Under embargo – Wednesday, April 13 at 9:00 AM EST
Serenity Shield Develops First Non-Custodial Private Key Inheritance System
Paris, France, April 13, 2022 — Serenity Shield is announcing on the official launch of its project, which will focus on protecting and transmitting access to digital assets in an innovative fashion utilizing NFT technology.
Serenity Shield positions itself as an innovative game changer. The cryptocurrency ecosystem today offers multiple methods of safe custody based on private key wallets, which allow users to store their assets without relying on third-party custodians. These methods, however, present an often impossible dilemma: the safer it is, the harder it is to store and pass down to an heir. There are many cases of people who have forgotten or lost the password to their assets or had their wallets hacked.
In addition, crypto asset inheritance has always been a pain point for self-custody, as security-minded users often fail to make provisions in the event of sudden passing. The grieving family members often have no way to access their relative’s inheritance or are not even aware of the existence of these assets, permanently locking the assets away forever without any possibility of future recovery.
Serenity Shield makes the first non-custodial solution for seed recovery, which includes a mechanism of nominating heirs and passing the wallet down, called Digital Asset Legacy.
The system divides a user’s wallet, called the StrongBox, into three non-transferable NFTs. The NFTs each contain a third of the secret code (based on Shamir’s Secret Sharing) needed to access the wallet. One NFT is held by the user, another is held by the nominated heir, and the third is held by The Serenity Shield Wallet, a smart contract that delivers its key to either the heir or the original user depending on specific Activation Conditions defined when setting up the StrongBox. The conditions can be based on lack of activity, or active “pings” requiring action to ensure the original user still has access to the wallet.
The Serenity Shield Wallet is deployed on Secret Network, a blockchain enabling private data storage. The privacy mechanisms employed by Secret Network enable non-custodial private key recovery, as otherwise the encrypted data contained in the NFT would be fully transparent.
Serenity Shield is designed for all types of crypto users, combining the simplicity and flexibility of traditional Web2 authentication with fully non-custodial processes. Unlike other “contingency” solutions, Serenity is completely blockchain-native, decentralized, and doesn’t rely on the legal system to activate the inheritance.
Serenity Shield will offer its $SERSH token, which will be backed by the protocol’s revenue via an automated buyback-and-burn mechanism. The platform will offer a $4 million public sale in June 2022, building on the initial fundraising from project incubators and two private rounds for $2 million to be launched in mid-April and mid-May respectively. Mainnet launch is expected in Q3 2022, following exte.0 nsive audits and penetration testing.
“Our mission is clear: Serenity Shield aims at resolving a major problem in the Cryptosphere with a simple Blockchain solution. An innovative, revolutionary and decentralized approach securing the storage of sensitive information and its automatic transmission to designated heirs. We have particularly ambitious goals and plan to secure thousands of active accounts within the next 24 months.” — Rodolphe Seynat, Co-Founder of Serenity Shield.
About Serenity Shield
Serenity Shield was born in 2021 as a result of identifying a glaring and as yet unaddressed need in the global cryptocurrency market for secure access to and transfer of ownership of digital wallets. Using advances in cryptography and private storage of blockchain data, it has designed a foolproof, non-custodial method of retrieving seed phrases from personal data, as well as automating the transmission of access to these crypto-assets to designated heirs in the event of the owners’ unexpected death.