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Usha Yadav
Jun 1, 2022
by Usha Yadav

DeFi Intends to Decentralize Crypto and NFT Inheritance

Decentralize Crypto

Table of contents

  1. Liquid Vault's New Inheritance
Kirobo, an Israeli crypto software company, is attempting to fill a massive gap in the DeFi market by allowing crypto investors to hand over private keys or transfer funds according to their last will.

On May 31, the company announced the launch of an inheritance function for Liquid Vault, a decentralized crypto wallet that allows users to designate crypto wallets to inherit their funds. The innovative system eliminates the need for lawyers, government agencies, or any other centralized organization to create and execute an automated last will. Users only need to choose up to eight beneficiaries and date to distribute the assets to the chosen wallets.

Liquid Vault's New Inheritance

Liquid Vault's new inheritance method, akin to the wallet's backup feature, is built on Kirobo's unique "future conditional transactions" technology. The tool allows users to create future transactions or obtain a secondary access point to crypto based on certain parameters.

The 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 non-fungible tokens (NFTs), and was released in beta in late 2021. The inheritance tool in Liquid Vault now supports ETH and ERC-20 tokens, with Kirobo planning to add support for NFTs in future versions.

"There's a growing trend among Web3 users to hold considerable amounts of cryptocurrencies, increasingly relying on these assets in investment portfolios and retirement nest eggs," Naim observed.

According to the CEO, the new tool provides a simple and safe succession method for passing digital wealth to future generations while "keeping true to Web3's goals of decentralisation and community ownership."

Crypto inheritance is one of the most troubling issues for crypto owners. Private cryptocurrencies such as Bitcoin (BTC) are designed to prevent anyone other than the owners from controlling their assets.

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DeFi Intends to Decentralize Crypto and NFT Inheritance
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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