Concept Whitepaper: WCEF Hackathon
Team Members: Rik Brutsaert, Skyler Riley, Scot Makers, Ganesh Jaladanki
The Legacy project seeks to provide a trustless estate planning platform to protect and administer digital assets after death. The decentralized application allows users to initialize and manage contracts which include chosen trustees and beneficiaries to proper transfer of digital value. Digital assets will include tokens that include rights to real world property.
Target users may be individual users as well as institutional estate managers. A typical individual user would be a well-informed entity with a desire to utilize decentralized technology to perform asset distribution. Institutional managers would include estate managers and will attorneys and asset advisors.
The technology creates an immutable contract which will cut out any middle man/lawyer to include fees, allowing anonymous rule based distribution of assets. Additionally, it will allow advanced integration with other crypto-assets such as medical verification, IPFS protocol, crypto-based asset ownership.
Currently, competing technologies include traditional lawyers and estate planner, as well as centralized web applications such as Nolo online will.
The Legacy Estate Management platform is built on technologies centered around the Ethereum blockchain. It uses Ethereum smart contracts written in solidity, allowing the user to both add beneficiaries with amounts as well as trustess by loging into MetaMask Ethereum Wallet. The verification process is also achieved through MetaMask. All transactions are of minimal cost based on the price of gas in wei/ethereum. The front end is based on Node web technology.
The Legacy Estate Management System is an easy to use and set up and is completely anonymous. The user will use existing technologies of Ethereum blockchain to set up a contract within minutes.
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User creates contract via customer support
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User adds beneficiaries/trustees
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Trustees verify contract
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Contract deployed by trustees
Monitoring for verification
Ethereum/token distribution
Message/obituary
Possibility to revert funds to initiator based on various rules
Private or public obituary
Possible APIs:
Nucypher for IPFS. This technology can be used to pass encrypted information to other applications based on the execution of the smart contract
Well API confirm death. Doctors are a natural trustee to verify the execution of a Legacy contract
Distribution of land using propy tokens. Propy tokens can be used to
Amberdata for verification
The legacy project can provide the backbone for multiple decentralized functions, as well as provided reliable input for centralized applications which will be triggered for other events. These add-ons will provide a full user experience that will allow a user to have an optimal experience in estate management.