Smart Testaments
The i-Ternity smart-testament service is a four stage process:
Creation of a Smart-Testament
Providing Proofs of Ownership
Providing Contact Information of the Testator’s Heirs
Creating and Scanning a Hand-written copy of the Testament
1. Creation of a Smart-Testament
The first step is for users to create their i-Ternity smart-testament by following the step-by-step process on our platform. In this process users are asked to fill in a series of fields in a draft template which ensures all information necessary to the drafting of a fully compliant testament is provided. The template provided will self-adjust to match the specific user’s geo-location, thereby ensuring that the information provided matches the national or continental requirements in force. This first stage of the i-Ternity value proposition allows us to provide users with the guarantee that their testaments will meet all domestic and international legal standards and thereby to ensure that their assets cannot be lost due to an improperly drafted testament.
The information requested during this step concerns civil data which is needed to identify the user. The provided information is then safely stored as metadata.
To avoid the risk of identity theft, a Know Your Customer (KYC) procedure will be required from our users. To ensure the highest level of security, this procedure will be outsourced to a specialized service provider.
2. Providing Proofs of Ownership
In the second step users will assist in identifying the assets they wish to include in their testament. Once they have listed all of their assets, the platform will provide assistance so they can provide all the necessary certificates of ownership needed to justify the assets belong to the user. These supporting documents and certificates will be minted and stored in the form of NFTs to ensure they cannot be modified or tampered with in any way. The aim of this second stage is quite simple to help user’s go through all of their possessions in a systematic manner in order to ensure they do not forget to include anything and that they provide all necessary proofs of ownership.
3. Providing Contact Information of the Testator’s Heirs
In the third step, users are asked to provide the civil and contact information of their chosen heirs so that they can easily be reached after the testator’s death. For each justified piece of asset, the testator will have the option to choose if it is divided in equal shares amongst the heirs or according to a specific distribution. In the case no preference is selected, the equal share option will be chosen by default.
With the aim of further facilitating the transmission of heritage, users will also be offered to select one or more notaries who will then be responsible for the validation process. By default, a list of recommended notaries working in collaboration with i-Ternity will be suggested according to the user’s geo-location.
Following these steps, a payment will be requested before the final testament is generated. It is important to note that users can benefit from a considerable discount if they choose to pay for the service with $WILL tokens. This is done to incentivise users to buy and hold $WILL tokens, thereby adding value to i-Ternity’s native token. Upon validation of the payment, a testament is generated in PDF format which the user can then download.
4. Creating and Scanning a Hand-written Copy of the Testament
Depending on the user’s nationality and the relevant legal framework applicable in each country, an additional step will be mandatory to ensure the legal validity of the testament.
In the EU framework, the testament must be copied in a handwritten manner and signed by the testator. The user will then be asked to upload a photo or scan of the document onto the i-Ternity platform. The uploaded handwritten testament is then transformed into an NFT on the Solana blockchain, while the supporting documents (proofs of ownership & other certificates) are stored in a decentralized manner on the IPFS protocol. If it is possible, the testament’s NFT will also be stored on the user’s country-specific official notarial blockchain. Once the i-Ternity multichain solution is fully implemented, users will have the choice of their prefered blockchain on which to mint their testament’s NFT.
What happens after the testator’s death ?
As part of its service, the i-Ternity platform will be connected with the death registry of each country in which the service is offered. Today each country’s death register offers different technical solutions to query their databases. To make sure information from these registers is continuously synchronised, i-Ternity will adapt to each individual solution (API, data file imported daily, etc.). In the future, as the technology develops and new query solutions become available, we will adapt and improve our service to make it as efficient and reliable as possible.
In the event that the verified civil identity of a person registered on i-Ternity matches a death registry API query result, the application automatically checks if a testament is registered on one of the blockchains used by i-Ternity. If an NFT testament is detected, an SMS notification is sent to the testator’s heir contacts as well as to the selected notaries. This SMS will contain a private link to access the NFT testament. From this point on, the processing and execution of the testament follows its usual course in accordance with the national regulations in force in the testator’s country.
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