VeChain Foundation yesterday [June 17th] announced that Safe Haven [a platform that provides solutions for digital inheritance], will be moving to VeChainThor Blockchain. With this realignment, Safe Haven and VeChain aim to create powerful solutions and access to impactful business and development resources.
Safe Haven is a platform which is building cutting-edge security and continuity solutions for various markets by combining legal entities into a decentralized solution for the inheritance of passphrases, bank accounts, social media accounts and cryptocurrency.
VeChain Foundation’s Medium announcement read:
“After reviewing their company’s technology, network, and background we see true value added to our platform by working together in partnership. This partnership will allow users access to a host of necessary solutions for continuity.”
What is digital inheritance?
Digital inheritance is the process of handing over digital assets and rights associated with it to beneficiaries [human]. The process includes knowing what digital assets and rights exist and dealing with them after a person has died.
Safe Haven platform, built on the VeChainThor Blockchain provides solutions for ‘digital inheritance’ and continuity by working in harmony with their patented Trust Alliance Network (TAN) in providing additional legal services to crypto-asset owners. Safe Haven envisions a future where all owners can easily create methods to distribute their digital inheritance and business continuity plans to their partners and loved ones.
How does digital inheritance work?
Initiators [Within the protocol the investor who wants to protect their legacy] can share seeds and private keys with any amount of stakeholders that they define, they can do this by going to a member of the TAN. This member or entity from TAN referred to as “validator” handles the distribution of shares as defined by the initiator within a smart contract.
Depending on the provisions of the smart contract, one person or all members of a specified group would need to present the needed shares [encrypted piece of data] to unlock the assets. This means that the initiator maintains 100% control as long as they are living.
There are various products that Safe Haven offers:
- The Family Circle Plan [TFC]: for those who want defined members of their inheritance to access their assets on the day of their passing.
- Business Continuity Plan: Similar to that of TFC but stakeholders instead of family members.
- Investment Circle: For those seeing to create and manage a fund amongst friends, family members, or business stakeholders.
- Safe Haven Vault: Possibility to protect any digital asset on the blockchain.
- Safe Haven’s 100% Open-Source Hardware Ledger.
Safe Haven commented about the partnership with VeChain:
“it was clear that the vision, values, norms and market insights were decisive. Both Safe Haven and VeChain believe that blockchain technology should be an additive to our lives and solve problems that cannot be solved using today’s current standards.With the support of VeChain, Safe Haven will succeed in their intention to become the leader in digital inheritance.”
Da Kool Aid Man, a Twitter user commented:
“Da Kool Aid Man was looking all over for an asset distribution solution! This is perfect! OH YEAH!!!”
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Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
Crypto News – 24 June – Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
— AMBCrypto (@CryptoAmb) June 24, 2019
Crypto News – 24 June
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