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CirclesUBI / whitepaper

Circles Protocol Whitepaper
https://joincircles.net
Creative Commons Attribution Share Alike 4.0 International
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Death and Inheritance #5

Open aj0strow opened 6 years ago

aj0strow commented 6 years ago

What happens when I die? You can't invalidate AJCoin because they were good money over a lifetime of spending and belong to lots of different people now.

Is there a way to shut off my smart contract? Or is my UBS wallet part of inheritance and now my kid gets 2x payout?

noneymous commented 6 years ago

On death of Alice, all other parties trusting Alice would need to revoke their trust. Otherwise, some other family member of Alice could continue spending both incomes (knowing the key). Since Circles relies on close trust, I believe all trusting parties can note the death of Alice and take action in orther to reject new Alice coins. So far so good. However, they might already have accepted Alice coins in the past and now be stuck with them.

Some form of inheritence could solve the problem. On death of Alice, all Alice coins held by other parties could convert to their native coins. But who is deciding whether the conversion (death of Alice) should kick in or not? This process might become an attack vector to whitewash sybil attack accounts, if not made right.

toonsevrin commented 6 years ago

If the coins are rendered unuseable this would make it irrational to trust people with higher likelyhoods of death. So that's not an option.

Allowing you to trust coins up to a certain issuing date may help to a solution. But even with this system, the trust of this coin is likely to decrease over time (no new relations are made etc.).