Digital Inheritance Service for Bequest Finance Using SL’s MPC Library
One year ago, Silence Laboratories embarked on a groundbreaking partnership with Bequest Finance, revolutionizing the world of digital asset inheritance. This partnership sought to enable compliant digital estate planning to benefit from the technological breakthroughs of Privacy Enhancing Technologies (PET). This collaboration leverages Silence Laboratories’ expertise in Multi-Party Computation (MPC) technology. Its industry-best Threshold Signing Scheme (TSS) cryptographic libraries help create a simpler, more secure, and user-centric experience on the Bequest Finance platform for managing the legal and compliance-related hurdles in transferring one’s digital legacy.
Bequest Finance is the world’s very first digital asset succession and protection platform, striving to enable planners and administrators to readily and smoothly carry out a digital estate plan without requiring any significant knowledge of digital currencies, any court orders, or keeping track of all the different custodians.
The Challenge: Securing Your Digital Inheritance
The ever-growing value of novel digital assets like cryptocurrency presents a unique challenge for traditional inheritance plans. The bearer nature of the assets makes them challenging to plan for, especially for individuals who don’t want to compromise on decentralisation. Legal professionals and fiduciaries also cannot custody assets for a client, making it difficult to manage digital assets on behalf of their clients.
The dynamic and complex nature of the cryptocurrency ecosystem aggravates these concerns. The trajectory of the evolution of various kinds of digital assets is steep, convoluted, and difficult to predict. Since regulations evolve more or less linearly in small, fairly regular jumps resulting in a comparatively flatter overall trajectory, policy has always been playing a losing game of catch-up with development in emerging technologies. The disparate timescales and patterns of development of digital crypto assets and their regulations necessitate a liaising disruption in order to create a sustainable ecosystem for the movement of such assets.
The transfer of ownership of crypto assets to the beneficiaries is also quite cumbersome. The intangible, dynamic, and centrally unregulated nature of such assets complicates the transferability of ownership, particularly posthumously. A flexible and streamlined solution that can enable hassle-free distribution in fiat as well as in kind, and that can nimbly support changes in beneficiaries, is thus needed. Bequest Finance offers a secure, compliant, supple, and easy-to-use digital account succession platform that supports Trusts, Wills, and all Powers of Attorney. Bequest Finance, the first company to address the legal complexities of digital asset inheritance with a user-friendly non-custodial platform, raised a $2.75 million seed funding round in August of last year, underscoring the potential of its pioneering solution.
Silence Laboratories’ Solution: MPC for Seamless Digital Inheritance
Silence Laboratories’ cutting-edge MPC technology forms the cornerstone of this partnership. MPC allows Bequest to break down private keys into multiple, secure “shards” stored across distributed locations. The wallet’s key shares (or shards) are stored and computed across distributed nodes. This innovative approach ensures that no single entity, including Bequest, Silence Laboratories, or the fiduciary, ever has access to the complete key at any point.
An Unbroken Chain
Our collaboration with Bequest Finance empowers their end users with a suite of benefits –
- Unparalleled Security by Design: Sharded keys eliminate the risk of a single point of failure. Even if one shard is compromised, your digital assets remain fully safeguarded.
- Effortless Inheritance Planning: Bequest Finance’s user-friendly platform simplifies the process. Users simply sign in, add their wallets, and shard their key. They then provide their fiduciary’s email or leave this configuration to their attorney. Bequest does not interfere with a client’s user experience and they can continue to trade and stake as usual. This ease is enabled by Silence Laboratories’ state-of-the-art security technology which ensures that the data can’t be compromised and hence allows for unencumbered transfer processing.
- Enhanced Privacy and Trust: MPC minimizes the need to trust any third party to act as custodian of your digital assets, allowing you to keep your assets decentralized even through an inheritance process.
The collaboration of Silence Laboratories and Bequest Finance has afforded the world’s first non-custodial cryptocurrency succession and protection option, one which is nigh-universally usable (compliant with all cryptocurrency licenses globally) and has generated an 8-figure inheritance coverage within months of its launch. Silence Laboratories, alongside Bequest Finance, is dedicated to providing the most secure and user-friendly digital asset management solutions that afford unparalleled convenience and peace of mind. Together, we are shaping the future of digital inheritance, empowering you to safeguard your digital legacy and ensure your most important wishes are carried out seamlessly.
We welcome you to join in the discussion, collaborate, and build together. Please write to us by email or by booking a slot to discuss things, through our Calendly here.
ABOUT US: Silence Laboratories
Silence Laboratories is a deep-tech, decentralized, compute and authentication-infrastructure (MPC-focused) provider that offers developer-focused SDKs and libraries, for protocols, wallets, and projects that can be used to embed/build distributed, zero-trust authentication and authorization products, alike. We aim to be a defacto MPC and Proofing product suite for other builders to build on top of. For ease of integration, we are application, protocol, custodian, and stack agnostic, collaboration-friendly, and future-forward.
Learn more about our work: https://silencelaboratories.com
