Blockchain Firm Serenity Shield Is Bringing Non-custodial Inheritance Solutions to Crypto

Serenity Defend, a non-custodial crypto firm launches to unravel the inheritance subject throughout the cryptocurrency neighborhood.

Serenity Shield is launching in a bid to offer customers with a non-custodial non-public key inheritance and a blockchain wealth administration system. Introduced in April, the platform will “give attention to very actual problems with managing massive sums of wealth with blockchain expertise” and the possession of personal keys.

Blockchain safety has develop into a key subject in recent times with a number of platforms providing protected custody based mostly on the non-public key wallets. These platforms enable customers to retailer their belongings securely with out the necessity for an middleman or third-party custodians. Nonetheless, as blockchain safety will get harder to crack, there’s a dilemma that faces customers, whereby the safer their belongings are, the more durable it’s to retailer and cross down. Persons are liable to neglect their passwords, lose their non-public keys, or get hacked out of their crypto pockets.

All these points have an effect on crypto customers however none extra so than the query of inheritance. How do you cross down your crypto belongings price hundreds and tens of millions of {dollars} to your kin? Crypto asset inheritance has all the time been a ache level for self-custody, as security-minded customers typically fail to make provisions within the occasion of sudden demise. The grieving members of the family typically don’t have any strategy to entry their relative’s inheritance, completely locking the belongings away.

Launched in 2021 to unravel this obvious subject, Serenity Defend is constructing the primary non-custodial answer for seed restoration. The answer features a mechanism of nominating heirs and passing the pockets down, referred to as Digital Asset Legacy (DAL). Merely, Serenity Defend has a “Strongbox” that divides a consumer’s crypto pockets into three non-transferrable non-fungible tokens (NFTs). Every of the three NFTs comprises a 3rd of the key that’s wanted to entry the pockets.

“Serenity Defend solves an actual drawback deriving from mass adoption of crypto: how do you keep the identical flexibility of Internet 2.0 whereas remaining non-custodial? With Internet 2.0, it’s uncommon to utterly lose entry to your accounts, and we have to carry that very same expertise to Internet 3.0 if we need to attain 1 billion crypto customers within the subsequent few months or years.” — Rodolphe Seynat, Co-Founding father of Serenity Defend.

The mechanism of Serenity Defend’s answer

As soon as the three secret passphrases are created on the platform, the consumer selects their heirs or subsequent of kin. One secret NFT is held by the consumer themselves, one by the inheritor to the belongings, and the ultimate one by Serenity Pockets. The Serenity Pockets is a  good contract that delivers its key to both the inheritor or the unique consumer relying on particular Activation Situations outlined when establishing the StrongBox.

The consumer can arrange a number of circumstances when establishing their Strongbox together with lack of exercise or lively notifications requiring motion to make sure the unique consumer nonetheless has entry to the pockets.

To make sure safety and privateness of the customers’ secret passphrases are maintained, Serenity Pockets is deployed on Secret Community, a blockchain enabling non-public information storage. The community incorporates privateness mechanisms to allow non-custodial non-public key restoration, as in any other case, the encrypted information contained within the NFTs could be totally clear.

However, Serenity Defend is a completely automated good contract platform which means it doesn’t want any authorized intermediaries to activate the crypto inheritance. This removes the complexities of digital belongings inheritance, combining the simplicity and suppleness of conventional Web2 authentication with totally non-custodial processes.

In different information, Serenity Defend will even launch their native $SERSH token, backed by the protocol’s income through an automatic buyback-and burn mechanism, which limits its circulation provide. Mainnet launch is anticipated in Q3 2022, following intensive audits and penetration testing.