A new mechanism that allows you to bequeath cryptocurrencies and NFTs to your loved ones has been announced by the 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 more and more relevant as the popularity of digital currencies grows over the years,” the developers explain the idea of creating a new function.
The technology works on the basis of a smart contract. It includes information about the crypto wallets of the heirs, the amount that everyone should receive, and setting a timer.
When the timer is reset, the inheritance mechanism is activated, and the smart contract will begin to fulfill the conditions. The heirs will receive a notification and will be required to enter a password in order to receive the assets.
To use this feature, you need to have a small amount of KIRO (platform cryptocurrency) in your wallet, as the user must periodically reset the timer for a small fee.
In order to receive the assets, the heir must also deposit a certain amount of KIRO into the smart contract. He can return this share whenever he wants.
As of June 1, 2022, the KIRO token is trading at around $0.05. The market capitalization is over $85 million.
The New York Stock Exchange ended lower on Wednesday, the latest statistics being, according to investors, not likely to deviate the FED from its aggressive strategy of raising interest rates in an attempt to control inflation.