If you own any physical possessions or anything that you consider valuable, it’s normal to think about who will receive those valuables upon your death. This is called inheritance and there are laws, codes of conduct and certain criteria that one must put in place for their future heir. Failure to do this would result in your valuables being passed onto someone to inherit, whom you didn’t intend to.
The codes of conduct, laws etc for inheritance pertaining to real estate, money, stocks etc are already established and known. A client goes to a lawyer and signs some paperwork, and a will is created which has an executioner and a list of heirs. The will is read upon the client’s death and the inheritance distributed via the executioner of said will.
With the recent boom of cryptocurrencies, the question of inheritance moves to the forefront. Who will inherit your cryptocurrency fortune when you die, and will they squander it or continue to grow it? And is there anything you can do from the afterlife to control how it is distributed or used without your requests being challenged?
With that in mind, I’d like to introduce you to a new cryptocurrency called Safe Haven, which intends to facilitate the inheritance of cryptocurrencies. Using smart contracts, Safe Haven eliminates any grey area concerning who inherits what, how much, and when they can access it. They also provide a few safeguards for those seeking more security for their cryptocurrency stash.
The smart contracts self executes, thus reducing the need for lawyer fees and contract interpretation, distributing the required quantity for each person/ organisation. Though smart contracts will be used, Safe Haven has partnered with an autonomous social networking hub called TAN, which connects lawyers to crypto enthusiasts to navigate the legal waters. Quick note, TAN is the first legal entity providing legal services for the crypto market.
The Safe Haven idea is solid and sure to be beneficial to those who partake in its economy, as everyone would want the piece of mind that when they die, their cryptocurrency stash would go to the intended recipient and their wishes honoured.
They have also partnered with other established companies which shows the widespread support for the project. Not to mention that the smart contract will be on the blockchain, thus enabling everyone to maintain a high level of trust and openness.
26,000,000 SHA tokens will be sold during the pre-ico phase, which is scheduled to start in late May. Before one can purchase these tokens, they have to fill out a Know Your Customer (KYC) form to be whitelisted.
For more information about the Safe Haven project, you can read their whitepaper.
