Lurking in every NFT and crypto investor’s mind remains a niggling concern. What happens to our valuable assets in the event of an untimely demise or if our keys are permanently lost?
Those of a well-organized disposition may have some protections in place, but now is the time for something better. Working via the Tezos network, ingenious developer Javier Graciá Carpio, has created the Dead Man’s Switch smart contract. A neat piece of code that will kick into action following a select period of inactivity to redirect any assets to a pre-determined beneficiary.
Today, in the way to work, I implemented a basic dead man’s switch contract for #tezos. Did you ever want to leave your precious jpegs to your kids when you are dead? Now you can https://t.co/gdzH4Nk7p2 pic.twitter.com/EAOE6coUqg
— Javier Graciá Carpio (@jagracar) November 30, 2022
The unique new safety mechanism will act as a decentralized last will and testament. Thus, enabling the owner to set up a series of parameters to aid the smooth transition of assets. This includes setting a ‘ping rate,’ to indicate the required duration before the contract presumes the owner is dead, as well as multi-signature authentication to prevent a single entity from taking control of the contents.
For now, the Dead Man’s Switch protocol is available to those holding Tezos-based NFTs and $XTZ tokens. However, due to the sheer brilliance of the idea, users can expect similar contracts to arrive on other networks in the near future.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
The post Dead Man’s Switch Protocol to Relocate NFTs from Beyond the Grave appeared first on NFT Plazas.
