Today, in this Samhain week, time of the year when the two 'worlds' (material and spiritual) close together and better communicate, we have the launch of this new Protocol to honour Bitcoin and all positivity it will bring to humanity.
This project was originated to solve an existing problem: to leave bitcoin inheritance to one's own children, but in a decentralised manner, without the intervention of an external third party (spouse, public notary, etc...) thus in perfect accordance with the Fundamental principle of decentralisation.
We have created this protocol, (seeking inspiration from John Nash game theory 'dominant dynamics' on which bitcoin incentives are based) so that it can have own life, without the need of a central Big Brother to make it work.
It is an open-source code plug-in and a Will-Executor, taking in charge the inheritance transactions’ push, will stay active for at least the next 10 years to await the consolidation of the protocol with more and more Will-Executors joining in.
The economic incentive necessary to make all this possible, is a fee included in each inheritance transaction and is paid when the Will-Executor transmits the inheritance transaction to the nodes, and it is therefore inserted in the block.
We expect the BAL PROTOCOL to be successful thanks to the incentives included in the inheritance transactions. These incentives are substantial and increase with the Bitcoin value in time and above all are appealing for more and more servers to join in the inheritance transactions with a prospective for middle / long period gains.
Anybody will have the possibility to create a server Will-Executor to contribute to the protocol and earn commissions, since the code is available as open-source.
BAL PROTOCOL, together with the Electrum plug-in, besides inheritance can also create a backup of one's own wallets, if planned in advance, to obtain protection in the case of private key loss.
BAL PROTOCOL is also extremely useful when managing a multi-sig Wallet, in order to have a security option for exceptional cases.
Many are its potential applications, and we encourage the community to find many more others.
Our Electrum plug-in
The B.A.L. plug-in has been created for Electrum wallet, considered the gold standard among bitcoin wallets. We hope one day that Electrum developers will understand the value of this plug-in and will integrate it directly by default.
We know technology is useful when it is easily available to people in order to improve their lives; therefore BAL main objective will be to improve and to simplify this interface
All the work carried out to implement this project and BAL protocol (Bitcoin After Life) has been procured only with payments in Bitcoin with no use of FIAT currencies.
In the website bitcoin-after.life you will find instructions to install the plug-in in Electrum and several practical examples on how to manage heredity with the Plug-in.
Plugin Operations
The plugin generates a transaction with Locktime set to a future date; the transaction is signed and sent to one or several Will-Executors, who will take care in retaining the transaction and send it at the expiry date.
In order to provide economic incentives for the Will-Executor to keep and broadcast the transaction, an output will contain a fee payment, which will be received only when the heredity transaction is confirmed in the block chain.
Bitcoin After Life Electrum Plugin
Bitcoin After Life Broadcaster
Signed
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