Digital property like crypto and NFTs have become equally as treasured as traditional assets like assets and fiat foreign money and need to be dealt with as such. So getting ready your assets to be disbursed after your dying is an affordable thought. But, what in case your seed word have been to head lacking?
Without a seed phrase, there is no manner to get entry to virtual belongings to correctly distribute them after death. That’s why it’s recommended you shop your seed phrase in a comfy location which can only be accessed by the heir(s). The maximum comfy area is a decentralized, virtual vault, like Serenity Shield.
Although many of us don’t like to reflect onconsideration on when our time may come, all of us should sooner or later. And with digital property turning into the brand new norm, we want to think about how we are able to bypass them directly to our loved ones when we’re long gone.
What If Your Seed Phrase Is Missing Upon Death?
A seed word (aka mystery word, restoration phrase, and private key) is a randomly generated organization of words that permits get entry to to a virtual wallet. Unlike a bank account, if you lose your seed phrase, there’s no way to get better your pockets or the contents within.
Even in case you encompass all of your virtual belongings on your will but your seed phrase can’t be observed, your heirs are out of luck. There might be no manner to advantage get entry to to your pockets to correctly distribute the property.
Of path, there are numerous locations you can shop your seed phrase. Below, we are able to take a look at a number of the most common approaches humans are storing their seed terms.
Surprisingly, one of the maximum encouraged ways to securely keep a seed phrase is through writing it down on a chunk of paper.
Although this technique is straightforward, it’s quite primitive and may be very risky. Sure, a hacker received’t be capable of benefit get right of entry to to it. But, what if it accidentally gets tossed within the trash, you spill coffee on it, or worse, it gets burned in a fireplace.
I know what you’re questioning—that’s simply stupid. But, things like this genuinely occur. And in the case of your seed word, you would have no manner to recover it once it’s long past.
Another option in which a person may store their seed word is in a password supervisor. These convenient managing packages allow users to shop, generate, and manage multiple passwords.
It additionally assists in producing and retrieving complicated passwords and stores them in an encrypted database. The drawback to the usage of a password supervisor to shop your seed word is that it is possibly through centralized software program.
That method if the software crashes, you can doubtlessly lose all the information stored in it. Also, centralized software is simpler for hackers to target, specially if they could gain get entry to in your laptop.
Though password managers can be a decent manner to keep passwords for some thing like your social media money owed, I could not feel comfortable storing my seed phrase in a single, especially if you have a considerable amount of belongings saved on your wallet.
Centralized change accounts
Centralized change money owed (CEX) like Coinbase coordinate cryptocurrency trading on a big scale. These exchanges use a similar enterprise version to standard asset exchanges like Robinhood, as an example.
Centralized alternate Coin base emblem on a smartphone
In addition, those exchanges can also be used to shop your cryptocurrency. The true element approximately a centralized trade is that you may without difficulty recover your account in case you lose your password.
The bad component is that due to the fact these exchanges are centralized, they go away users without direct possession of their price range. Also, they may be more likely to be hacked.
Such is the case when 6,000 Coin base customers had budget taken out in their money owed due to a statistics breach.
According to Coin base, they believe that hackers used a big-scale e-mail phishing campaign to trick customers into presenting their e-mail addresses, passwords, and make contact with numbers associated with their debts.
Also, they applied a malicious app that enabled analyzing and writing to the inbox if the user granted permission.
This is an ideal instance of why leaving your digital assets saved in a centralized trade (specially lengthy-time period) may be extraordinarily unstable, and have to be averted at all prices.
The Solution to Securely Storing Your Seed Phrase
We are in determined want of a extra comfy manner to save our seed phrases, especially if we are making plans for once we’re long past.
One of the most comfortable methods to save your pockets’s seed phrase is in a decentralized, digital vault. This form of vault permits you to remain the sole proprietor of your belongings, and as a end result, you’re in complete manage. One of the pleasant virtual vaults to be had today is Serenity Shield.
At the very least, it’s constantly smart to have a digital backup in case your physical replica goes lacking. I recognize many folks who buy NFTs specifically to skip them directly to their youngsters, wouldn’t it be devastating in case your infant’s property couldn’t be accessed simply due to the fact a stupid word were given lost?
Though options just like the “paper pockets” are effective, there is a truthful quantity of chance concerned with this garage approach. That’s wherein Serenity Shield can assist offer an added layer of protection and some other alternative for securely storing your seed word.
What Is Serenity Shield?
Serenity Shield is a dApp that provides a comprehensive approach to crypto inheritance. Users can set, keep, and shop their particular crypto login credentials. This allows you to set up a transferable history plan for designated recipients and make certain seed word protection on the blockchain.
