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The free announcement was made by Quentin Ehrenmann, developer behind the protocol.
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This solution allows users to create an inheritance system without depending on third parties.
Self-Inheritance Protocol, a protocol designed to ensure the inheritance of Bitcoin (BTC) autonomously and without the need for third parties, is now free for use and open for other developers to work on its code.
The announcement was made on December 19 by Quentin Ehrenmann, a well-known bitcoiner developer and one of the main contributors to The Bitcoin Backup project, which development this protocol to ensure the inheritance of digital assets.
What is it and what is it for? Self-Inheritance Protocol?
The protocol Self-Inheritance Protocol or in Spanish Auto-Inheritance Protocol, is a solution designed to guarantee the secure and controlled transfer of bitcoin to future heirs.
This protocol allows users to create a completely private inheritance system, eliminating the need for intermediaries or external escrow services, ensuring that private keys remain under the absolute control of the original owner.
Self-Inheritance Protocol offers users a decentralized solution to plan the transfer of bitcoin in case of death or disability. It is developed for those looking to protect their funds over the long term and ensure they are accessible to their heirs privately and securely.
Unlike traditional escrow services, the Self-Inheritance Protocol allows users to create an inheritance system that does not depend on banks or other centralized entities.
Users can set custom rules for transferring their funds, ensuring that only the beneficiaries designated persons have access to them, under specific conditions defined by the owner.
How does Self-Inheritance Protocol work?
The protocol is based on native Bitcoin technologies such as Multi-Sig (multi-signature) configurations and script OP_IF, to create specific conditions that must be met for the transaction to execute.
Through Multi-Sig, funds are distributed among several keys, requiring the multi-party authorization to access them. This allows you to create more secure setups for transferring funds, such as including beneficiaries or custodians in the signing process.
Additionally, this inheritance protocol uses cryptographic techniques such as Shamir’s Secret Sharing (SSS), which fragments private keys into smaller pieces, distributing them among different custodians or devices. This method guarantees that no party has full access to funds alone.
The protocol also uses timelock scripts, which condition access to funds based on a specific date or eventsuch as confirmation of the death of the owner.
A user could set up their account on the Self-Inheritance Protocol so that if their funds do not move within a specific period of days, weeks or months, this triggers a predefined condition that allows their heirs to access the BTC holdings. from the original owner.
In this way, this protocol, through its cryptographic tools and the advanced capabilities of Bitcoin scripts, allows the creation of a system adaptable to each need to manage inheritance.
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