We have heard it time and time again, keep your assets on your private wallets and protect your private keys! I’m looking at you Quadriga and Cryptopia victims (slowly raises hand in embarrassment as I too made this mistake). So finally, you learn your lesson and do this. You take a deep breath of relief, and you are finally invincible, right? Unfortunately, not. Even after doing that, things aren’t completely safe and secure. In fact, what happens if you lose your private key? I mean come on, I have problems finding my house keys on a weekly basis. Or what about if you tragically get hit by lightening or have a heart attack as you see your portfolio go from “When Lambo?” to “When $10 Craigslist bike?” within a matter of seconds? So what do you do in the case of short-term memory loss or morbid happenings? Tattoo your private key onto your arm? Tell your closest contact, who just so happens to forget everything? Hopefully not, as these are horrible options and my attempt at trying to be a bit witty. So let’s look at the realistic solution, which is that of a Will or Lost Key Smart Contract. Now for full out techies this may seem like a simple task, but for the average person, they are likely lacking the needed skills. This is where the MyWish services come into play.
The MyWish Will Smart Contract has been around for quite some time, but the Lost Key Smart Contract is fresh off the presses, protecting users in case of death or loss of private keys. The smart contracts are designed in user-friendly templates, which can be set up within a short period of time. To see the benefits of these contracts in an easily digestible manner, take a look at the following:
Will Smart Contract
- Protects funds in case of death
- Easy to set-up with little to no technical knowledge required
- Allows for funds to be managed as if they were in a regular wallet
- Parameters can be set to meet your desires
- Transaction only takes place if conditions are met
Lost Key Smart Contract
- Protects funds in case of loss of private key
- Once again, it is extremely user-friendly
- Conditions, such as time, can be implemented according to your wishes
- Tokens are not required to be stored directly on the contract
- Multiple backup wallets can be included in case of inactivity throughout several of them
Not just Ethereum Anymore
While these details in themselves are quite impressive, it is important to point out one other key facts. First off, in the past, users were only capable of doing this on the Ethereum Blockchain. MyWish has taken this a step further though, and now both of these smart contracts will be available for both the Ethereum and TRON Blockchains. Ultimately, this allows for individuals to have even more freedom when it comes to the safety and protection of their architecture. Luckily, you don’t have to wait to create these smart contracts on the Tron Blockchain as it just released today! The planned release date for these on the Ethereum Blockchain is the 10th of March (at the latest).
As you can see, the creation and implementation of both of these contracts can lift the weight off your shoulders and dissolve high amounts of worry through a quick and easy process. No more fear of forgetting your private key, dying suddenly due to the market dumping, or your dog eating your private key. With the MyWish Will Smart Contract and newly created Lost Key Smart Contract, you can rest well (Ethereum and TRON fans alike).
Useful Links and Information
20% Discount Code: RWPBM20
Lost Key Smart Contract (Main Net): https://tron.mywish.io/create/tronLostKey?network=14
Lost Key Smart Contract (Test Net):