Serenity Shield logo and a shield maintaining a digital wallet
Serenity Shield can be utilized by the person to:
Restore their records in case of loss of get right of entry to to their seed phrase.
Transfer the possession in their facts to precise customers, inclusive of heirs, inside the case of an twist of fate or demise of the consumer.
By leveraging the immutable security of clever contracts and blockchain technology, your virtual belongings are saved safe in the event of a lost wallet seed phrase, non-public tragedy, or demise.
The beauty of Serenity Shield is that it pursuits to solve the risks of centralized platforms and bodily storage alternatives via imparting a totally encrypted, decentralized answer for passing on property to an heir in the occasion of a non-public tragedy or demise.
Unlike centralized exchanges, this answer allows customers to say complete possession and autonomy over their digital property, while additionally presenting peace of mind that your mystery word is safe.
Ultimately, Serenity Shield gives several blessings over conventional seed phrase storing methods together with:
No bodily key.
Seed terms may be accessed quick.
Its NFTs can comprise any code that the consumer wants to maintain comfy.
How Does Serenity Shield Work?
Let’s communicate approximately how this dApp can be used to hold your mystery word secure.
To use Serenity Shield, you in reality create an account thru the dApp. From there, you create what’s called a StrongBox.
Serenity Shield infographic
Essentially, the StrongBox is a virtual safe totally owned through the quit-user and protected via Decentralized Identity (DID) tech for consumer login, and NFT Keys to activate the StrongBox characteristic.
From the very second you spark off your account, all touchy facts undergoes a strong encryption process that splits your sensitive data into 3 precise NFT Keys. Each Key is then distributed as mentioned beneath:
Serenity Shield NFT Keys
1st NFT remains in possession of the account person.
Second NFT is sent to the specific inheritor(s).
3rd NFT is saved relaxed in a smart settlement vault belonging to Serenity Shield.
The consumer and their decided on inheritor(s) are the simplest entities that have the capability to execute a healing occasion.
As the proprietor of the StrongBox, you are accountable for configuring the settings which outline the activation coverage. This coverage defines whilst Serenity Shield transfers the second one NFT Key from the Vault to the heir.
Once saved, no single entity, such as Serenity Shield, will have access to your StrongBox or the facts it consists of. Only as soon as the StrongBox authentication procedure has been fulfilled will the smart agreement ship the 1/3 NFT (saved inside the Serenity Shield vault) to the inheritor(s).
Once the inheritor acquires 2 out of the three NFTs, they can efficiently decrypt the StrongBox and get entry to all of the statistics inside.
The authentication method is treated by using Serenity Wallet, a custom Secret Network wallet built on top of the Web3Auth platform, providing decentralized multi-issue security mechanisms.
The cause Serenity Wallet is built at the Secret Network blockchain is to create a zero custody strategy to secure all your most valuable digital belongings.
Moreover, privacy and security functions are guaranteed because the smart contracts transactions are despatched in an encrypted form from the user to the validating node, and run in a covered hardware environment.
Now, if you have created a StrongBox but determine which you need to modify, cancel, or get better the statistics within, then you could clearly declare the 1/3 NFT stored inside the Serenity Shield vault. Therefore, permitting you to finish or restart the encryption technique.
What Is $SERSH?
To allow the retrieval of the revenue generated from the usage of the dApp, the $SERSH utility token has been created.
$SERSH is a deflationary SPL token that works on the Solana blockchain to allow for low gas charges and speedy community speeds. A part of the money earned by way of the DApp may be used to assist the Buy-Back and Burn of $SERSH tokens.
Because of this intentional token burn, the amount of $SERSH will gradually lower through the years, elevating token scarcity.
A one-time price of $50 USDC can be incurred to users so that it will shield their records, create the StrongBox, and mint the NFTs that will be distributed to every account holder, heir, and the Serenity Shield clever settlement.
If you inquire from me, that is a small price to pay for making sure your seed word and other valued data remain securely saved.
$SERSH token distribution
There is a total deliver of 100,000,000 $SERSH, 20,000,000 of those can be provided in the auction, for an initial circulating deliver of 25,000,000 tokens.
As digital assets come to be the brand new norm, a lot of them becomes greater precious and continue to be that way for future years. If you intend on passing your digital assets directly to loved ones or you just need to be organized for the unknown, then it may be clever to don’t forget your options for securely storing your seed phrase.
Serenity Shield is a dApp that can make sure your seed phrase (and some other important information) is stored in a comfy digital vault which could simplest be accessed with the aid of you and your heir(s). And as the proprietor of the vault, you continue to be in complete manage of your belongings.