The unique nature of the blockchain makes it ideal for delivering sensitive information without the risk of third party interception or other hacking attacks. There are now a number of different blockchain platforms that leverage this property to create secure file sharing and authentication services, but an upcoming initial coin offering is planning to use it for a wholly unique application.
One of the most common questions in the cryptocurrency world at this point in time is focused on what to do with cryptocurrency in the event of the owner’s death. There have been a number of high profile news cases recently that have centered on this issue, such as the death of a Colorado-based cryptocurrency investor that left a significant amount of crypto assets behind that his family could not access.
In this case, the family of the deceased investor was able to successfully contact the wallet platform on which the cryptocurrency was held and gain access to his wallet. The high security factor of cryptocurrency, however, can be a double edged sword. The same two factor authentication that keeps hackers out can often keep family members from accessing deceased estate funds in the case of sudden death.
A new blockchain based platform, however, aims to make it possible for cryptocurrency owners to control how their assets will be distributed in the case of their death through the use of unique smart contracts.
In this article, we’ll take a look at the Legacy platform and find out how it works. We’ll also take a look at the upcoming Legacy initial coin offering to help you determine whether it’s worth getting involved in.
What Is Legacy?
Legacy is a new blockchain based application that is focused on making it possible for users to distribute assets in the case of their death, or any other set of events that can be verified by the Legacy platform. The Legacy solution plans to integrate a broad spectrum of different services that will be developed as the technology that drives the blockchain matures.
The Legacy platform is developed on the Ethereum blockchain, and includes an innovative proof-of-life engine that is able to determine whether a user is alive or not based on their online activities. At this point in time, Legacy is focused primarily on the transfer of images, videos, and text documents to specified individuals, but as the platform develops expects to integrate functionality that allows for the distribution of digital assets, cryptocurrencies, and other blockchain-based assets.
How Legacy Works
The Legacy platform is designed to deliver streamlined, simple functionality, and is oriented to serve a wide public. The ultimate goal of the Legacy platform is to create a mechanism through which users are able to execute their will without the need for third parties such as lawyers.
As Legacy is focused at this point in time on the distribution of text and media files in the event of an individual’s death, it has had to create a unique solution for the storage of these elements. While the Ethereum network upon which the smart contract functionality of Legacy is created is ideal for executing the service, it’s not suitable for the storage of the data that the Legacy platform will distribute.
Currently, the Legacy development team is considering a variety of decentralized storage solutions to solve this issue, and is assessing platforms such as Swarm, Usenet, Sia, Storj, and Filecoin. The most interesting element of the Legacy platform, however, is the Proof of Life engine.
Legacy’s Proof of Life engine is a mechanism through which the Legacy platform is able to reasonably determine whether a user is alive or not. The Proof of Life engine is configured through a web or mobile interface, and is controlled by the internal smart contract instance.
The Legacy Proof of Life engine can be programmed to check for a number of different factors to ensure a user is alive. It’s possible for users to configure the platform to use web plugins that monitor their social media network usage, or deliver proof of life by installing a mobile application that can be used to deliver proof of life through non-intrusive periodic push notifications.
The Legacy platform can also use email notification to determine proof of life, and even integrates with public institutions and databases that log deaths via API requests where possible.
Another interesting issue addressed by the Legacy is long-term service availability. By focusing on decentralization, long-term community engagement, and a comprehensive incentive and reward system, the Legacy platform aims to provide decades of functionality beyond closure should the organization itself close.
The Legacy ICO
In order to fund the development of their platform, the Legacy team will be launching an initial coin offering. During the Legacy ICO, 100,000,000 LEG tokens will be generated, 60% of which will be available during the crowd sale.
A further 6% will be reserved for the Legacy founders, 15% for the Legacy Organization, 12% for advisors and consultants, and a final 7% for the Legacy foundation. The Live Seed Legacy Crowdsale will launch on the 30th of November 2017, and can be accessed via the Legacy website.
Legacy is set to provide the blockchain ecosystem with a comprehensive solution to the issue of how to distribute blockchain assets in the case of the owner’s death. If you’re interested in supporting the development of this unique technology, the Legacy project is definitely worth following.