Inheritance plans with Bitcoin are now free

Self-Inheritance Protocola protocol designed to secure 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, developer bitcoiner well-known 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 the event of death or incapacity. 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 the 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 scripts time lock (timelocks), 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 in the Self-Inheritance Protocol so that if your funds do not move within a specific period of days, weeks or months, this triggers a predefined condition that allows your heirs to access the original owner’s BTC holdings.

In this way, this protocol, through its cryptographic tools and the advanced capabilities of the scripts of Bitcoin, allow us to create a system adaptable to each need to manage inheritance.