Alfred - The Cryptocurrency Estate Planner
What happens to your digital assets, positions in DeFi solutions, and stake in DAOs if you die or become incapacitated?
A recent study from The Cremation Institute of 1,150 participants conducted between October 20, 2019, and June 3, 2020, shows that 89% of crypto asset investors worry about losing their assets but only 23% of people have a plan.
Alfred is a cryptocurrency estate planner on a mission to make decentralized technologies more accessible by creating tools and protocols to help reduce the likelihood of people losing their digital assets.
We’re developing a cryptocurrency inheritance solution using our protocol for Perpetual Inheritance.
Perpetual Inheritance gives digital wallet holders the ability to force themselves to prove they can access their primary wallet at regular intervals.
The cryptocurrency inheritance solution will walk people through the process of creating a “crypto will” for a digital wallet. It then waits for input from a dead man’s switch or an official database for collecting death records to generate Proof-of-Incapacitation (decentralized) or Proof-of-Death (centralized).
Once a death has been reported, the dApp provides flows for confirming and contesting the death. If a death is confirmed, it will then allow an executor to close lending positions, divert funds, etc. if given permission to do so and distribute the assets to beneficiaries in accordance with the user’s final wishes.
In other words, we’ve created a method for recovering digital assets that can be centralized and automated for convenience or decentralized to provide censorship-resistance and preserve anonymity.
Relevance to MetaCartel + DAOs
The question of what happens if a DAO member dies or becomes incapacitated needs to be addressed in order to support the future expansion of DAOs. We believe the solution lies in Perpetual Inheritance and are looking for support to develop the integrations necessary to make DAOs and cryptocurrency safer and more accessible.
Ken Hodler is a senior engineer, formerly CTO and an early contributor at Keepkey (exited to ShapeShift).
Morgan Sherwood is a dApp engineer with 25+ year career as a Python developer and algorithmic trader skilled in smart contract security analysis.
Aaron Anderson brings dApps to market as a dApp engineer and cofounder of Web3Devs and Ching!
Seth Goldfarb is a marketing professional with 4+ years of experience helping businesses make blockchain and its applications more accessible to their stakeholders.
The team began exploring this problem at ETHDenver 2020 and continued our work through the MetaCartel Dragon Quest, securing bounties from Kyber and Gnosis and winning 2nd Prize overall in the Dragon Quest along the way.
We are incorporated as a Wyoming-based LLC and operate using an Aragon DAO under a framework developed by Etherize.
Our current plan is to release an unaudited, cleaned-up version of our Dragon Quest hackathon project as a beta of the cryptocurrency inheritance solution in the coming weeks, seek feedback and undergo a security audit, and have a full launch in Q4 2020.
We’re seeking the maximum grant of $8000 to help cover the $13,000 estimated cost we’ve been quoted for a smart contract audit from Consensys or Quantstamp.