technology, similar to the wallet backup feature. The tool allows users to create future transactions or get an additional cryptocurrency hotspot based on various conditions.
“Future conditional transactions are a unique infrastructure based on smart contracts. This allows users to sign future transactions and tie them to almost anything,” Kirobo CEO Asaf Naeem told Cointelegraph. “It also allows third parties to develop complex services on the blockchain without having to develop smart contracts,” the CEO added.
Launched in beta in late 2021, the Liquid Vault Wallet supports Ether (ETH) and all ERC-20 tokens, including the Ethereum-based version of Bitcoin (BTC), Wrapped Bitcoin (WBTC), and non-fungible ERC-721 tokens (NFC). At launch, the Liquid Vault inheritance tool supports ETH and ERC-20 tokens, and Kirobo also plans to add support for NFT inheritance in future updates.
“There is a growing trend that Web3 users are holding significant amounts of cryptocurrencies and are increasingly relying on these assets in investment portfolios and retirement plans,” Naim said. According to the CEO, the new tool opens up a simple and secure inheritance mechanism to pass on digital wealth to future generations, “to stay true to the values of decentralization and responsibility of the Web3 community”.
Related: Crypto Inheritance: Are Hodlers Doomed to Rely on Centralized Options?
The issue of cryptocurrency inheritance is one of the most troubling issues for cryptocurrency owners, as private cryptocurrencies like Bitcoin (BTC) do not allow anyone but the owners to control their assets as intended. As of 2020, about 4 million BTC, or about 20% of all BTC in circulation, has been lost forever due to loss of access to BTC, with the majority likely caused by death.
As Cointelegraph previously reported, there are many ways to pass crypto to the next generation, including using software inheritance services or simply exchanging keys with trusted family members.