When you save your money in the bank and die, it used to be simple you have the documents needed for your family to have access to your funds. Now, you need keys, passwords, and phrases. You die, drop the will, and tell people where you have money, but the password is needed. Or you need an authentication PIN. The question is how do you keep your password and let your family have access to it when you die?
The more you secure your wallet the tougher it is for people to have access if you die. Yevgeny Prigozhin died with 100,000 Bitcoin in his wallet and it was stored in a cold secured wallet that seems gone forever. Hive has a nice security that makes it possible to give someone access to the Active key if you actively check your wallet to avoid powering down but it is still a key to give to someone you trust to keep in case you die. There have been stories of people dying with Billions and millions in cryptos and no one will have access to them. I think this is a major aspect that needs to be addressed in the blockchain ecosystem. The immutability is great, and the security is awesome but there is a need for crypto holders to apply wisdom to their level of security and as well as can have another contract for people after death. Maybe something like a decentralized will.
Decentralized will- SMART CONTRACT.
The blockchain and smart contracts will keep improving, and more technologies will be built. There could be a kind of smart contract that serves as a will, but tokens will be kept in it. It will be a contract that holds tokens and a certain command will be used to transfer after the owner's death. All you have to do is to know the wallet you wish to distribute your money to when you die. Incorporate the wallets of the recipients in the contract. Then the command and access will be known to the family. If anyone initiates it when you are alive, that means your family have their share in your money when you still live.
There needs a lot of deliberation and brainstorming. I am just writing as it comes to my mind. But there could be better solutions to crypto wasting because people die. People will keep dying and cryptos should still be in circulation. I hope not only CZ have the master key to all the tokens on the Binance exchange.
Tykee
