Attention: The company behind Serenity Shield asked us (with a formal letter, threatening with further legal steps) to change some paragraphs. We have added their statements in this post, starting with “The company says:…”. This token was green in our risk evaluation and we started this post and our discord channel because we thought Serenity Shild would have been a good investment chance. But after these steps, there is no trust left and we can not advice anyone to invest their money into this project. But please, DYOR 🙂
They are uniquely, identifiably yours and yours alone. Cryptocurrencies are digital assets that you own outright. Which means they can be bequeathed to others. And that is why so many individuals chart a course toward private, independent wealth. To build a legacy for their children and their children’s children. We hear this type of motivating advice all the time: don’t just get rich. Build enough wealth that your entire lineage is financially independent for successive generations! And investing in crypto can make that happen.
But what happens when you die? How do you ensure that your crypto inheritance is passed on to those you love? Until now, there hasn’t been a way to do so with absolute certainty. Your digital assets could be lost forever if your wallet seed or secret phrase is not recovered. Or if you suffer a personal tragedy or death.
Up until now, the means of storing and bequeathing crypto to your next of kin have been entirely insecure. The trusty USB key stuffed in a shoebox somewhere doesn’t cut it anymore. Even if you keep them in a physical safe, what happens if that safe is lost or destroyed? Also, storing your private keys locally on your devices means they are vulnerable to loss, theft, or destruction. Your crypto would be gone forever.
Here are some stats that should alarm you: in 2021, crypto-related frauds, scams, and forgotten secret wallet phrases amounted to more than $14 billion in losses globally. Nearly double the amount reported in 2020.
It’s clear that something needs to be done to reverse this trend of lost and vulnerable crypto.
The Digital Assets Legacy industry is big business
And it’s growing every day. More than $30 trillion is expected to be passed down from one generation to the next by 2045.
Enter Serenity Shield. They are promoting themselves as the solution to crypto inheritance. A way to safeguard your digital assets in the event of a lost wallet seed or secret phrase, personal tragedy or death.
How it works
Serenity Shield’s Digital Asset Legacy provides a non-custodial seed recovery solution that allows family members to access any crypto inheritance left for them in the event of an investor’s unexpected demise.
What does this mean?
Serentiy Shield is offering what it calls its StrongBox method of protecting user’s vital information. When a new Serenity Shield user signs up all their vital and sensitive info (wallet seed, passwords, etc.) is both fully encrypted and transformed into three separate NFT keys. The account holder receives one key, one goes to their nominated heir, whilst the other remains locked in a Serenity Shield smart contract. To access the StrongBox, two of the three keys are needed.
Sounds good. But is there a problem?
The short answer is yes.
While Serenity Shield does offer some features that are innovative and helpful, there are some areas where the company falls short.
Serenity Shield may not be the best solution for crypto inheritance. Here’s why.
Their promises of StrongBox security is not yet verified, at least no audits can be found on their website. The company says: “several independent auditing companies have been appointed“Â
According to their website, the crypto legacy platform aims to “provide a new and innovative blockchain technology solution, leveraging the immutable security of smart contracts paired with a professionally designed, user-facing Front-end Decentralized App (DApp).”
However, there are some serious questions about the security of their platform. In particular, their use of “smart contracts” to transfer crypto in the event of death or incapacity.
Using smart contracts for this purpose is a new and untested technology. There have been a spate of high-profile hacks of smart contracts over recent years. In fact, over 4.2 million ETH has either been stolen or infected, which represents a sizeable chunk of Ethereum’s overall supply.
Serenity Shield’s platform is built on the Solana smart chain, which may or may not be more secure than Ethereum. If the recent Solana network outage that left $11 billion worth of investor’s funds hanging in the balance for 17 hours is anything to go by, serious questions need to be asked.
The bottom line is that Serenity Shield is built on new and unproven technology. If you are going to entrust your crypto inheritance to them, you need to be aware of the risks involved.
They aren’t the only service provider supplying this type of solution. The company says: “few companies develop similar solutions, but without our business model advantages on friendly user features and security features”
Innovative platforms are quick to capitalize on perceived issues facing the mainstream crypto market. With crypto inheritance proving a major headache for the industry, as well as slowing uptake among the uninitiated, there are already multiple projects that tackle this problem.
One such project is LegacyShield, which uses a combination of physical safe deposit boxes and cutting-edge software security to protect user data. While Serenity Shield may have first-mover advantage in many respects, they aren’t the only player when it comes to crypto inheritance solutions.
Is it more a case of marketing hype than a necessary product? The company says: “the mere presence of several high-level profiles within the Team highlights the trusts and utility of the Serenity Shield solution, soon to be launched”
In the crypto world, it’s often hard to separate the wheat from the chaff. With so many new projects and solutions being launched on a daily basis, it can be difficult to know which ones are genuine and which ones aren’t. However, the proof is in the pudding.
Of the ten people officially listed on the company’s website as belonging to the Serenity Shield team, over half work in marketing. This begs the question if the solution they are bringing into the crypto space is so good, why do they need to put so much effort into marketing it?
It’s also worth noting that the company has no track record to speak of. This, in and of itself, is not necessarily a bad thing. But when you couple it with their over-reliance on marketing and promotional materials, it does give one pause for thought.
Old school methods of crypto legacy transfer might still be best
In the end, it comes down to personal preference. If you are comfortable with entrusting your crypto inheritance to a company that is built on unproven technology and which relies heavily on marketing to generate interest, then Serenity Shield might be the right solution for you.
However, if you would prefer to stick with tried and tested methods of crypto transfer, then you might be better off going with a more traditional solution of just putting them in your will. It really is as simple as detailing all relevant information about your crypto wallets, as well as making a memorandum with passwords, PINs, and wallet seeds, in your will. You can even record a step-by-step video tutorial on how to access your cryptocurrency that can only be accessed in the event of your passing. To get this started, the first thing to do would be to contact your lawyer who should be able to step you through all the necessary protocols and procedures.
Final thoughts
With the $SERSH Token, the utility token created to access a user’s ‘StrongBox’, now about to launch its public sale via ICO, it’s essential to understand the real utility Serenity Shield is bringing to the market.
The project has received a lot of hype and, while it does have some interesting features, there are also some significant red flags that potential investors need to be aware of.
One of the major questions that remain unanswered is what happens if there is a disputed inheritance? With so much money potentially at stake, it’s hard to see how this wouldn’t happen at some point. What happens then? Who decides who gets the money?
These are important questions that need to be answered before entrusting your crypto inheritance to Serenity Shield. Do your own research and due diligence and, if in doubt, always err on the side of caution.
The bottom line is that Serenity Shield might be a solution for some people, but it is not without its flaws. There are other, more established methods of crypto inheritance transfer that might be better suited for your needs.
If you are willing to take on the risks involved, then it might be worth becoming involved in the project and investing in the upcoming ICO. However, if you would prefer to stick with tried and tested methods, then there are other options available.
What do you think? Is Serenity Shield a solution worth investing in or is it more hype than substance? Let us know your thoughts in the comments below!