Russian Time Capsule to Facilitate Inheritance of Crypto Assets – Bitcoin Technology News

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Researchers in Moscow are developing a new service that will allow users to transfer digital data to their heirs, including cryptographic keys. The Russian “time capsule” will be able to store and relay other private information as well as a record of the location of valuables.

Russian Universities To Provide Service For Crypto Investors To Secure The Future Of Their Coins

Experts from three Russian universities – Lomonosov Moscow State University, National Nuclear Research University and Moscow State Institute of International Relations – are working to give crypto holders peace of mind. mind that their digital assets will not be lost after their death. The service will be based on blockchain technology, RIA Novosti reported, citing Russia’s National Technology Initiative Platform.

The joint team is currently creating a website through which people will be able to store the valuable information, encrypted and ready to be transferred into the possession of specified persons, explained project manager Dmitry Izvekov. This can only happen after certain conditions have been met and no earlier than six months after downloading the data. The report details more:

[The service] will allow you to securely store data and digital assets – from passwords for social media to keys to bitcoin wallets.

Subscribers will also be able to use the Russian time capsule to store photographs, text files, video messages and even location information for valuables that can be passed on to heirs in the event of an unexpected death, for example. A user will have to send a link to a chosen recipient who must create their own account in order to access the information. The time capsule will only open on a pre-specified date in the future.

The encrypted data will be stored on Sbercloud, a cloud service developed by one of Russia’s largest banks, Sberbank, and backed up on Dropbox and other platforms. Each user will be authorized to send two capsules free of charge. The creators hope to raise up to 3 million rubles (about $ 40,000) to fund the project, monetize the service as it gains popularity, and provide additional services.

According to a survey last year by the Cremation Institute in the United States, which was cited by the Russian economic news portal RBC, 89% of crypto investors are worried about what will happen to their assets after their death. Yet despite concerns that coins may be lost forever, only 23% of cryptocurrency holders have a plan for their digital money after they die.

What do you think of the time capsule service for crypto holders that is being developed in Russia? Share your thoughts on the subject in the comments section below.

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