The Testament: The Future Digitized!
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Written by Fernando
Published: 31 May 2018



Money is one of the most important things. With it we can access everything we need or want to do. Although we do everything in our power to be able to bequeath our property fairly to our heirs. We can not always foresee all the unexpected events of life and often the waiting time of the procedures are long and exhaustive. In addition, our death for our loved ones is not an easy time, especially when we need more mourning, manage complicated monetary aspects.

 

Managing the deceased's assets is often a difficult task that family members must take on. They then face one of the administrative consequences of a death: the freezing of the bank accounts of the deceased. Until the following documents have been produced: a copy of the notarial will, the original of the death certificate, the testamentary search and, if applicable, an authentic copy of the deceased's marriage contract or the divorce judgment ...

That's a lot of paperwork, yes, but the banks want to make sure there is no theft or wrongdoing. The blockchain offers the possibility of being able to eliminate this problem thanks to the transparency of the data.

 

Not to mention the famous hard disk lost in 2013, which allowed access to 7500 Bitcoins, would now worth a small fortune of several million. To make a short story, a young Welsh man named James Howells decided in the summer of 2013 to throw away the hard drive of his laptop. A few months later he remembered that this disk contained the key to access 7500 Bitcoins, which had been mined in 2009. While the price of Bitcoin had just exceeded the threshold of 1000 dollars, the value of the key contained in his hard drive had become greater than $ 7 million. Today it is more than $ 100 million The story was very popular because it seems to symbolize the luck - and sometimes the bad luck - encountered by some early adopters of Bitcoin.

 

But Howells is far from being the only individual to have lost such a fortune because of negligence. An Australian, who wished to remain anonymous, also confessed to having lost thousands of Bitcoins - and fears his wife's reaction if she learned it. Alex - that's how he asked to be called - explained that he had undermined "many thousands" of Bitcoins in 2009, excited about this new concept. But the program he used to mine was then bugged, and it seemed too cumbersome. He made the decision to uninstall it, and saved the access key to his Bitcoins on a low-end USB key.

 

A few days ago, a study on the number of Bitcoins that would have been lost since the establishment of the network was published. According to this, 4 million BTC (out of the 16.7 million that have already been created) would be lost forever. Indeed, even if they still exist on the blockchain Bitcoin, their original owners have no way to access it.

 

Keep your crypto-currencies safe

 

How to avoid suffering the same misfortune as James Howells? One of the first rules is to avoid leaving Cryptocurrencies on a third platform, which could one day close or be hacked. It is recommended to place your crypto-currencies on a "cold" medium, such as a "paper" wallet or a "hardware" wallet. Some observers recommend placing the majority of its digital heritage on a medium of this type, and place small amounts on an easily accessible wallet, from a computer or a mobile phone. Here's what CoinDesk teams suggested to Matthew Unger, founder and CEO of iComply Investor Services :

 

"Just as you keep cash in your wallet, money on your bank account and perhaps

valuables in a safe, you have to manage your digital currencies in the same way. "

 

Finally, it should be noted that it is strongly recommended to remain discreet about its digital wealth - a heritage that could unfortunately be likely to arouse certain desires on the part of malicious individuals.

 

That's why Decentralcoin is proud to present their project "Testament & Data" which is under development. In order to avoid the loss of DCC and other digital assets during a death but also in case of loss of private key, password and / or serious accident, an inactivity counter is established and the time spent, the value of the portfolio is transferred to the addresses of the heirs.

 

Thus, whatever the interpretation of the will, the will of the deceased is always respected. And, in the case of a situation where it is impossible to access funds, they will be after a prescribed time. A level system is established so that the heir can choose the next heir in case of unforeseen circumstances

 

The innovative concept of blockchain allows the decentralization of various information going beyond the management of digital assets. It is possible to store encrypted documents of any type and format that we want unalterable.

 

The DCC Data Service will help users protect important private information such as photos and/or birth certificates that they can transmit on a blockchain from a computer and phone.


So in conclusion, we can say with some certainty that we are moving towards a thrilling era where information is of paramount importance. Protecting your assets and inheritance will leave a legacy to your loved ones without the hassle that a third party will have to consent to your wishes.