Safe Haven: A Blockchain Platform for Managing Inheritance
The crypto sector is replete with stories of lost cryptocurrencies and other valuable assets due to human errors like discarding hard drives and misplacing private keys, as well as events like the death of an individual. While the field is still in its infancy, there currently exist no solutions for the safekeeping of crypto assets in the event of an unforeseeable circumstance.
One blockchain project that hopes to address this issue is Safe Haven, an all-new security platform that provides crypto investors with the ability to assign digital assets to be inherited by anyone, at any time, all while remaining in full control of the assets. The project makes use of a host of smart contracts as well as a patented Trust Alliance Network (TAN) that is comprised of a group of legal entities that have a secure relationship with Safe Haven. Additionally, Safe Haven delivers a host of novel continuity features that can help family members and partners gain proper access to an investor’s digital legacy in the event of death.
Safe Haven made headlines leading up to its ICO after announcing that it will be launched on the VechainThor Blockchain.
Interested in Safe Haven? Here’s a quick rundown of the project:
Platform & Development
In short, Safe Haven’s core operational protocol ecosystem consists of two primary entities, ‘the initiator’ and the ‘validator.’
The investor who wishes to secure their legacy is called the initiator. They have the ability to distribute their seeds and private keys with any amount of stakeholders that they choose to define. However, in order for them to do this, they have to commence proceedings by approaching a member of the TAN.
In a similar vein, legal entities that are selected by an initiator to complete the inheritance process from the TAN are referred to as validators. They manage the dispensation of assets (shares) as defined by the initiator through the use of a smart contract. As a result of this, the initiator retains complete control over his/her holdings as long as they are living or up until the pre-defined conditions of the contract remain unmet.
For investors to access Safe Haven’s platform, they must deposit Safe Haven tokens (SHA) into a time-locked smart contract (I-TLSC). Depending on the terms written in the smart contracts after validation on the TAN, the SHA tokens are released over time. As SHA tokens are locked, the circulating supply will decrease and help drive the token value.
Some of the product offerings of Safe Haven include:
- Family Circle Plan (TFC): TFC has been designed for those individuals who wish to define a certain number of people that will gain access to their inheritance on the day of their passing. There are a number of different ways in which the distribution of assets can be done when using this plan.
- Investment Circle: The Investment Circle is for those individuals who are looking to create and manage a fund amongst friends, family members, or business stakeholders.
- Safe Haven Vault: As the name suggests, the Safe Haven Vault is a privacy tool that helps owners protect their private-keys, seeds, passwords from third-party entities through the use of blockchain technology.
- Safe Haven’s 100% Open-Source Hardware Ledger: While not ready for public use, Safe Haven has partnered with Nitrokey to co-develop and co-finance a full open-source hardware ledger.
The roadmap provided in the Safe Haven white paper shows that the second half of 2018 will see a number of product launches, including the launch of the platform and hardware ledger integration in Q3 2018.
Safe Haven is backed by a team of highly qualified professionals including Jurgen Schouppe, who is the person responsible for the development of the Safe Haven platform as well as the Trust Alliance Network (TAN). In the past, Jurgen has also worked as a network security specialist for the European Parliament in Brussels.
According to an official blog post, the sale of native Safe Haven tokens (SHA) will commence on June 30 (12:00 PM PST). The event will run until July 30 (23:59 PST) or until a hard cap of $25,000,000 is reached.
It is also worth mentioning that only investors who clear the whitelisting and KYC process will be eligible to participate.
Safe Haven provides the first real solution to managing digital asset inheritance. The project’s smart contract-driven platform allows investors to maintain complete control over their assets while being able to leverage a number of legacy products. In this regard, Safe Haven holds a lot of promise and if the project delivers, it would not be surprising to see the venture do exceedingly well in the coming future.
More: Safe Haven — Building solutions for inheritance, asset distribution, and asset control on the VeChainThor Platform
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Disclaimer: The author(s) of this article may have a position in one or more of the securities mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.