Can You Protect Bitcoins for your Successors with ‘’DMB?’’

Can You Protect Bitcoins for your Successors with ‘’DMB?’’

A question among crypto developers has been revolving about crypto and afterlife of crypto that has recently led developers to get together in London to experiment with regenerating the existing lightning protocol to dispatch private messages as a ‘’dead man’s button’’ that is expected to keep your crypto safe and secure for your heirs. The concept to explore building a dead man’s button with lightning got introduced by Joost Jager, Lightning Labs infrastructure engineer who has been exploring using lightning for messaging over the past year, in a workshop at the advancing Bitcoin conference. Lightning’s relatively new features namely ‘’Keysend’’ got introduced in the workshop. Jager said that Edward Snowden used one in case he died before reporters could reveal the contents of the documents he intended to bring to light. As the features are yet under experiment, these are not taken as lightning specifications.

In this system, to pass on a bitcoin (BTC) inheritance, a user needs to communicate with a service pushing a button that would dispatch a message every week. The bitcoin user will be counted as dead, if the button isn’t pressed once a week. Jager is thinking about the privacy of sender and receiver and also about adding additional features. According to him, the receiver should allow the receiver should allow the sender to get proof to get proof the service still has the secret. After thinking deeply, the workshop developers found some ideas, which Jager published to GitHub even though he included a rough implementation. But as thought by Jager, this design isn’t the best way forward but what he said is it’s a proof of concept can inspire others implementations.

What can be happened?

The system of ‘’dead man’s button’’ can show off what lightning can do as a messaging system was the primary thought. The dead man’s button can be a real use case too. Jager expects that people will soon see the possibilities. The system could be an alternative to those people who try to arrange their crypto inheritance. But reportedly, the technology is far from ready and that is why people should not put their money into any experimental dead man’s button system just yet. Seeing other projects like Dead man’s switches, it is said by lawyer Pamela Morgan that something as significant as inheritance is likely to cause catastrophic loss. People should explore ways to make sure crypto inheritance a more common practice.

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