Russian ‘Time Capsule’ will Facilitate Inheritance of Crypto Assets

ByEdward Thompson

Jul 27, 2021

A new service is under development by researchers in Moscow, which will enable people to transfer their digital data to any heirs they may have, including their crypto keys. This ‘time capsule’ will have the capability of storing private information and will also be able to relay it. It includes information, such as the record of the location of valuable items. A number of crypto holders are genuinely concerned about their digital assets being lost after their death and experts belonging to three Russian universities are trying to provide peace of mind to these people.

These belong to the National Research Nuclear University, Lomonosov Moscow State University, and Moscow State Institute of International Relations. According to Russia’s National Technology Initiative Platform, the service will utilize blockchain technology for serving its purpose. Now, the join team is creating a website that people will be able to use for storing their precious information. This data will be kept encrypted and will be ready for transfer into the possession of the persons specified. This was elaborated by Dmitry Izvekov, the project manager. This will only be possible after certain conditions have been fulfilled and not before six months of the data being uploaded.

It was further disclosed in the report that people will be able to use the service for securely storing their digital assets and data, which include the keys to their bitcoin wallets to the passwords of their social accounts. The Russian time capsule will also allow subscribers to use the service for keeping their video messages, text files, photographs as well as location details for any valuable items that can be given to their heirs, if there is an unexpected death. The user will be required to send a link to their selected recipient, who will then be required to create their own account in order to gain access to the information.

However, it is important to note that this time capsule will only open at a date in the future, which will be pre-specified. A cloud service known by the name of Sbercloud will be used for storing the encrypted data, which has been developed by Sberbank, one of the largest banks in Russia. It will also be backed up by Dropbox and various other platforms. Every user will be permitted to send two capsules free of cost. The creators are hoping to raise a sum of about 3 million rubles for financing the project, which is the equivalent of $40,000.

They want to be able to monetize their service as soon as it becomes popular and then use it for offering additional services. Last year, the Cremation Institute in the United States conducted a survey, which shows that almost 89% of crypto investors are worried about what will happen to their digital assets after their death. Even though there are concerns that these assets might be lost forever, sadly just 23% of these investors have actually made plans for their digital assets after they die.

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