Serenity Shield makes first non-custodial private key system using NFT technology

Serenity Shield has officially launched the first non-custodial key system that focuses on protecting and transmitting access to digital assets in an innovative way using NFT technology.

The move makes Serenity Shield an innovative game-changer within the cryptocurrency ecosystem.

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Crypto wallet private keys

Currently, the cryptocurrency ecosystem has numerous methods of safe custody based on crypto wallets that require private keys.

The private keys allow crypto wallet users to store their assets without relying on third-party custodians and also ensure that only the person with the key can access the wallet.

However, the current custodial methods present an often impossible dilemma where the safer it is, the harder it is to store and pass down the stored crypto assets to an heir. If a password or private key is lost or forgotten, then the assets stored in the particular assets become inaccessible and eventually lost since their users cannot use them.

Also, the methods do not provide for a way of asset inheritance in case of a sudden passing away of the holder of the private key. The grieving family in most cases has no way of accessing the stored crypto assets unless the deceased had shared their private keys with them.

Serenity Shield non-custodial private key system

The Serenity Shield non-custodial private key system is the first non-custodial solution for seed recovery and it includes a mechanism called Digital Asset Legacy that allows for nominating heirs and passing the wallet down. The system is built on Secret Network, a blockchain enabling private data storage.

The system divides a user’s wallet, which in this case is called the StrongBox, into three non-transferable NFTs.

Each of the NFTs contains a third of the private key. One NFT is held by the user, another is held by the nominated heir, and the third is held by The Serenity Shield Wallet which is governed using a smart contract that delivers it to either the heir or the original user depending on Activation Conditions defined when setting up the StrongBox.

The Activation Conditions can be set to lack of activity, or active “pings” requiring action to ensure the original user still has access to the wallet.