3 Innovative Solutions For the Seamless Inheritance of Cryptocurrency Assets
“If someone who owns Bitcoin, or another cryptocurrency passes away without sharing their account information, those coins are simply abandoned.” So, how can you make sure your Bitcoins will be inherited?
Earlier this year, Futurism carried a story about Michael Moody, a 26-year old who died in a tragic plane crash in Chico, California in 2013. Before his death, Michael was a Bitcoin miner, in the words of Michael’s father, “my son was actually one of the earliest people to mine it. He used his computer at home to mine bitcoins when you actually could do it that way, and he had a few, we think.” Two years after the crash, the father started exploring ways to retrieve Michael’s cryptocurrency assets. He has succeeded in piecing together information about his son’s stash of Bitcoin, but he been unable to access his crypto wallets because of the decentralized nature of cryptocurrencies.
Nolan Bauerle, director of research at cryptocurrency analysis at CoinDesk in an interview with Bloomberg observed that “if someone who owns Bitcoin, or another cryptocurrency passes away without sharing their account information, those coins are simply abandoned.”
Interestingly, being able to retrieve personal information and access a cryptocurrency wallet doesn’t automatically mean that the funds of the deceased are available to their beneficiaries. A number of legal considerations such as the Computer Fraud and Abuse Act (“CFAA”) and The Stored Communications Act prohibit the unauthorized access to people online accounts (including crypto wallets) even when they are dead.
Now, accessing deceased cryptocurrency wallets and transferring funds without legal authorization apart from being a financial crime also has tax implications. Hence, dying without clear-cut instructions on the management of your digital assets means such assets could be forfeited to the state or lost forever. This piece examines three projects introducing innovative solutions for managing digital inheritances.
TrustVerse is fundamentally a blockchain-powered AI platform that provides an optimized asset management service while also minimizing cryptocurrency volatility for low-risk medium-return performance ensured by its deep neural network and secure and reliable blockchain based system. Beyond intelligent asset management, TrustVerse also offers smart contract programming and design solution on its dApp to help cryptocurrency investors manage taxes, legacy planning, inheritance and transfer of digital assets.
With TrustVerse investors can manage their crypto assets, and make sure their family and loved ones will get access to your assets after they die thanks to Smart Contracts and oracle mechanism. TrustVerse helps investors protect their assets through private smart contracts stored on a public chain. The smart contracts are also programmed with life scheduling service that reaches out to your beneficiaries to when you’ve not checked in for a while.
TrustVerse also leverages a Proof of Death (PoD) consensus solution to prevent post-mortem identity theft and fraud. TrustVerse also has solutions to determine if your digital assets are required to be reported and submitted to probate. Once all statutory legal requirements are met, you can trust that the smart contract will execute and the transfer and distribution of digital assets to predefined designators will be done. The best part is that this platform manages other digital properties such as online storage accounts, websites, emails, photo, and video sharing accounts, domain names, and intellectual property among others.
Safe Haven is a platform that uses blockchain technology to help people safely and transparently share the keys to their assets with beneficiaries after their demise. Many people are worried about sharing their account information or keeping it in storage because of fears that the accounts could be compromised and that their funds could be stolen. Safe Haven is using a TFC Share Distribution Key, Trust Alliance, and Escrow protocol to encrypt the information about digital assets while sharing the keys as a puzzle.
Safe Haven allows users to protect their digital assets and ensure seamless inheritance without locking you out. The protocol distributes seeds/private keys/passphrases that provide access to an asset to between the initiator and their beneficiaries. However, the shares of the keys are distributed to give the initiator/parent control over their assets – the shares are also managed as a legally-binding document by a notary. In the event of the death of the initiation, the beneficiaries holding the other shares can present the necessary legal documents to the Trust Alliance System.
DigiPulse is another platform that wants to make it easier to manage digital inheritances with a solution for storing and encrypting information on a blockchain. The encrypted information can only be accessed by prespecified recipients. DigiPulse is being developed around the notion that there’s technically no need to attorney service for the transfer of cryptocurrency assets in event of the demise of the investor.
DigiPulse adds an interesting feature into the mix in that it allows users to choose between keeping their identity anonymous and allowing their identities to be visible. DigiPulse, however, doesn’t seem to require beneficiaries to take any action before the inheritable assets can be transferred to them. DigiPulse uses its API integrations to measure activity signals. Once a pre-defined period of inactivity elapses, the smart contract will assume that you’ve passed on and the smart contract will execute to transfer the assets to your beneficiaries.
[Announcement] Check out the news articles that featuring “TrustVerse” in the Press (Edition v.3)
TrustVerse in the Press (Edition v.3)
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TrustVerse received high recognition during CBE Roadshow held in Hong Kong and Singapore
During the second week of November 2018, CBE (China Blockchain Expert) had its’ roadshow with 5 selected ICO projects (including ‘TrustVerse‘) in Seoul, Hong Kong, and Singapore.
TrustVerse, the winner of Futurama Global Pipeline Program (FGPP), has attended such roadshow for the very first time.
And we are excited to announce that we have received high recognition from VCs, Investor Groups, and Crypto Exchanges, especially from China, Hong Kong, and Singapore. Noticeably, after the pitch in Singapore, the voting result showed that 50% of audiences liked and chose TrustVerse over other projects (Refer to the below images of a voting system).
