Private key backup strengthens family value in blockchain
“your private key, your coin”, said by Andreas Antonopoulos, means if your private key is released, your coins are gone. As a biological human, we all have up and down in health and accessibility to basic things. Who are you going to trust when you are not be able to physically access private key? Giving to a third party such as banks is back to the old centralization world under authority.
Here comes the help of family. The only people you naturally trust is the family members. The decentralized movement is interestingly reflecting the importance of blood line and giving trust back to family.
Once family members are helping each other on private keys. The relationship is getting to deeper level, and ones rely on each other for protecting the wealth and financial freedom against inflation and control.
TAU mWallet (mobile mining wallet) design is addressing this issue. We adopt the security model as phone security stright to private key without password. Therefore, once your private key is backup by your family members, you can recover the asset instantly without worry about centralized password. You phone security is protected mostly by biological features of your self thesedays.
For those without family members like elderly persons, I believe some charity or religion group shall be able to support this services. Most of time, we can view them as a bigger family.