DigiPulse the world’s first ‘digital cryptocurrency vault’ which provides an inheritance service for digital and crypto assets has launched its Alpha version.
This live Alpha preview will give public access to the DigiPulse service, which offers decentralised data storage on the blockchain.
This lets customers safely secure and pass on their digital assets to those they care about when they pass away.
These assets can include cryptocurrencies, digital images and other electronic documents.
Normunds Kvilis, the firm’s CEO and a former analyst at a leading Scandinavian bank, said: “I’m delighted to be able to announce that the Alpha version of the product is now publicly available.
“For a firm to have an Alpha demonstration live at the same time it is raising funds through a token sale is rare, but we think it’s important as seeing is believing.
“If people try the system for themselves, they can really share in our vision.
“Although the product is not still in development, the Alpha gives users the chance to experiment with setting up their digital storage ‘vault’, uploading and storing files on the blockchain, generating private and public keys for the inheritance procedure and logging in with these keys.
“Apart from the Alpha demonstrating our team’s speed and dedication as programmers, the key reason for the Alpha is to provide feedback from customers so that we can improve the user experience (UX).
“As this is a test module, we are reminding users not to store anything valuable in their vault!”
While this stage of development resembles the finished product, the team is continuing to produce new features such as multiple vaults and encrypting ‘shared keys’ with questions about the inheritor.
The Alpha is available for public testing on DigiPulse.io.
Co-founder and CTO of DigiPulse, Dmitry Dementyev-Dedelis, first saw the potential for DigiPulse when he encountered health issues and realised that, if he were to pass away, his family would be unable to access his digital wallet.
This would mean that his cryptocurrency assets would be effectively lost.
DigiPulse solves this issue by allowing its users to store and encrypt information on their own decentralised blockchain.
Kvilis said: “We are addressing one of the major flaws that cryptocurrencies themselves have, which is that in order to use cryptocurrencies you need to have a digital wallet.
“Cryptocurrency wallets consist of a public address and a password. If you lose either one of them, your assets are stuck in internet limbo.
“We offer, firstly, a way for you to pass your assets on, with an inheritance service, and secondly, a failsafe solution – in case your PC gets lost or your house burns down. You can still access everything that you have stored.
“As people begin to use cryptocurrencies for a broader range of applications and hold significant crypto assets for investment, we must ensure that their families receive their belongings if the worst does happen.”
The DigiPulse system uses what is often known as a ‘dead-man’s switch’, in connection with the customer’s smartphone, social media account or emails.
If these are not accessed for the agreed period of time – between one day and 18 months – DigiPulse will automatically contact the rightful inheritor.
DigiPulse is currently hosting a token sale which has passed the equivalent of $1million of funding. The token sale will continue until 31 October 2017.
DigiPulse tokens (DGPT) are sold at a fixed price (with additional tier bonus rewards) of 0.004 ETH (1 ETH = 250 DGPT).