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The latest development of the Kirobo platform will help to automatically fulfill the last will of the asset owner without intermediaries
A new mechanism to bequeath cryptocurrencies and NFT to their loved ones has been announced by Israeli firm Kirobo. The holder of digital assets in the Liquid Vault crypto wallet can assign up to 8 different addresses to which his funds will be transferred after death.
“Cryptocurrency is only thirteen years old, but the problem of inheritance already exists, and it will become increasingly relevant as the popularity of digital currencies grows over the years,” the developers explain the idea of creating a new feature.
The technology works on the basis of a smart contract. It includes information about heirs’ crypto wallets, the amount everyone should receive, and setting a timer.
When the timer is reset, the inheritance mechanism is activated, the smart contract will begin to fulfill the conditions. Heirs will be notified and will have to enter a password to receive the assets.
To use this function, it is required to have a small amount of KIRO (cryptocurrency of the platform) in the wallet, since the user must periodically reset the timer for a small fee.
To receive the assets, the heir must also contribute a certain amount of KIRO to the smart contract. He can get that share back whenever he wants.
As of June 1, 2022, the KIRO token is trading around $0.05. The market capitalization is more than $ 85 million according to Coingecko.com.
#Cryptocurrencies #NFT #pass #inheritance
