PlanɃetter

Keep your funds rollin'. Crypto doesn’t need lost funds anymore.

Comment

Pitch

Keep your funds rolling. Crypto doesn’t need lost funds anymore.

Inspiration

Blocked funds have no benefit for anyone. Nowadays, if any user loses their keys, there is no other way to access those funds, remaining blocked forever. Almost every crypto user worries about this topic. Therefore, this has to be stopped and we plan to achieve it by removing the hassle of how to grant access to somebody else in a secure and intuitive fashion.

Building a way out for your funds in case of any unexpected scenario is not an easy thing to do. One needs to find the motivation to organise the process, train our relatives, make them rehearse and even with all that, there is a possibility they will forget due to the sensitive nature of the matter.

What it does

  • Bring fresh users to Blockstack/Crypto for a strong reason
  • Grant access to your funds automatically in case you lose your keys
  • The feeling of safety for the digital currency’s owner
  • No stuck funds anymore
  • Good for the economy entropy

How we built it

  • Blockstack login: DID (Decentralised ID) for every party
  • Smart contract in RSK: owner funds will be linked to SBTC 1:1 being involved into a smart contract who expires if no transaction is sent to restart the expiry timer
  • IPFS: decentralised hosting and universal access

Challenges we ran into

  • Heartbeat: how to realise the user is alive without bothering him
  • Expiration algorithm: avoid hacks to unintentionally expire the smart contract
  • Face ID: how to securely ensure authentication to the service

Accomplishments that we're proud of

  • Being able to find a solution that will allow us to accomplish our goals in a decentralised manner
  • Approaching Crypto to people who has less interest in it
  • Achieving a seamless crypto experience for inexperienced users through Blockstack ID allowing people to easily retrieve funds that otherwise would have been lost forever
  • Throughout our solution, educating people on crypto

What we learned

We learned to understand the problem the cryptocurrency scene is facing regarding User Experience, and how it is key for the mass adoption.

We have also understood the difficulty of maintaining a good UX and at the same time develop a decentralised service where users are able to own their keys without third-party custodial services.

What's next for PlanBetter

We plan on expanding to other cryptocurrencies and adding new interesting features such as the ability to split your legacy between different parties, ONGs, and nonprofit organisations.

We plan as well to study what legal liabilities might appear when the user involves relatives or any other party. Understanding the current legality picture is a must to ease a clean transition towards the new digital era.

Technical specs

Smart contract

The contract will link the user’s funds to SBTC 1:1. It will be able to send funds to an account of your choice and add beneficiaries that will receive the correspondent share if you are not able to access them anymore, for example, in case of losing your keys.

To prove the user is alive and active, a heartbeat() method must be periodically called (default period is set to 365 days, 1 year). This will extend the active status of the owner for the period specified in the contract.

To change the check-in period user app might call setHeartbeatRhythm(rhythm) by specifying the period in days.

Add a beneficiary by calling setBeneficiary(address, percentage) specifying the beneficiary address and a percentage. The beneficiary will get a share of the balance directly proportional to the percentage. To remove a beneficiary you need just to call this method with a 0 percentage value.

If you don't need the contract anymore user must call destroy() method which will remove any kind of liability aforenamed contract.

Finally and most importantly, any designated beneficiary must explicitly claim their share if and only if, the owner did not check-in for the period of time set in the contract. The beneficiary should use claimShare() method for this. If conditions apply, a specific share of the funds will be transferred to the beneficiary’s address, also removing the beneficiary from the list of beneficiaries so that she can claim the share only once.

Built With

Share this project:

Updates