If a person dies without leaving a will, their fiat assets will never be left unused. This is not the case with cryptocurrency. There are no authorities that will appropriate unallocated assets because there’s no way to access them if the key is lost with the deceased. Cryptocurrency is just thirteen years old, but this is already a problem, and it’s set to become increasingly relevant as the years progress and adoption of crypto increases. It’s easy to imagine a custodial solution, but none can be entirely safe.
Kirobo inheritance is a non-custodial mechanism enabling users to bequeath assets to loved ones by pre-defining automatic transfers to up to eight different locations. Powered entirely by smart contract, there is no need to entrust your assets to anyone. Inheritance transfers can also be protected with Safe Transfer, preventing mistakes.
How it works
Setting the inheritance involves defining crypto wallets representing heirs, defining the amount each is to receive, and setting the timer via the interface.
Setting the inheritance requires a small amount of KIRO, and the user must periodically reset it, also for a small fee. To activate the inheritance, the user must deposit a certain amount of KIRO into the smart contract. The user may retrieve this stake whenever they like, but they’re motivated to remain – first by the assurance provided by the system, and secondly by economic benefits as described in the tokenomics section.
When the timer reaches zero without being reset, a random system activator will be alerted and will activate that user’s inheritance mechanism by sending a transaction to the smart contract.
When this happens, that user’s activation stake will be distributed throughout the ecosystem, as described in the tokenomics section.
If the transfers were protected by Safe Transfer, the heirs will receive a notification and must enter the correct password to receive the assets. This is another vital layer of protection against human error.