It is all for a small fee of 0.035BNB and a very simple process. I doubt the security is good enough for large sums of money. You are currently limited to Binance Smart Chain. Since BSC is basically a more centralized and cheaper to use ripoff of Ethereum, it is not unreasonable to expect the same features on Ethereum once the Proof of Stake brings the fees down to a usable level for everyday users.
How It works
- Connect your Binance Smart Chain Wallet
- Go to https://cryptowill.net/dashboard
- Add new payee
- Enter the address and Alias (for ease of knowing who's address it is)
That is all. If 50% or more of the payees in your dashboard confirm that you have died, in 60 days the cryptocurrency in your BSC wallet will automatically reach the wallet addresses specified by you.
In Case of False Claim of Death
The funds will not be released for 60 days. As long as you check your CryptoWill dashboard once in 2 months, you will notice the false claim. When you confirm you are not dead, all the current payees will be removed.
You can add a note along with the payment. It is very much like a traditional will but at a massively reduced price.
There Are Other Use Cases
At the heart of CryptoWill what we have is a method to release funds upon request. The same system can be used for various sorts of funding. It is almost like a multi-signature wallet. When you are working with teams where decision making has to be more decentralized, we can use a system like this.
Letting your loved ones inherit your crypto after your death is merely a UI. You can get creative and find your own use cases.
Happy Investing!
Posted Using LeoFinance Beta