< Above images show the result from Hong Kong. Here, TrustVerse is the one with red. >
< Above images show the result from Singapore. Here, TrustVerse is the one with red. >
In this event, only top 100 Token Funds from China, Korea, Hong Kong, and Singapore have attended. Also, Crypto Venture Capitals, Investment Groups, and Family Offices have attended to seek the best on-going ICO project.
TrustVerse is an integrated life-cycle Wealth Management and Digital Estate Planning Protocol back by blockchain on ERC20 base. It is equipped with very sophisticated financial AI (deep-neural) algorithms along with blockchain technology and smart contracts.
First, TrustVerse dAPP enables the portfolio design service on wealth management for traditional (global equity) and virtual asset (cryptocurrency) considering the correlation index, sentiment, and multiple data modeling.
Second, it enables the design of smart contracts for legacy planning, inheritance, and wealth transfer through family-based consensus mechanism, proof-of-death, and settlement technology along with automatic asset allocation techniques based on artificial intelligence and scheduling module.
Third, it also offers a vision to provide comprehensive tax and legal guidance service for digital estate wallet called ‘Crypto Box’.
Overall, TrustVerse dAPP helps to secure and protect wealth and asset in two different stages of life, ‘life’ and ‘afterlife’. Moreover, it is a protocol which supports personalized, adjusted and tailored for the individual, family offices, insurance companies, and enterprises.
It works for every individual on board. It can serve them as long-term wealth transfer protection. There are severe cases in which one pass away and no one can retrieve the private keys nor crypto asset. Moreover, since the personal or individual assets are not protected by legal structure and security, it is not secured. Therefore, TrustVerse helps to manage the wealth transfer and secure precious assets. It also works for family office as a wealth management platform with trustees, and it works for insurance companies and large corporations as data service to provide the most optimized way to provide tax and legal documents.
Please, read the below lines to have a general understanding of TrustVerse Service on dAPP.
All copyrights in relation to the context, contents, and photos belong to WealthTreeSG Pte. Ltd. and CBE Group.
TrustVerse – “Navigating the New Crypto Investment Class” – 12 November 2018
Most notably, the emergence and expansion of digital currencies like bitcoin and hundreds of others like it has presented investors with a compelling asset class that is both novel and opportunistic.
Interestingly, enthusiasm for crypto assets has created a need for additional financial services as novice and experienced investors alike pursue this relatively new market, creating demand for supportive services including long-term financial planning and near-term investment strategies related to cryptocurrencies. Therefore, companies like TrustVerse, Protos, and Digital Capital Management are building platforms that are striving to meet this demand.
The Expansive Crypto Economy
While bitcoin has been around for nearly a decade and several other prominent tokens have existed for several years, the market boom is relatively recent.
Throughout 2017, the return on investment on crypto assets was cartoonish, the equivalent of stats on a video game. Day after day brought new market highs, and these gains were not slight. As many have noted, by the end of the year, the price of bitcoin would come close to $20,000, an incredible jump for an asset worth less than $1,000 at the start of the year. Not to be left out, other digital currencies gained value as well, expanding by thousands of percent as 2017 progressed.
At the same time, burgeoning crypto investment space created an opportunity for new, ancillary financial products related to digital currencies. For example, more than 200 hedge funds crypto-focused hedge funds have emerged in the past several years, bringing a pillar of the traditional financial system into the crypto community.
At the same time, financial institutions are showing an increasing willingness to create products for interested crypto investors. Several institutions including Cboe, CME, Goldman Sachs, and Morgan Stanley offering bitcoin futures contracts, and the highly anticipated bitcoin ETF is expected sometime in the not too distance future.
The Role of Crypto Asset Management
Taken together, there is now a robust crypto investment scene, but it’s one that remains mostly unchartered and is still susceptible to dramatic value or sentiment swings.
As a result, there is a growing market for crypto asset management services. People want the kind of financial guidance and investment protection available to investors in traditional markets. They want to invest in crypto, but they want protection from extreme volatility and unnecessary risk, and several companies are striving to fill the void.
TrustVerse, a blockchain-based wealth management platform, is helping investors identify risk and diversify their investments appropriately. Using the power of AI and deep learning algorithms, TrustVerse not only helps investors with estate planning related to crypto assets, but it helps them establish a low-risk crypto portfolio that produces profits even during times of extreme market volatility.
Indeed, the market turbulence that frequently defines crypto markets is exhausting for investors. As Jim Smigiel, CIO of absolute return strategies at SEI Investments Co., told CNBC, “Looking at something with such high volatility all the time is not conducive to an investor’s mental health.” With TrustVerse, investors can harness the computational power of AI to create a more stable and profitable investment strategy while avoiding the headache of the always-in-flux crypto markets.
Meanwhile, other companies like Protos and Digital Capital Management are offering more traditional advisory services including merchant banking and professional fund management. In an industry dominated by a DIY ethos, these companies bring institutional knowledge and attention to crypto investment.
By professionalizing the movement and providing seasoned investors with quality tools for growing and diversifying their wealth, these companies represent the latest installments in the cryptocurrency movement.
Cryptocurrencies are an inclusive asset class. They are available to just about anyone, and their novelty means that the playing field is significantly more level than it is in traditional markets. However, even in this modern environment, investors don’t have to navigate this new investment class alone. They can turn to qualified professional platforms with innovative and capable technology that can support their investment initiatives on an individual basis.
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