Have You Heard Of Sarcophagus : The Crypto Dead Man Switch
The funny thing about life is whatever idea you are thinking there is someone also thinking about the same thing. I remember when I was new on Hive and I read a post about some lady who was suggesting putting Hive, crypto, seed phrases and Crypto keys as part of her will. Or better still create an instructional video on how to find and use these keys.
I couldn’t help but think so deeply how right she was and how necessary it is. Lots of people lose their lives every day, death is inevitable, just like someone that said that life is so risky, we don’t even make it alive at the end. Now that we are shifting towards the crypto phase of the world, crypto security is being emphasized daily to protect our asset. This has to do with keys and our brain. The main question is, if death should come, what will happen to our assets that we have been accumulating for years. Does it get lost after the owner’s death? You can’t imagine the amount of crypto lost in the blockchain because some of these owners are dead.
This is why it is necessary to create an avenue for dead crypto owners to have the opportunity to pass their digital assets to their loved ones after their death. Hence the creation of the Sarcophagus: The Crypto Dead Man Switch.
Have You Heard Of The Dead Man Switch
This is an action that is meant to be activated after the death of the switch instigator. Well not totally limited to death but also generally incapacitated.
How Does Sarcophagus Work?
Well it’s a decentralized activity built on Ethereum blockchain, where series of smart contracts that requires the user to occasionally perform some activities to prove they are alive. They will have to verify their lives to show the system that they are still alive and not dead yet.
Prior to the verification, they will have to provide a recipient’s address just incase the dead man switch gets activated. When there is inactivity by the user, the dead man switch gets activated and all the digital assets are transferred to the recipient’s address.
This seems like a great idea, but after reading this I couldn’t help but think. What if the sarcophagus user and the recipient both died together, these assets will still be lost, unless the receipt is also a sarcophagus user and has another recipient. You know life can be really unpredictable most times.
Just like sarcophagus has been created on the Ethereum blockchain, it should be a wise idea to be on all blockchains. Because I still don’t understand how the asset transfer works. For instance, do you convert all your coins to SARCO tokens, the native token for sarcophagus, what if I have a diversified portfolio, how is it sent?
Well it’s something I will have to research more on and know. So watch out for more blog on it because I have questions, am not satisfied with the ones I got.
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This is undoubtedly a very clever idea, as well as a clever implementation. I cannot agree less, this is a feature that should be on all blockchains. Life's uncertainties are inevitable, and currently, for our generation, cryptos are one of the many wealths we can hand on to the newer generation, or if we've got a child or family, to our offsprings.