UBD Network Unveils DeTrust Wallet: Revolutionizing Crypto Inheritance

UBD Network is set to transform the landscape of cryptocurrency inheritance with the launch of its new Web3 wallet, DeTrust Wallet. This multifunctional blockchain protocol introduces a cutting-edge multisignature wallet designed to facilitate decentralized crypto inheritance. The innovative features of DeTrust Wallet include delayed asset transfer capabilities, aiming to simplify and secure the inheritance process for cryptocurrency holders.

According to Ruslan Tugushev, CEO of UBD Network, DeTrust Wallet enables users to create decentralized trusts directly within its interface. He emphasizes the benefits of this approach, stating:

“Decentralized trusts are here, and I believe they can provide an efficient, secure, and hassle-free way for crypto inheritance at a fraction of the costs of traditional solutions.”

The need for such solutions is underscored by a Penguin Analytics survey, which revealed that 48% of capital founders from high-net-worth families are concerned about their families’ ability to inherit their assets. The survey, conducted among 13,500 high-net-worth families with up to $100 million in capital, highlights a growing demand for effective crypto inheritance solutions.

Advantages of Decentralized Trusts

Decentralized trusts within DeTrust Wallet allow for automatic asset recovery transactions to a pre-determined backup wallet after a specified period of inactivity. This mechanism helps mitigate risks associated with loss due to death, human error, or hardware failure. Tugushev notes:

“Decentralized trusts will gradually become significant players in the inheritance market as more people start to realize how efficient and attractive they are for passing on crypto wealth to heirs compared to legacy solutions.”

In contrast to traditional trusts, which can cost over $50,000 to establish, decentralized trusts offer a cost-effective alternative for managing crypto inheritance. This affordability is expected to contribute to the growing popularity of crypto-based inheritance solutions.

DeTrust Wallet is designed to function as a digital trust fund, providing users with the capability to set up detailed inheritance plans. This includes scenarios for the distribution and future use of assets to ensure secure transmission of wealth across generations. Additionally, the wallet allows investors to create separate inheritance funds with specific spending allocations. Nik Zhukov, business assistant to the CEO at UBD Network, explains:

“People can create an inheritance plan for specific purposes. For example, if I want my son to spend this money on education…”

Comparing Innovations

The introduction of DeTrust Wallet follows a similar trend in the crypto space, with Coinbase’s recent launch of a smart cryptocurrency wallet featuring beginner-friendly functionalities. Both innovations signify a move towards enhancing user experience and broadening the adoption of cryptocurrency solutions.

UBD Network’s DeTrust Wallet represents a significant advancement in the realm of crypto inheritance. By leveraging decentralized trusts, the wallet offers a secure, cost-effective, and flexible solution for passing on cryptocurrency wealth. As the industry continues to evolve, such innovations are poised to play a crucial role in shaping the future of digital asset management and inheritance.