VeChain Partners with Safe Haven for Digital Legacies 🚨 This article is 7 years old...
VeChain Partners with Safe Haven for Digital Legacies
2 min read
Updated: Dec. 2, 2019 at 2:27 pm UTC
Photo by Aaron Burden on Unsplash
Safe Haven is partnering with VeChain to offer digitized inheritances and building their legacy system on the upcoming VeChainThor blockchain.
We are proud to announce @SafeHavenio is realigning to be powered by the VeChainThor Platform. Safe Haven is providing solutions for inheritance, asset distribution, and asset control to the world.https://t.co/A3BROFdy2F
— VeChain Foundation (@vechainofficial) June 17, 2018
Days after the closure of Safe Haven’s private sale and testnet launch, the announcement may be a sentiment booster for the project’s approaching ICO.
Entering a strategic partnership with the Singapore-based Safe Haven, VeChain recognized the legacy solution as providing “true value” to its impending VET blockchain launch.
In confirmation, the VeChain team noted:
“After reviewing their company’s technology, network, and background we see true value added to our platform by working together in partnership. This partnership will allow users access to a host of necessary solutions for continuity.”
What is Safe Haven?
The trustless, immutable nature of blockchain technology may offer unparalleled security, yet Singapore-based Safe Haven anticipates that cryptocurrencies face the issue of legacy.
In acknowledgment, the VeChain team asked:
“Safe Haven resolves the question that everyone should be considering: how would your loved ones and partners gain proper access to your digital legacy when you are gone?”
Pointing to lost private keys, unwanted blockchain forks, and “stories of lost Bitcoin and other digital assets”, Save Haven highlights the need for a safeguard against unforeseeable losses of cryptocurrency and digital assets.
In an explanation, Safe Haven founder Jurgen Schouppe writes:
“As I thought of bringing this technology into my family’s everyday life, I knew then and there that my legacy would not pass with it. If I make a paper wallet and the house burns, everything is gone. If I trust an exchange and I am compromised, I lose everything. If I misplace my private key, all is lost with it.”
Under the terms set by an individual or business, Safe Haven’s smart contracts will distribute their private keys, passwords, and bank account credentials to designated third parties for inheritance.
While the legacy of cryptocurrencies may be a central concern, Safe Haven will also target other digital assets — including bank and social media accounts, and various passphrases.
A dose of success by proxy from VeChain — the 17th largest cryptocurrency by market capitalization — may not go amiss as 2018’s extended bear market dissuades investors.
