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Any time we invest in an asset, we want to be sure it becomes part of the legacy we leave behind. All our endeavours are driven by the possibility of happiness of our family. While a robust system that has been perfected over decades - if not centuries - exists for transfer of physical assets to our heirs, the same does not seem to be the case with digital assets. This has been one of the reasons why many traditional investors have stayed away from cryptocurrency.
Cryptocurrency, like many other digital assets, is accessed using a private key or a passphrase. You have to keep these secret and no one other than you should have access to these. But this means that the passphrase/ private key will be lost forever when you are gone. A simple workaround is to share the key with your heirs to begin with. This has multiple problems.
First, you may end up losing control over the asset - whoever has the key, has control over the asset. And, it may be neighed impossible to prove which of the people holding the key has used the asset. Cryptocurrencies are pseudonymous - meaning all they care about is private key being correct. It is systems outside the blockchain protocol that have to ensure that the private key is associated with a single individual or entity.
Second, when passphrase or private key is shared between people, it has to be noted down somewhere. This copy of the key can easily be compromised. Once the key has been stolen, you will be locked out of your asset and it will be extremely difficult to get it back. Therefore, we need a better way to share this secret.
A safe way of secret sharing has been developed by Safe Haven. This ensures that your private key or passphrase are fully shared with your heirs only when the need for the same arises - and not before. In other words, Safe Haven has developed a way to act as a key escrow. You may be wondering what is the point in letting a third party control the private key to your asset. The fact is Safe Haven’s protocol ensures that only you have access to and full control of the private key and the digital asset associated with it.
Safe Haven achieves this by employing a secret sharing method that depends on multiparty integrity to create the complete passphrase/ private key. This is how it works: Based on a number of heirs you wish to provide access to, the key is divided into multiple parts that can be used to reconstruct the key. Now, each of the heirs is given control to one or more parts and Safe Haven validators are given access to one or more parts. You can always choose to have multiple validators. The complete private key can only be created when all the parts are assembled together.
Validators in the Safe Haven system are legal entities that manage your will. The part of the key that belongs to the validator is protected with a strong encryption and saved on the blockchain. This can only be retrieved when a corresponding smart contract is executed. To trigger the smart contract, the validator(s) need to be furnished with proof that the will of the initiator is to be executed.
Safe Haven ensures that you are always in control of not just the asset but also who gets to inherit your legacy. Anytime you want to change your heirs, all you have to do is change your private key/passphrase and redistribute in among the new set of heirs.
As the value of investments in cryptocurrency rises, Safe Haven believes that their system of secret sharing will become a cornerstone in pushing adaptation across the globe. With this, trust in the digital economy will grow further and so will the solution provided by Safe Haven become essential.
ICO DETAILS
Token: SHA
PreICO Price: 2000 SHA/ETH
Price 1 ETH = 1,500 SHA
Platform: Ethereum
Accepting: ETH
Minimum investment: 0.10 ETH
Soft cap: 3000 ETH
Hard cap: 25000000 USD
Country: Singapore
Whitelist/KYC KYC & Whitelist
Restricted areas: Singapore
WhitePaper: https://safehaven.io/files/SafeHaven_WhitePaper.pdf
Website: https://safehaven.io/
My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1079197
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