What is "Manage inheritance"?

Ownbit 2024-12-06

"Manage inheritance" makes your Bitcoin (including Ethereum, TRON network, etc.) inheritable. Traditional Bitcoin addresses cannot be inherited. If the holder encounters an accident in life, or the wallet mnemonic is permanently lost, the related assets will be lost forever. This wealth will disappear forever, and the family cannot inherit it.

How to make assets inheritable? If you copy a mnemonic to the inheritor, the inheritor will bypass the asset owner and spend the asset directly.

In order to solve the above problems, Ownbit's "manage inheritance" uses multi-signature technology to make your Bitcoin (including Ethereum, TRON network) truly inheritable. When you are still active, the inheritor cannot spend the assets. Only when you have an accident, the inheritor can take over the assets.

How to set inheritance?

In Ownbit, wallet IDs are used to represent different roles, for example: wallet wallet_A is the asset owner A, and wallet wallet_B is the asset inheritor B.

1. Click "Manage Inheritance" on the wallet management page of wallet_A, select the corresponding coin type, and enter the manage inheritance page;

2. On the manage inheritance page, click the button and enter the inheritor wallet ID: wallet_B;

3. Inheritor B also enters the "Manage Inheritance" page in his wallet wallet_B and clicks the button to agree or reject the corresponding setting request;

4. After inheritor B agrees, the inheritable address is generated. At this time, owner A can enter the inheritance management page of wallet_A again and click the button to switch to the inheritable address. At this time, the receiving page of wallet_A is changed to the inheritable address;

5. Owner A receives and sends Bitcoin with the inheritable address.

6. When setting up the inheritance of ETH, BSC or TRON, an additional step of "deploy multi-signature contract" is required.

The set management page is as follows:

When can the inheritor take over the assets?

When wallet_A is inactive for 416 days, inheritor B can enter the inheritance management page of wallet_B and click "Take over assets" to take over successfully. At this time, inheritor B can send the taken-over assets.

On the inheritance management page, you can view the active time of the assets owner. When owner A sends a transaction, the current active time is automatically refreshed. In addition, owner A can also actively click the button "Stay Active". That is to say, within 416 days, the asset owner successfully sends at least one transaction, or actively clicks the "Stay Active" button once, otherwise it will be regarded as an accident, and the inheritor can take over the assets.

Which coins are supported?

Currently, the coins that can be set to inherit include: Bitcoin, Ethereum, Binance Smart Chain, and TRON Network.

Technical principle?

Bitcoin inheritance:

The inheritable address of Bitcoin is a 2-4 multi-signature. Owner A has two pubkeys, inheritor B has one pubkey, and Ownbit software service has one pubkey. Therefore, the owner A does not need the cooperation of others to spend the assets, while the inheritor B needs the cooperation of Ownbit software service to spend the assets. In the Ownbit software service, a rule is set that if the owner A is inactive for 416 days, the software will cooperate with inheritor B to spend the assets.

Ethereum/Binance Smart Chain inheritance:

The inheritance of the Ethereum network is a smart contract. The contract code stipulates that the owner A can spend the assets, and when the owner A is inactive for 416 days, the inheritor B can spend the assets. The contract code is open source and can be read on etherscan.

TRON network inheritance: Similar to Bitcoin inheritance.

Self-service recovery

Owner A can self-recover the inheritable assets without Ownbit. See the homepage help - how to self-recover assets for details.