- Fills a clear market gap
- Evidence of high due diligence being exercised by project team
- Business model can be extended to other areas requiring digital asset transfer management
- Success is predicated on the mass adoption of cryptocurrency assets
No-one is currently in a position to determine the number of crypto-asset holders that are currently out there. We have attempted to answer this question ourselves here at ICOExaminer and placed this number at just over five million.
That is less than one in one thousand of the world’s population. But it is almost certain that those numbers are going to explode in the near future. And that raises a very fundamental question that few have asked but which DigiPulse are now seeking to address: what will happen to the Crypto-assets of those who move on to the next life?
DigiPulse is positioning itself in the Digitial Inheritance market. It is true that one could turn to traditional services such as a solicitor or a bank in order to enact a set of instructions in relation to how our assets should be reallocated to our heirs upon our death.
This does present two problems however – firstly, access to the Crypto-assets (i.e. the private keys) need to be shared with a third-party. Secondly, as commonly occurs with any inheritance, the instructions laid down by the will-maker can be contested.
On the other hand, DigiPulse offers a solution which can be entered into anonymously – at the discretion of the will-maker – employing a mechanism that goes something like this:
- The will-maker submits an encrypted copy of the digital assets to the Block-chain, and associates these assets with a series of challenge questions.
- A notification is sent out to the inheritor(s) upon the death of the will-maker – and this is based on a time-lock mechanism which is reset on a periodic basis by the will-maker whilst he/she is still alive.
- When the time-lock mechanism has fully lapsed (presumably on the death of the will-maker), a notification is sent out to the the inheritor along with the set of challenge questions.
- Upon successfully answering the challenge questions, the decryption key (which is currently itself encrypted) that provides access to the encrypted assets is itself decrypted, thus giving the inheritor full access to the assets.
For readers who would like some further insight into the technical aspects of the project, you may wish to read up on our interview with the DigiPulse team which you can access here.
Extensible Business Model
As the DigiPulse white-paper itself points out, the business model itself can apply to any domain where secure digital management of transfer of assets is required in any context where the receiver’s identity requires rigorous vetting.
The business model also incorporates plans for the creation of an API that will allow third-party services to integrate DigiPulse services.
Where a will-maker requests that a time-lock mechanism on his crypto-assets be aligned with his email login, for example, each time he/she logs in, the time-lock is reset to zero.
If, on the other than, the email account has experienced no log-in attempt after, say, three months, the time-lock mechanism elapses and a subsequent notification is sent out to the inheritor to initiate the asset transfer process.