News

Russian Time Capsule in development: Easing Crypto Assets inheritance

While talking about digital assets, we never think about what will happen to the digital assets once the original owner dies? Currently, there is no system that allows anyone to retrieve those digital assets after death. However, that is going to change soon thanks to experts from three Russian universities who’re developing a Russian Time Capsule.

The three universities are:

  • Lomonosov Moscow State University,
  • National Research Nuclear University,
  • Moscow State Institute of International relations

They all are working to create a website through which people can store their information. Under some conditions, this information can transfer to a specified person at a specific time. As for the conditions, it can depend on someone’s death or a scheduled date in the future. The only condition is that the information uploaded should be six months old according to the Project manager Dmitry Izvekov.

Moreover, he talked about the project in some detail:

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

Users can keep their photographs, text files, video messages, and location details on the Russian Time Capsule. In any case, the owner loses his/her life, unfortunately, the heir can access the data stored on the blockchain. However, the time capsule will only open at a pre-specified date in the future.

Sbercloud will store all the encrypted data and information. It is a cloud service developed by one of Russia’s largest banks. Each user can send two capsules free of charge on the blockchain. On the matter of finance, the creators are hoping to raise up to 3 million rubles to finance the project.

Related Stories:

Leave a Comment

Your email address will not be published. Required fields are marked *

Close Bitnami banner
Bitnami