Last will platform now enables your loved ones to inherit the BCH you have acquired. The platform was launched by Karol Trzeszczkowski, a renowned software developer. It was introduced on the 10th of April. Known as Last Will, this is a smart contract program that is used to inherit Bitcoin Cash – BCH. It is an Electron Cash plugin that enables the users to create and manage the endowments of Bitcoin Cash.
Last Will – A BCH Inheritance Solution That Is Permissionless & Noncustodial
Bitcoin Cash supporters can now enjoy the introduction of a new inheritance contract creation manager and protocol that is now available. Courtesy of the Bitcoin Cash protocol upgrade that occurred last November, the platform works with the checkdatasig covenants.
The project was officially introduced on 10th of April on the forum known as r/btc. While introducing the platform, its main developer clarified that the program enables both the permissionless and noncustodial inheritance solutions. Being an open source, other developers can be able to review its codebase that Github has hosted.
How It Has Been Created
Last Will contract solution has been designed using the Bitcoin Cash chain. In addition to that, it tends to work as a dead man’s switch with a trigger of 6-month. If the user is not able to refresh the agreement of the Last Will within that time, then the coins will be transferred to the inheritor. The smart contract of Last Will works with the initial working implementation of the operations to be able to refresh the contract. That is how it is revealed on the specification documents of the platform.
Works With The P2SH
The contract works with Pay to Script Hash, and also operates by using a unique address. The address is determined cryptographically by the main contract. Once the requirements have been essentially met, the endowment will then be made available to the inheritor. For those who want to use Last Will, it is available for download on Github.
Once you have verified from the release section of the app, you wil be required to open the Electron Cash version 4.0 or even higher. You will then navigate to the Tools tab and choose the installed Plugins. Once the plugin has been added, the last Will section will appear in the wallet that enable you to create a brand new contract. All you will need to do is to check the existing contract and load the relevant information.
How Bitcoin Inheritance Works
BTC inheritance is one of the most important part of wealth management. It works just like any other form of money. Just last year, Mathew Mellon, a US investor passed away with $500 million in virtual coins. However, his heirs were not able to obtain the funds. Mellon, who was 54 at the time of his death passed on with huge funds held at his cold storage in bank security deposit boxes under very phony names. The Last Will gives the crypto users an opportunity to make sure that their hard-earned BCH do not go into waste when they die.