In the event that you were to pass away earlier than expected, how would you ensure that your tez (XTZ) and NFTs would not be lost? An alternative is to include the NFTs in your will (and if you have one, not a bad idea).
There is a more appropriate way to handle this: through a dead man’s switch smart contract on the Tezos blockchain created by Javier Graciá Carpio.
“A dead man’s switch contract: A multisig contract will take control of the funds in case the contract admin is dead or lost access to their keys. The admin needs to ping the contract regularly to indicate that they are still alive.”
This contract allows you to determine what tez amount and/ or NFTs will be transferred to the wallets of your kids (or others whom you want to inherit any of your wallet’s content).
“You create a multisig with your kids Tezos wallets that only they control and link it to the contract.”
The contract “knows” you’ve passed away if you fail to ping the contract within a specific amount of time.
You can determine the period within which you need to notify the contract when you set up the contract.
You define the ping interval for a period that you seem fit:
50 days, 100 days, 200, or whatever you think works best for you.
If the last time you pinged the contract is older than the ping interval you set, the contract assumes you are dead (or you lost your keys).
Your kids can take control of the released content by signing the multi-sig contract and send the content to whatever address they decide at that point.
The way that the content is divided is something that the kids/ recipients need to agree on though before they sign their separate multi-sig transactions.
If you want to decide for them who gets what, you’d have to set up separate wallets and set up separate dead man’s switch contracts to assign the content to each individual instead of to a group.
Your heirs do need to own a Tezos wallet though, but since Kukai Wallet makes it so easy, that should not be an issue.
Just use a Gmail, Reddit, Facebook or Twitter account to access the wallet and anyone should be able to get started.
Read Also: 3Route Launches A New On-chain DEX Aggregator On Tezos
This article first appeared on XTZ.news. Source Link here.