Karol Trzeszczkowski launched a platform named Last Will on 10 April, which will use Bitcoin Cash to issue inheritance upon the passing of the original holder. Through a Reddit post on Wednesday, Trzeszczkowski announced the launch of a ‘smart contract for noncustodial, permission-less inheritance of Bitcoin Cash, as safe as cold storage, along with the tool to create and manage it.’ To put it simply, this smart contract platform enables bitcoin cash inheritance.
Bitcoin Cash Last Will smart contract inheritance ‘as safe as cold storage’
Last Will makes use of checkdatasig covenants, in consequence of the protocol update in November 2018. Developers can review the codebase hosted on Github. It has been developed using BCH chain. If the user is incapable of refreshing his agreement in a period of six months, then the BCH passes on to the inheritor. Last Will can be used by downloading and verifying the software from Github.
Trzeszczkowski’s report on Github expounds that six months being a long duration of time, it is quite possible for the user to forget about refreshing the contract. Hence, ‘to solve this problem Licho offers the notification service… Licho will send you an email reminder a week before your contract expiry date.”
The inheritor knows about the contract only after it gets verified. If the owner passes away, Licho informs the inheritor of the BCH fortune to be claimed by him.
The program developer also left a note of thanks to Mark Lundeberg, a BCH programmer and to Tendo Pein who helped with BCH programming language, Spedn.
Chris Pacia, Openbazaar and BCHD developer, appreciated the idea in a tweet on Thursday: “So this is pretty cool. Bitcoin Cash can do covenants now, but the scripts are really too complex to build manually. However, using the spedn language it’s pretty easy to make a covenant.”
The idea of cryptocurrency inheritance is great in theory, lets hope that in practise everything works as smoothly.