Litepaper
Last updated
Last updated
Crypt is a decentralized estate planning application which allows custodial and non custodial execution of the winding up of estates
Crypt will allow you to create estate planning distribution rules that will then be able to be enacted either custodially or non custodially to your beneficiaries.
Let's walk through an example:
Let's look at John W. Rich. He's wealthy and has a sizeable fortune in Crypto holdings. He's old and he has a young wife that recently hooked up with the pool boy. Things are looking dangerous for old John.
John doesn't trust his lawyer and he doesn't trust his family. So he logs onto Crypt and starts setting up his account. He links:
His Ledger hardware wallet with BTC holdings
His Metamask Web wallet with ETH on Ethereum, BNB on BSC and AVAX on Avalanche
He then sets up his estate distribution schedule:
He gives 20% to his feckless son, Numpty McNally
He gives 60% to dear old mom, who always loved John even when no-one else did
He gives the remaining 20% to the Giving Block. Because even wealthy guys have a heart sometimes
Now John has a choice to make. Does he want a lawyer distributing these funds when he meets his unfortunate demise, or does he want it to be trustless and based on consensus.
If John chooses a lawyer, he'll be linked to a local lawyer that has signed up with Crypt. If however John chooses a non custodial distribution of his will, he can then determine how they decide when he's gone to them shiny Pearly gates. He chooses the following:
All his beneficiaries have to sign a multisig in order to distribute the funds.
If consensus is not reached, then the funds transfer to a custodial estate to be distributed according to local legislation
Crypt will be built by the community and owned by the community.
As such we will look to partner with Figment to host the course and distribute the tokens.
1 million RIP will be set aside for the lecturers. Since we have 10 subjects, it will be 100,000 RIP per subject.
Subjects will be delivered with a video, as well as a test for the students to complete.
Then 5,000,000 RIP will be set aside for students. The aim of the course is to get 500 students to finish the course.
As such each student that completes the course, will receive 10,000 RIP.
