How can a token answer a legal problem?
Go on, transfer my physical possessions using the blockchain…
-deleted comment from our Reddit introductory post
Sarcastic remarks aside, promising to transfer physical possessions via the blockchain should be met with a certain dose of healthy skepticism. Indeed, even when dealing with purely dematerialized properties, legal considerations can throw a wrench in the simplest-looking deal. And when you want it to work all over the world… how can we even consider it?
Very short answer: that’s why we have a token.
The first objection to the transfer of physical objects is a simple one : how can we move (for example) a car through a digital service? Upon closer examination, of course, we can see that for most valuable possessions we already have deeds that represent the actual property rights. Moving for deeds to a digital format is a (relatively) small step : France is already studying legislation to specifically allow the transfer of shares on the blockchain. Private initiatives such as Open Law are already pushing the boundaries. Smart Property is coming.
Now that the technical problems of physical ownership are cleared, we only have to concern ourselves with the legal problems of property transfer.
We reduced the problem of physical ownership to digital, now to solve the legal problems of property transfer. In most jurisdictions, you cannot simply give something valuable to someone. There are rules and protocols (generally arising from taxation) to follow. And these rules will vary from one place to another. In a french will, for example, parts of the estate is reserved for children, but the spouse also has special rights. We cannot expect to automate every case in the near future.
This is why Legacy is a platform. Legacy is an opportunity to simplify the experience of those who choose to plan for after their deaths. This opportunity is extended not only to developers and other IT professionals, but also to today’s traditional actors : lawyers, notaries…
If you want to go beyond the cases handled by the base Legacy services, you will be able to get help from someone to review your specific situation and certify that your wishes conform to the existing laws. These services will be paid in Legacy Tokens.
Our goal is not to replace all knowledgeable professionals. We understand that there will always be value in being counselled. We will provide the platform so that this help is as efficient and as painless as possible for all involved, while keeping it all in the same (decentralized) place.
Questions? Ask away on our Telegram group!
