CZ calls for “he will work” to secure the encryption legacy amid inheritance fears

Binance Changpeng Zhao (CZ) urges encryption platforms to “work”.

This is to address the increasing need for reliable inheritance systems in the area of ​​digital assets.

Community concerns

in statement “Each platform” will work ” – so that when someone no longer exists, his assets can be distributed to dedicated accounts according to specific proportions. “

Binance CEO also called on the organizers to allow minors to obtain encryption accounts that could receive payments but not trade. According to him, this will allow children to obtain digital assets by family members. He stressed that although the inheritance is a sensitive topic, “it is the advantage of everyone who has assets on a platform that will need once.”

The conversation started with a mail From Web3 Community Builder Cryptobravehq, which indicated a tweet they made in April. Exploration encryption Indicate Copying assets of more than one billion dollars are transferred to the central exchanges every year due to accidental deaths.

He explained that many traders either do not report their families about their property or fail to share the details such as the number of assets or platforms they use. As a result, when these users go away unexpectedly, their accounts become inactive, then exchanges end in obtaining their digital assets.

Contact feature and inheritance in Binance

In response to the problems that were raised, Binance raised the feature of “Emergency Emergency Cases of Inheritance” on June 12. The update enables users to appoint contacts in emergency situations and submit an application if their account becomes incomplete for a long time or in the event of death. This allows people to choose in advance and who may be eligible for encryption holdings.

Once you reach the specified inactivity threshold and the user remains unpopular, the stock market will contact the contacts in the listed emergency situations. If the verification succeeds, these individuals can start the inheritance demand process.

Competitors such as Coinbase and Bitgo use more traditional methods to deal with encrypted real estate planning. The former requires the heirs of submitting legal documents such as death certificates and will. This process is manual and does not include any beneficiaries settings within the application. The latter uses multi -signing portfolios, cold storage protocols, and customized access control items to support inheritance. This is done through legal partnerships from the third party.

Meanwhile, Binance is also applying to prove the por reserves by issuing their disclosure monthly and on time. A new report from Cryptoquant revealed that the stock exchange ranked first in transparency and constantly maintaining a reserve coverage of more than 100 %.