Every day the world is forever changing. Early men first started using tools to discover how to light a fire, grow crops to eat and to invent the wheel. Human beings collectively are constantly evolving to the ever-demanding environment around us. In the early phases of men, a commodity to commodity exchange was used for trading. Excess goods in one family or community were exchanged for goods held in another. Initially there was a problem of accurately determining the value of goods against others especially when different communities offered different values. Combating this, early colonies used rare shells or pebbles to as a means of exchange.
Step forward into the future and money is used currently to determine a products value. Initially, paper money had to be backed by gold or silver against the nominal value. This is called the gold standard. But since 1971, national economies no longer base their currencies on precious metals reserves. This allows states to modify the amount of money emitted in accordance with their own policies.
The first banks appeared in Italy during the middle ages. Members of the public could store money and receive receipts valued against the balance deposited. This could be used by friends, family or business acquittances.
History shows this wasn’t always successful in ensuring people kept in control of their funds because if a bank went bankrupt, you would only get your money back if the state funded the loss. The amount you would receive could be limited meaning the customer may receive less to none of the value deposited back. If a crisis occurs, the state may limit the amount that the bank can pay to a customer within a certain timeframe.
The way we perceive money changed on January 3rd, 2009 when the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin. With the invention of bitcoin, people could once again be in complete control of their own money. After bitcoin many other cryptocurrencies emerged trying to more or less successfully solve problems within our world. With cryptocurrencies, great opportunities come with great responsibility.
If your private keys get lost or stolen, you lose all your cryptocurrency. Nobody can help you in that case!
So how do you store your cryptocurrency? Do you keep it on exchange or wallet? Do you use secure wallets? How secure are exchanges? Where do you keep passwords for your wallet? Do you keep your private keys in a way you can guarantee their safety?
A common phrase is “Not your keys, not your coins!” This is recognized as a major problem so every year on the 3rd January, crypto users are urged to withdraw all their cryptocurrency to wallets of which they have private keys. “Proof of keys“ day was established by the Trace Mayers Initiative. How helpful has this been and how well used is this by people you know using cryptocurrencies?
Just ask yourself this. Are you sure that your private keys are still stored safely? Do you ski? Do you play sports? Even if you walk the streets there is a possibility that you can have a serious accident. What if you lose your memory? Are you sure that someone close to you could gain access to your cryptocurrencies? How could you ensure your digital assets could be passed safely to someone you love when the worst happens?
Maybe because cryptocurrency hasn’t been around for long, there hasn’t been a real need to worry about the distant future. But there is currently a problem of inheriting cryptocurrency or confidential digital information by our successors. How can we leave cryptocurrency wallet private keys in a secure way? If you give your heirs private keys immediately, are you sure that they will hold them responsibly or that they will not take your cryptocurrencies in case of a quarrel or disagreement? If you leave your private keys with a lawyer, are you sure he won't steal them from you? You can put them in a security box at the bank, but unfortunately this doesn’t stop problems still associated with banking.
Today's world is becoming day by day more reliant on digital technology, so it’s safe to say looking after and passing on our digital assets is a dilemma.
Caelum project (caelumproject.io) offers a solution to this problem.
Caelum will be a platform for secure digital data storage with cutting edge technology using a blockchain that is decentralised and encrypted. It’s not just for cryptocurrency. Photos, videos and what is valuable to you can be stored on the platform. Based on the users needs, you will be able to choose from several methods to store your digital data. One method could be to confirm that you are still active by logging on to the platform. If you are inactive for a period of time then your keys will be passed on by your instructions. It will also be possible to integrate Facebook, Twitter, Gmail or any other public platform that has an open API that Caelum can utilize and integrate with to expand this process. For example, if you do not publish any Facebook post within 3 months, Caelum will pass on the saved information to the heirs.
Caelum will be anonymous. Only an email address will be required to register.
If you would like a more detailed technical specification on how Caelum project will work please check via the link: https://caelumproject.io/whitepaper/
Since the creation of Caelum, the cryptocurrency community have debated that there is only one developer working on the Caelum project. I have to say that some of the great projects in history have emerged as the initial effort of one or two people. Let's just mention Amazon and Jeff Bezos, Facebook and Mark Zuckerberg, eBay and Pierre Omidyar and so on….
This is only the beginning. Caelum project is an open source blockchain so anyone can one day contribute to the development of the platform.
If you believe like myself and others that digital cryptocurrencies will be increasing in importance in the future and you are planning to invest, I suggest you join our community because you find out that you already need the service Caelum project will provide!
Do not forget that there will ever be 21 million BTC in existence, and in this Corona virus crisis every government in the world is creating new money and expanding balance sheet and with that crushing value of their fiat money. Some believe that American FED is creating 1 million dollars every second!
If you are interested in learning about digital inheritance solutions or want to monitor the progress of our project please join:
Written by Clint