In an earlier post I recently touched on DigiPulse and how they were the first digital asset inheritance platform however, they are not the only one. Enter Safe Haven, having announced on the Bitcointalk forum in late January they believe they have the right solution to digital inheritance. Lets take a look at Safe Haven and see how they differ from DigiPulse.
How does Safe Haven work?
Safe Haven utilizes what they call The Family Circle Plan (TFC) where the dealer (the person who wants to protect their legacy) gives out shares that make up the secret to the players (inheritors) when certain conditions are met. However, the shares given out to the inheritors are not enough to make up the entire secret to access the digital assets and this is where the Trust Alliance Network (TAN) comes into play. The TAN is an autonomous social networking hub for blockchain related legal affairs. The legal entities that make up the TAN are referred to as validators and are the last piece of the puzzle required to complete the secret.
Here is an example that is given in their white paper. Lets say you have 3 children you would like to pass your digital assets onto them. Your secret will be split into shares (max 8 in this particular scenario) , 2 will be given to each child and 2(-1) will be given to the validator. The validator will always have 1 less than a player. In this particular scenario you will need 7 shares to make up the secret key so the players shares alone will not be able to make up the secret key alone without the validators share and vice versa.
Like DigiPulse, Safe Haven also has what they call the Safe Haven Vault where one can setup their own smart contract and issue their contents to the player(s) when initiated by the dealer or by a watch dog mechanism.
How is the token utilized?
SHA is used as fuel for creating/executing the smart contracts on the blockchain, the dealer along with the validator will also have to lock up tokens in a smart contract in order to utilize the Safe Haven platform with the validator having to lock up more. The amount of tokens that need to be locked up will depend on the terms and conditions of the smart contract. Safe Haven is currently working on a staking solution, however no details are available as of now
TAN is a mineable token that will be used a rewards system for legal entities that become apart of the Trust Alliance Network.
Current state of Safe Haven?
End of ICO! The ICO ended on March 10th and according to their site, have sold over 11m tokens at a valuation of $4.716m. The roadmap currently states a Beta launch of the platform will launch in Q2 of this year with a full product launch the following quarter. Take these dates with a grain of salt as many blockchain startups have very aggressive roadmaps to attract investors and face many unforeseen obstacles that appear due to space being unregulated.
How does Safe Haven compare to DigiPulse?
| Safe Haven | DigiPulse |
|---|---|
| Legal entities involved | Peer-to-peer |
| Not autonomous | Autonomous |
| Not anonymous | Option to be anonymous |
| Not decentralized | "Smart vault" is decentralized |
| Complex TFC protocol | Simple "smart vault" |
| TAN responsible for inheritance distribution | DigiPulse responsible for inheritance distribution |
| SHA token staking | DGPS profit sharing + DGPT storage provider rewards |
Final thoughts
The biggest differentiation between DigiPulse and Safe Haven is the inclusion of legal entities in the latter. With the birth of smart contracts, lawyers will become less prevalent as the vision of "code is law" grows. With the complex split share solution there may be a possible risk of shares being lost that will make the secret irretrievable, even with fail-safe contracts in place. The Safe Haven model works well for the management of funds functioning like a multisignature wallet. DigiPulse however, encompasses and embraces what Bitcoin intrinsically stands for decentralization, anonymity, and peer-to-peer.
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