Serenity Shield launched Digital Asset Legacy, the first non-custodial solution for seed recovery, which includes a mechanism of nominating heirs and passing wallets down, CryptoAdvisor learned from a press release.
Resolving shortcomings of current custodial methods
Current methods of safe custody based on private key wallets, which allow users to store their assets without relying on third-party custodians.
However, the safer these methods are, the harder it is to store and pass down assets. People can get hacked out of their wallets, lose or forget their passwords, and have other issues.
In the event of an asset holder’s sudden death, the assets are locked permanently and family members might have no way to access them.
Wallets divided into 3 NFTs
The user’s wallet, called the StrongBox, is divided into three non-transferable NFTs, each of which contains a third of the secret needed to access the wallet.
This is based on Shamir’s Secret Sharing. The user holds one NFT, the heir of their choice – the second, and Serenity Wallet – the third.
Serenity is a smart contract that delivers its key to either the original user or the heir depending on specific Activation Terms.
Deployed on Secret Network
Serenity Wallet is deployed on Secret Network, which enables non-custodial private key recovery, as otherwise the encrypted data contained in the NFT would be fully transparent.
Users of all backgrounds can avail of Serenity Shield. It combines the simplicity of custodial processes and traditional Web2 authentication. Serenity is fully blockchain-native unlike other “contingency” solutions, which makes it independent of the legal system.
Rodolphe Seynat, Co-Founder of Serenity Shield, said:
Serenity Shield solves a real problem deriving from mass adoption of crypto: how do you maintain the same flexibility of Web 2.0 while remaining non-custodial? With Web 2.0, it’s rare to completely lose access to your accounts, and we need to bring that same experience to Web 3.0 if we want to reach 1 billion crypto users in the next few months or years.
In the future, Serenity will offer its SERSH token, which will use an automated buyback-and-burn mechanism for backing.
It has scheduled a $4 million public sale in June this year, consisting of two private rounds. The platform will launch its mainnet in the third quarter.