Tel Aviv, October 2022 — Kirobo, the decentralized application developer creating a safer and more secure infrastructure for Web3, adds a first-of-its-kind automatic, decentralized, and community-based inheritance feature to its Liquid Vault. The solution allows users to designate cryptocurrency wallets to inherit their funds, and what portion of the assets each beneficiary will receive. 

As of 2021, there are around 300 million crypto users worldwide—and this number is only expected to rise. As more and more people move their net worth into blockchain wallets, the question remains: what happens to the funds should something happen to the holder? 

Current crypto storage mechanisms face a major drawback: if users fail to pass their wallets’ private keys to heirs, they risk rendering their digital assets permanently irretrievable. Even if they do, wallets can easily be taken advantage of by a trustee or relative. The unexpected deaths of several major crypto executives have left both investors and loved ones unable to access their funds. This is a pressing issue that several projects have attempted to solve before—to no avail. Kirobo’s latest feature addresses this growing concern.

The inheritance feature enables users to create and execute an automated last will and testament without the need for lawyers, government authorities, or any other centralized entity. To use it, users simply need to select up to 8 beneficiaries and choose a date. When the date arrives, the Liquid Vault will distribute the assets to the designated wallets, as per the user’s will. At any point before completion, users can push the date back as desired. Currently, the feature supports the inheritance of ETH and all other ERC-20 tokens. With future updates, the system will also support the inheritance of NFTs.

Similar to the Liquid Vault’s backup feature, the inheritance mechanism is based on Kirobo’s unique ‘conditional transactions’ technology, which allows users to create future transactions based on various conditions. Upon launching the second phase of its token economy in June, Kirobo’s Liquid Vault user community will be able to activate conditional transactions, including inheritance, and receive rewards for doing so. 

“There’s a growing trend of Web3 users holding significant sums in cryptocurrency, increasingly relying on these assets in investment portfolios and retirement nest-eggs,” says Asaf Naim, CEO of Kirobo. “However, unlike with a traditional 401K, there’s no safety net. Users need a simple and secure inheritance mechanism to pass their digital wealth to future generations. That’s exactly what this feature provides, while staying true to Web3’s values of decentralization and community ownership.”