UBD Network has unveiled a groundbreaking development in the Web3 space with the launch of its new product, the DeTrust Wallet. This multifunctional blockchain protocol facilitates decentralized cryptocurrency inheritance, addressing a growing need within the crypto community.
The DeTrust Wallet introduces an innovative multisignature feature that supports complex functions such as delayed asset transfers. This capability is pivotal in making crypto inheritance feasible and user-friendly. Ruslan Tugushev, CEO of UBD Network, shared insights with Cointelegraph on the potential impact of this technology:
“Decentralized trusts are revolutionizing the way we think about crypto inheritance. They offer a secure, efficient, and cost-effective alternative to traditional inheritance solutions, drastically reducing the expenses involved.”
A recent survey by Penguin Analytics underscores the significance of this innovation. It revealed that 48% of capital founders in high-net-worth families are concerned about the ability of their heirs to inherit digital assets. The study sampled 13,500 families, each with up to $100 million in capital, highlighting the broad relevance of DeTrust’s solutions.
How Decentralized Trusts Work
Decentralized trusts automate the recovery of assets to a designated backup wallet after a period of account inactivity. This feature mitigates risks associated with death, human error, or hardware failures. Tugushev emphasized the future role of decentralized trusts in the inheritance market:
“As awareness of their benefits grows, decentralized trusts are poised to become a key component of the inheritance landscape, offering a compelling alternative to traditional methods.”
Setting up a traditional trust can be prohibitively expensive, often exceeding $50,000. In contrast, decentralized crypto solutions like DeTrust Wallet significantly lower these costs, making it an attractive option for asset management across generations.
Features of DeTrust Wallet
DeTrust Wallet serves as a digital trust fund where users can outline detailed inheritance plans. These plans can specify the distribution and future use of assets, ensuring secure wealth transfer across generations. The wallet also enables the creation of dedicated funds for specific purposes, enhancing control over how heirs can use their inherited wealth. Nik Zhukov, Business Assistant to the CEO at UBD Network, elaborated on this functionality to Cointelegraph:
“Users can set up targeted inheritance plans. For instance, a user might designate funds specifically for a child’s education, ensuring that the money is spent as intended.”
This launch comes shortly after Coinbase introduced its smart cryptocurrency wallet, which focuses on beginner-friendly features to encourage broader adoption of crypto technologies.
| Feature | DeTrust Wallet | Traditional Trusts |
|---|---|---|
| Cost | Fraction of traditional costs | Over $50,000 |
| Functionality | Asset transfer upon inactivity | Manual management needed |
| Security | Multisignature, decentralized | Centralized, varying security |
| Purpose-specific allocations | Yes | Limited by legal constraints |
The introduction of DeTrust Wallet marks a significant step forward in the evolution of cryptocurrency management and inheritance. By leveraging blockchain technology, UBD Network is not only enhancing security and reducing costs but also introducing a level of flexibility unheard of in traditional financial systems. As the crypto market continues to mature, innovations like these are pivotal in ensuring that digital wealth is preserved and transferred according to the wishes of its owners, potentially reshaping the landscape of wealth inheritance.
The introduction of DeTrust Wallet by UBD Network represents a transformative advancement in managing and passing on cryptocurrency assets, ensuring they remain a valuable part of family legacies.
Featured image credit: kwanchai chai-udom via Vecteezy
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