Of the existing 18.5 million Bitcoin in the world today, 20% of all BTC $140 billion has been lost.

Demetra, a real solution to unpleasant accidents!


One Bitcoin is worth 42 000 Dollars at the time of writing this article. What happens if you forget the password to your wallet containing 7000BTC? Stefan Thomas lost 7000 Bitcoins (Two hundred and Ninety Four million dollars)!!

Of the existing 18.5 million Bitcoin in the world today, 20% of all BTC $140 billion has been lost. What is most interesting is that these losses can easily be prevented. But first, let us take a look at Stefan Thomas.

The Stefan Thomas Story.

Stefan is a software programmer that was paid 7000 BTC as a reward for producing a video on how BTC Works. He put the BTC on a secure USB and lost the paper where he wrote the password down. BTC, of course, has rallied tremendously over the years with his BTC now worth over two hundred million dollars. Unfortunately, Steve hasn’t been able to access the BTC. He has two guesses left to input into the USB Drive or else his BTC is lost forever. He admits to thinking every day about the cryptocurrency he has lost.

Security of Cryptocurrency Assets

The security of blockchain and cryptocurrency is a paradox. The security of your wallet would prevent the owner from getting access to it. There is no centralized entity to write an email to request recovery and your assets could be lost forever. Wallets today are secured using a seed phrase that only you have access to.

Seed phrase

A seed phrase is a collection of words that can be used to access your cryptocurrency wallets. Cryptocurrencies are stored in wallets and there are two major types of wallets. A Cold wallet and a hot wallet. The wallets on our phones are hot wallets and require users to connect to the internet in order to generate their seed phrase. A cold wallet is usually an external device that contains cryptocurrency for safekeeping. Traditionally, hardware wallets are much safer. You do not need to connect to the internet, but Stefan Thomas’s story shows us that you can still lose access to your cryptocurrency assets if you forget the keys to your wallet.

A lot of us hold family close to our hearts. Returns made from Cryptocurrency Investments can help us cater for our family and loved ones. What happens if we are gone and no one has access to our cryptocurrency assets? This is the story of Femi Olayinka; Lagos State, Nigeria’s biggest cryptocurrency trader.

The James Olayinka Story:

James started out in 2018 as a Peer to peer bitcoin vendor. He quickly built wealth during the cryptocurrency bull market of 2020 by investing in Altcoins and NFTs, becoming one of the wealthiest cryptocurrency traders in the West of Africa. James used his earnings from cryptocurrency investment to pay for his sibling’s tuition.

Unfortunately, Femi lost his life in a tragic road accident and His family was thrown into confusion. In addition to the trauma of losing their elder brother, his siblings realized that they could no longer attend college. This was because no one except James had access to his cryptocurrency assets in the wallet.

The Demetra Finance Solution to Loss of cryptocurrency

Demetra Allows users to set up backup wallets, so even if your seed phrase is lost, you can access your assets through the designated wallets. If Stephan Thomas used the Demetra Protocol to secure his assets, on the loss of his seed phrase, any of his backup wallets could easily recover access to the funds.

The Demetra Solution to the Femi Story:

The Demetra Protocol allows cryptocurrency holders to create a will and designate tokens and NFTs to their next of kind With the protocol, anyone could designate a wallet address as a beneficiary, each with a specified share, and assign a beneficiary for each NFT you have. All this information will be stored on the Inheritance Protocol as your will and testament on the blockchain. You would never have to worry about your family and friends if something happens to you. All wallets that would make use of the protocol would need to hold DMT tokens

Inheritance Protocol

 

The Demetra Finance Token

The DMT token is the primary token for the Demetra Finance Protocol. You would need it to use the Demetra finance protocol or for governance. Additionally, all wallets that will use the DMT Protocol will need to hold the DMT Token.

Conclusion:

Cryptocurrencies have changed the world’s Financial System. As a result new challenges to accessing our finances have come. Demetra Finance offers a solution to these problems. We encourage everyone to be part of this. Get in early and enjoy the rewards soon.

For more information check out Demetra website and whitepaper 👇
Websitehttps://demetra.finance/
Whitepaperhttps://docs.demetra.finance/

                           

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