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Author Topic: Inheritance  (Read 161 times)
Salivan
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June 16, 2018, 10:53:34 AM
Merited by paxmao (1)
 #1

On top of ethereum nice  inheritance  contract could be  created.
Let say a person A has some  ethereum and  places those  on an inheritance  contract.
In order to keep control of those  coins he need to( let say one per year) trigger function which "says" to it, I am alive do nothing with my coins. In case of  demise or lack of activity contract sends all coins to specified earlier address (or other  inheritance contract) belonging   to person B, whom is from now on, in power  over  those  coins
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June 16, 2018, 11:04:43 AM
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Yer its an interesting concept that has been thrown around a few times. It does create a solution to the problem of what should happen to someone's investment if they die. Many families may miss out on thousands of dollars worth of crypto if the original owner does not pass on the private key
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June 16, 2018, 04:03:43 PM
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Seems an interesting idea indea indeed, maybe ill write something about it in my thread about smart contracts

https://bitcointalk.org/index.php?topic=4425638.0
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June 16, 2018, 04:50:40 PM
Merited by paxmao (1)
 #4

You really don't need Ethereum smart contracts for this.
Bitcoin already has time lock transactions which can be easily used in this sense.

A time-lock transaction can not be added into a block before a certain block or time is reached, so you can spend those bitcoins until that time limit is reached.
This is why you can create two transactions every year, for example, where you send your bitcoins to yourself with a usual transaction and then spend them in a time-lock transaction to your children. If you are unable to send a new transaction until the time runs out, your time-lock transaction will be confirmed and your children will be able to spend your bitcoins.

You would be able to create a wallet where this is done by default whenever you spend your bitcoins.
I think you can use lightning network with this as well, since this is a very basic feature that every transaction can have without messing with the scripts inside the transaction.
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June 16, 2018, 05:26:32 PM
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That's a good idea. The problem would be that you won't be able to send your other coins that way.
Salivan
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June 16, 2018, 06:53:19 PM
 #6

You really don't need Ethereum smart contracts for this.
Bitcoin already has time lock transactions which can be easily used in this sense.

A time-lock transaction can not be added into a block before a certain block or time is reached, so you can spend those bitcoins until that time limit is reached.
This is why you can create two transactions every year, for example, where you send your bitcoins to yourself with a usual transaction and then spend them in a time-lock transaction to your children. If you are unable to send a new transaction until the time runs out, your time-lock transaction will be confirmed and your children will be able to spend your bitcoins.

You would be able to create a wallet where this is done by default whenever you spend your bitcoins.
I think you can use lightning network with this as well, since this is a very basic feature that every transaction can have without messing with the scripts inside the transaction.
Looks like reasonable solution within  bitcoin network
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