Introducing InheritX: Empowering Your Digital Asset Succession

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Dear Members of the IC Community,

We are pleased to introduce InheritX, a pioneering project designed to address the foremost real-world challenges encountered by cryptocurrency users, with a particular emphasis on long-term holders.

Why InheritX
In the realm of digital assets, in the event of a user’s demise, the associated cryptocurrencies, such as Bitcoin or Ethereum, undergo a state of dormancy. This state is triggered solely when the cryptographic key, serving as the access code to the wallet, remains confidential and undisclosed. While in this dormant phase, the wallet address becomes inactive, and the cryptocurrency assets contained therein are securely immobilized. The unavailability of the private key precludes any access or transfer of these assets by any party.

InheritX is strategically designed to streamline the seamless transfer of digital assets to designated beneficiaries upon the user’s demise. This initiative places a specific focus on targeted regions, with particular attention given to France. The application’s reliability hinges on its access to contemporary and authentic death records, sourced from reputable entities such as the Ministry of Interior and other pertinent authorities. This meticulous sourcing of information ensures the precise and accurate execution of digital asset transfers by the user’s predetermined intentions. To access the necessary death records, the project leverages APIs from matchid, maintained by the French National Institute for Statistics.

Here is an overview of how the project operates:

  1. User’s Will Creation:

  • Users possessing crypto assets like $BTC, $ckBTC, $ICP, etc, can establish a desire by depositing tokens into a canister (smart contract).

  • The desire encompasses specific details, including but not limited to name, first name, birth date, postcode, etc., along with the beneficiary’s principal address.

  1. Saving the User’s Will:
  • The application securely stores the user’s desire within the smart contract’s Stable Memory, ensuring the preservation of critical information.
  1. User’s Right to Delete:
  • Users retain control over their assets by having the option to delete their desire, facilitate modifications to beneficiaries, or the revocation of the will.
  1. Claim Process:

  • Following a user’s demise, beneficiaries or trusted individuals log in using their principals.

  • If a will exists for that principal, they gain visibility into the tokens available for inheritance.

  • The initiation of the claim process requires the provision of a digital death certificate provided by MatchID see eg: Death file

  1. Verification and Asset Transfer:

  • The canister verifies the provided death details by calling an external API containing death records.

  • Upon successful verification, the canister proceeds to transfer the assets to the beneficiary’s principal address or Bitcoin address, thereby completing the asset distribution process in adherence to the user’s wishes.

Resources

Future Plans

  • Add Support for Multiple Countries
  • Add Support for $ckETH, $ck-ERC20 ledgers
  • Add Support for Direct $ETH Integration
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