A single crypto regulator to appear in the EU Hotels in Maldives and Thailand accept crypto payments PayPal added bitcoin support to its mobile app Corporations invested more than $6 billion in crypto industry in the last 10 months DeFi-platform Velodrome accuses crypto sleuth of stealing $350k S&P Global dropped Coinbase rating to a speculative level BitGo will seek $100 million for Galaxy Digital refusal to acquire crypto platform Brazilian crypto exchange blocked customer accounts and fired staff Celsius Network’s debts is more his assets for $2,8 billion

New technology enables the inheritance of cryptocurrencies and NFTs

New technology enables the inheritance of cryptocurrencies and NFTs

Kirobo, an Israeli company, announced a new mechanism that allows you to bequeath cryptocurrencies and NFTs to your loved ones. A holder of digital assets in the Liquid Vault crypto wallet can assign up to 8 different addresses to which the funds will be transferred after death.

According to the company's whitepaper, the technology is based on a smart contract. It includes information about the crypto wallets of the heirs, the amounts each has to receive, and the timer setting. Once the timer is reset, the inheritance mechanism will be activated so as to trigger a smart contract. The heirs will be notified and have to enter the password to get the assets.

"Cryptocurrency is only thirteen years old, but the problem of inheritance already exists, and it is going to become more and more relevant with the growing popularity of digital currencies over the years," this is how the developers explain the concept of the new feature.

This feature requires a small amount of KIRO (platform cryptocurrency) in the wallet since the user must periodically reset the timer for a small fee.

In order to receive the assets, the successor must also deposit a certain amount of KIRO in a smart contract. He can get that share back whenever he wants.

Subscribe to our Telegram channel for the most relevant, interesting, and informative news from the crypto industry.

0
Is there an error in the article?
To report