Development blog #5.1: Eternal Trusts dApp prototype — Clients
We’d like to give you a new update on what has been happening recently in the area of product development. In the previous development blog, we described the beta Eternal Trusts dApp based on ET protocol which is currently under internal testing and is scheduled to be released in the next few weeks.
This is going to be the world’s first dApp that replicates the functionality of the traditional Dynasty Trust Fund for the crypto world. Family offices, trustees, and fiduciaries will be able to fork and customize this dApp in collaboration with our development team to fulfill their fiduciary tasks in a more effective, more secure, and faster way. In the final release, we plan on providing a fully-functional, customizable dApp with a convenient interface for onboarding clients, defining purposes, beneficiaries, trusted parties, and potential “triggers” for transactions. Our dApp is promised to be mobile-friendly, fast, and secure. It will always remain open-source and will serve as a foundation for others to build their apps upon.
In today’s development blog, we want you to take a closer look on how the process of onboarding clients will work in the final release version of our dApp.
Let’s begin by imagining that you possess crypto assets that you want to spend on supporting your family, akin to a traditional dynasty trust. As a holder of a cryptocurrency portfolio, you wouldn’t like your crypto assets to be lost or their potential wasted once you lose legal capacity to control them. Hence, you require a fiduciary mechanism for your crypto capital in order to:
Avoid probate, protect it from unwarranted redistribution, such as bankruptcy etc.
Manage it and make it grow overtime
Spend it to fund your long-term trust purposes, e.g., asset redistribution between generations on your behalf
In order to set up your own purpose execution flow, you have to undergo a simple process of registering your EOS-based ET wallet, which is similar to the procedure of creating an account on crypto exchanges.
- First, you have to pick your role as a client (the process for experts/oracles will be described in the next development blogs).
2. In our dApp, creating your crypto wallet is implemented as a secure and time-tested procedure similar to those used by the most prominent crypto wallets.
3. After registering and signing in, you will see your personal cabinet, which displays personal information related to your wallet and the total balance of your wallet, including the amount of crypto assets in your purpose fund which will be dedicated towards your purpose and your token balance to pay for different dApp fees.
4. When you buy Eternal Trusts tokens and pay to initiate the fulfillment of purposes, a separate class of ET oracles called “solution consultants”, which consists of experts, organizations, and AI-algorithms, develops and finds the best possible solution for your goals, taking every preference into account. Now, if you want to initiate the trusted asset administration process in order to make the system of oracles take care of your money in a suitable, transparent way, you have to pick a template offered by one of the ET solution consultants or communicate with them to create a customized purpose for yourself.
After careful consideration and communication with different solution consultants, you are picking the most suitable purpose template for yourself — “Centuries-long Family Support”. It is created by a reputable trustee with a good track record and an outstanding ranking within the system. As stated in the template description, this purpose execution flow would provide asset redistribution mechanisms to financially support your family in the long term and serve as a guardian in case of emergencies. If you choose this template and transfer your funds, ET will manage your crypto assets according to a low-risk long term investment strategy and distribute a preset share of assets under management to a set of multiple beneficiaries among your close relatives, while keeping track of their health and well-being and reacting to assist them in emergency case.
5. When you have had preliminary arrangements with your solution consultant and provided all necessary information to customize the purpose execution flow to your particular needs, you can begin the process of transferring crypto funds under trusted administration. This all is done securely within the dApp itself.
6. When your purpose execution flow is up and running, you can check the history of how the oracle system is voting towards your goals and reacting to triggers. After selecting one of the dynasty support purpose execution templates from a solution consultant and transferring funds, you can track how your assets are spent. In this example, you are setting up your purpose execution with two beneficiaries, e.g., your child and your spouse. Let’s imagine that during the stage of communication with the solution consultant and setting up of your personal goals, you decided that your child has to receive a predefined share of your assets only if he or she keeps studying in a university. Through the work of oracles who feed the dApp with the real world data and verify the state of affairs of your beneficiaries, the system can determine the moment when your child drops out of the university and stop, accordingly, the regular payments to his or her account. In a similar manner, if your beneficiaries experience a medical emergency, the oracles will be responsible to discover and verify this, and channel your assets to help your family in the time of need.
The Eternal Trusts mission is to create a dApp which is affordable, reliable, and genuinely useful for a wide audience and a protocol that would spawn many other similar projects in the fiduciary field. Stay tuned for the next blog where we will describe how the dApp will work on the Oracles’ side and give more details on the purpose customization and the process of communicating with solution consultants!
