Earlier this year, the cryptocurrency market passed $700 billion in total mark cap and received a tremendous surge in public interest. People have different goals when it comes to crypto investment, whether it is to establish financial independence or simply have some savings for their family. The ultimate goal is to build and protect your wealth for you and your family’s future. Security is the top concern due to the rising threat of crypto hacks, costing victims millions of dollars every year. Therefore, most digital assets are secured behind dozens of passwords, private keys, or seeds. The most common way to protect those seeds is to write them down and keep them offline.
But what would happen to these assets if something happened to you? The thought of how your crypto assets can be inherited may have once crossed your mind. Unfortunately, there are many cases where people were unable to hand over their digital assets or provide adequate instructions for their loved ones to access them.
Safe Haven is designed to solve this real-world problem by guaranteeing a safe and secure passage of those keys/seeds to the rightful inheritors in the event of the owner’s death.
Token Symbol: SHA
Number of Tokens: 85,000,000
Mining algorithm: token is not mined but runs on the Ethereum network.
Token standard: ERC20
Type of cryptocurrency: Token
Safe Haven proposes to build a platform that can handle the inheritance and protection of your crypto assets without locking you out. To be clear, Safe Haven will not directly transfer the fund to your rightful inheritors. Instead, they will utilize FC Share Distribution Key, Escrow Protocol, and the Trust Alliance Network (TAN) to encrypt and decrypt the private keys into shares which can be distributed among your family/friends in a transparent and secure manner. Shares can be seen as a piece of a puzzle and users are required to solve the puzzle with all of their shares in order to retrieve the private key after being validated by an assigned legal entity.
The protocol is broken down into 3 steps:
- The user who wants to protect his crypto assets needs to plan out The Family Circle (TFC), which is a group of members that will receive shares of the private keys. They then go to a registered member of TAN, a group of legal entities, to process the necessary validation steps.
- The legal entity, who is preferred as a validator, divides the data (keys) into a number of shares. Those shares are then distributed by the specially designed TFC Share Distribution Protocol. The obtained shares of stakeholders are managed as a legal certificate by a notary and/or a hardware ledger. Some of the owner’s shares will be encrypted and sent to a decentralized blockchain in a form of Smart Contract to protect. By not keeping data in memory nor local/centralized databases, overall security is improved. Also, since the key is not completely stored in one place, it can never be compromised, and the owner has full control of their assets while they are still alive.
- The keys can only be retrieved when certain conditions are met. In the normal case, it requires a combination of all individual shares to reconstruct the key. For example, in case of a sudden death, legal documents are required to present to a member of Safe Haven’s Trust Alliance to be validated. Once the legal entity gives a necessary authorization as verified by Safe Haven, the missing shares will be retrieved from the blockchain. Users can also send some shares to the blockchain as a separate “backup” smart contract. These shares are called “fail-safe” share, which is used in case one of the rightful heirs lose his/her share.
The white-paper also includes further mathematical and technical details of the platform as well as other applications for business, investment circles, and vaults. For more of these technical details, we kindly refer you to the the white-paper: https://safehaven.io/files/SafeHaven_WhitePaper.pdf.