Serenity Shield is Launching to Develop First Non-Custodial Private Key Inheritance System
Brussels, Belgium, 13th April, 2022,
— Serenity Shield is an innovative startup focusing on the very real issues of managing large sums of wealth with blockchain technology, a direct consequence of owning private keys.
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. There are many cases of people forgetting the password to their holdings, losing it, or getting hacked out of their wallet.
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 death. The grieving family members often have no way to access their relative’s inheritance, permanently locking the assets away.
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 (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 Serenity 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.
Serenity Wallet is deployed on Secret Network, a blockchain enabling private data storage. The privacy mechanisms employed by Secret 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 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 off two private rounds for $2 million. Mainnet launch is expected in Q3 2022, following extensive audits and penetration testing.
“Serenity Shield solves a real problem deriving from mass adoption of crypto: how do you maintain the same flexibility of Web 2.0 while remaining non-custodial? With Web 2.0, it’s rare to completely lose access to your accounts, and we need to bring that same experience to Web 3.0 if we want to reach 1 billion crypto users in the next few months or years.” — 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 wallet access and ownership transfer. Thanks to advances in cryptography and private blockchain data storage, it has designed a fool-proof and non-custodial method for recovering seed phrases based on personal data, as well as making provisions for crypto asset inheritance in cases of unexpected death.
- Candice Baudet
- Serenity Shield