Casa’s new Bitcoin inheritance solution, Casa Covenant, streamlines the complex process of passing on Bitcoin holdings to loved ones.
What happens to the hard-won Bitcoin holdings when its owner dies? Up until now, you have probably thought that possessions lie untouched with no access to anyone, or the close family or friend inherits them assuming the deceased has shared the recovery instructions already.
Bitcoin inheritance simplified
Nevertheless, the time for speculation has just ended as Casa’s new product, Casa Covenant, answers one of the biggest unresolved problems associated with Bitcoin so far – Bitcoin inheritance.
The newly-developed protocol facilitates seamless transfer of Bitcoin holdings to the nominated person following the owner’s death, additionally ensuring that the funds are protected from thefts and hacks.
Reportedly, Casa Covenant is a result of over ten months of research in the field that finally led to its developers designing a protocol that details step-by-step inheritance procedure for Bitcoin holders, enabling them to pass on their worldly goods with peace of mind.
How does it work?
In its update, the company writes that the key lies in integrating the multi-signature technology with current estate planning and legal framework. Bitcoin owners would be given a key, over and above the 3-of-5 key shield, to operate the Casa node. Once the client initiates the inheritance process, the additional key will be activated, holding the client’s estate lawyer responsible for its safety.
In the event that the client passes away, the heir will gain access to the locked away possessions by using the combination of the key held by estate lawyer, Casa recovery key, and the key to the safety deposit. The additional layers of security make the Casa Covenant protocol highly resilient to frauds and manipulation.