Inheritance

Background

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 year`s progress and the 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 contracts, 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.

To activate the inheritance, the user must deposit a certain amount of KIRO. The user may retrieve this stake whenever they like. If 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 user’s vault.

If the transfers were protected by Safe Transfer, the heirs will receive a notification and must enter the correct password to receive the assets.

Note: the inheritance feature differs from backup because it actually transfers funds when the condition is met.