Blockchain Firm Serenity Shield Is Bringing Non-custodial Inheritance Solutions to Crypto
Serenity Shield, a non-custodial crypto company launches to solve the inheritance issue across the cryptocurrency community.
Serenity Shield is launching in a bid to provide users with a non-custodial private key inheritance and a blockchain wealth management system. Announced in April, the platform will “focus on very real issues of managing large sums of wealth with blockchain technology” and the ownership of private keys.
Blockchain security has become a key issue in recent years with multiple platforms offering safe custody based on the private key wallets. These platforms allow users to store their assets securely without the need for an intermediary or third-party custodians. Nonetheless, as blockchain security gets tougher to crack, there is a dilemma that faces users, whereby the safer their assets are, the harder it is to store and pass down. People are liable to forget their passwords, lose their private keys, or get hacked out of their crypto wallet.
All these issues affect crypto users but none more so than the question of inheritance. How do you pass down your crypto assets worth thousands and millions of dollars to your kin? Crypto asset inheritance has always been a pain point for self-custody, as security-minded users often fail to make provisions in the event of sudden death. The grieving family members often have no way to access their relative’s inheritance, permanently locking the assets away.
Launched in 2021 to solve this glaring issue, Serenity Shield is building the first non-custodial solution for seed recovery. The solution includes a mechanism of nominating heirs and passing the wallet down, called Digital Asset Legacy (DAL). Simply, Serenity Shield has a “Strongbox” that divides a user’s crypto wallet into three non-transferrable non-fungible tokens (NFTs). Each of the three NFTs contains a third of the secret that is needed to access the wallet.
“Serenity Shield solves a real problem deriving from mass adoption of crypto: how do you maintain the same flexibility of Web 2.0 while remaining non-custodial? With Web 2.0, it’s rare to completely lose access to your accounts, and we need to bring that same experience to Web 3.0 if we want to reach 1 billion crypto users in the next few months or years.” — Rodolphe Seynat, Co-Founder of Serenity Shield.
The mechanism of Serenity Shield’s solution
Once the three secret passphrases are created on the platform, the user selects their heirs or next of kin. One secret NFT is held by the user themselves, one by the heir to the assets, and the final one by Serenity Wallet. The Serenity Wallet is a smart contract that delivers its key to either the heir or the original user depending on specific Activation Conditions defined when setting up the StrongBox.
The user can set up several conditions when setting up their Strongbox including lack of activity or active notifications requiring action to ensure the original user still has access to the wallet.
To ensure security and privacy of the users’ secret passphrases are maintained, Serenity Wallet is deployed on Secret Network, a blockchain enabling private data storage. The network incorporates privacy mechanisms to enable non-custodial private key recovery, as otherwise, the encrypted data contained in the NFTs would be fully transparent.
Notwithstanding, Serenity Shield is a fully automated smart contract platform meaning it does not need any legal intermediaries to activate the crypto inheritance. This removes the complexities of digital assets inheritance, combining the simplicity and flexibility of traditional Web2 authentication with fully non-custodial processes.
In other news, Serenity Shield will also launch their native $SERSH token, backed by the protocol’s revenue via an automated buyback-and burn mechanism, which limits its circulation supply. Mainnet launch is expected in Q3 2022, following extensive audits and penetration testing.