Singapore-based Digitrust Corporation is looking to tackle the much-considered question of “what happens to cryptocurrency after its owner’s death?” with its decentralized crypto asset settlement service, via Willtoken.
Using Willtoken, crypto holders can now look forward to leaving behind their digital assets to chosen beneficiaries, with automated and secure transfer made possible via the same blockchain innovations that have made cryptocurrency so valuable.
While blockchain-based cryptocurrencies heralded a new era for people to be in complete charge of their own funds, the realities of life have caused holders to overlook the shortcoming of what made cryptocurrency so secure: that owners are the only ones in control of their funds.
Hence, when people accidentally lose access to their wallets or when billionaire owners tragically and unexpectedly pass away, vast amounts of wealth have been irretrievably lost. All this simply because no one else had the private keys or passwords to their crypto wallets.
Even if considering the natural phenomena of death and disability, there are still many uncertainties surrounding the lawful transfer of assets to the intended beneficiaries after these events. It is now estimated that around 0.7% of investors pass away each year – a staggering 700,000 annual deaths per 100 million investors globally.
And yet, with the trustless agendas of cryptocurrency, investors still must be skeptical when giving away secret keys and passwords.
Digitrust Corporation recognizes these concerns and have created Willtoken specifically to provide such a solution, which is fully automated and trustless, without intermediaries. In fact, this inheritance protocol eliminates the need to give away private keys or passwords, giving investors a secure and self-managed environment to safely pass on their assets to chosen recipients.
As the name suggests, Willtoken will be a utility token used to conduct transactions for a wealth assignment service. This service will mainly be a digitized secure testament placed by investors, containing clear instruction to exchanges and wallet recipients on how to transfer assets directly to wallets of their heir(s). Once system requirements are fulfilled, authenticated and verified, beneficiaries receive the funds hassle-free.
The Crypto-Will is a legal document in which investors express clearly the beneficiaries and method of transferring assets, in the event of demise. It will include all details and instructions to specify legal heirs, trusted persons and verification of beneficiaries. This highly-encrypted system will hide confidential information in cold storage until claims are activated, after which it will automate the direct transfer of assets from exchanges and wallets to beneficiaries.
The Will System will assign beneficiaries, identification of death or disability, conducts pulse search, deep search, and establishes proof of death. Claims are confirmed to exist, and submitted as valid claims to exchanges and wallets through an automated AI app. It then automatically processes asset transfer to beneficiaries without intermediaries, using blockchain, applied AI and hyperledger technologies.
The Willtoken solution is a systematic, independent and secure claim and transfer protocol. Willtoken will of course be exchangeable and tradeable just like any other token on the open market.
The Willtoken crowdfunding is underway and will continue until July 15th, 2018. Each token is currently available at a base rate of $0.10, with the first two stages allocated 250 million tokens for purchase. Purchases for the ERC20-compliant Willtoken can be made in Bitcoin and Ether.
To Visit the Website: https://willtoken.io/
Read the Whitepaper: https://willtoken.io/WhitePaper.pdf
Watch on YouTube: https://www.youtube.com/channel/UCX9M_NU4fjMD89KuN7nuojA
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