New feature idea:
Interest payments for HBD Savings (cold wallet) to be paid out to another account (hot wallet).
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New feature idea:
Interest payments for HBD Savings (cold wallet) to be paid out to another account (hot wallet).
REAL REASON FOR THIS FEATURE:
I would like to setup family members as my interest-payment recipients.
That way, if I ever pass away (highly doubtful lol) they'll continue to receive funds forever.
That's a brilliant idea actually..
There are couple problems with it, the most important from my perspective is the fact that it goes against how I want HBD interest payments to be fixed. Current way is unnecessarily bloated and requires users to trigger payments by stirring their savings balance once a month (otherwise the interest won't compound) - from your perspective the key is that you can transfer to someone else's savings triggering interest payment on their account.
I think it should work exactly as vesting. Maybe we could even reuse mechanism of vesting routes that automatically tell where the output of "power down" should go (that would most likely not be necessary). However such change has a serious drawback from the perspective of what you want to achieve. While interest would be accumulating automatically without any user interaction, you'd have to use active key to pay out (even with defined routes), which means when you pass away without giving your family proper keys, they would not have access to the funds.
In conclusion, arrange your last will properly 😉
They(family) would have to trigger my account by sending 0.001 HBD to my savings.
My ACTIVE-KEY shouldn't be required for witnesses to credit them HBD instead of me. The only time I would need it is when I configure who gets the payout, as so:
We currently have two systems of getting interest.
One is from vesting. Aside from individual vest balances on user accounts it requires keeping only one additional global balance. There are no interest payments, only VESTS gain value over time automatically. No user action is required, no extra vops to track changes. Simple and efficient.
Second one is with HBD. Aside from balances it requires keeping two timestamps and a large number that accumulates balance multiplied by time it was held for - separately for each account. It requires users to send transactions in order to trigger interest payment. Such payments also need to have their own vops (extra data in account history), otherwise it would not be possible to track balance changes. Bloated nonsense.
From technical standpoint there is no contest. Vesting is much better :o)
good idea
Perhaps this can be done through automating the manual steps involved in claiming the interest, withdrawing from savings and making a transfer. I think the Hive Keychain team is interested in developing a system for automating all sorts of actions.
Sure, you can automate all of this with a simple script but that would only work as long as your computer is running. I wanted this to be a layer-1 feature so that it runs forever. #SetAndForget
Same here - cool idea
There's another way, which will work for ALL digital assets. It's called Bitwarden. It has an excellent feature (paid version only $10 per year, or even once only) to enable access to all your passwords, keys etc.