XDAO & Blockchain Testament Partnership

Published on: 10.12.2022

XDAO & Blockchain Testament partnership has been announced. Blockchain Testament (BT) is a decentralized and permissionless platform that allows individuals to create a legally-binding will with their crypto assets.

It ensures that the specified heirs receive the assets after the death of the testator by using a voting system that eliminates any external interference. The testator can appoint trusted persons. Responsible for the execution of the will, which are not interested in receiving the crypto heritage.

Furthermore, the application was developed in close cooperation with XDAO, specialists in decentralized autonomous organizations under XDAO Pro service, and considers the issue’s sensitivity and the cost of digital inheritance. Additionally, the platform also ensures that the testator’s property is preserved during the transfer process.

What problems does Blockchain Testament solve?

You never know when your life comes to an end. Planning for what happens after you die is not a fun topic. It isalso necessary to make sure your beloved ones are. At the same time the cost of a will varies significantly and, in some cases, may reach thousands of dollars. Besides, due to the lack of necessary legislation, some countries do not allow the inheritance of crypto assets.

How does the Blockchain Testament work?

Your chosen validators, a lawyer, a notary, or a trusted family friend, will be able to initiate a vote for your last will coming into effect. However, should the lucky blunder happen, and you are alive and well, you still have 6 months of the daily reminder to call back the voting. The only thing you must do is press the bottom “I am alive”, and the Will execution process will be brought to a standstill.

While creating your Blockchain Will, you automatically fill in a real-world document. Once downloaded and signed, your Blockchain Will is a fully legal document representing your last will.

There’s limited disclosed information such as:

Creators
Validators
Successors’ wallet numbers
Date, and any remarks you decide to make public.

Moreover, no information about the assets, their location or distribution proportions is made public. You do not, and never will need to share your passwords or seed-phases or information about the size of your assets with anyone.

DAO principles

Blockchain Testament’ tool is implemented as the ability to create a fully decentralized Will that ensures that assets are transferred upon the death of the Testator to the individuals to whom he or she bequeaths those assets. The foundation of the project is DAO (Decentralized Autonomous Organization), which allows the Testator to appoint trusted persons responsible for the execution of his Will, but not interested in receiving the Crypto Heritage.

The application was developed in close cooperation with the XDAO team, who are specialists in decentralized autonomous organizations.