Digital Inheritance in Web3: A Case Study of Soulbound Tokens and the Social Recovery Pallet within the Polkadot and Kusama Ecosystems (2301.11074v3)

Abstract: In recent years discussions centered around digital inheritance have increased among social media users and across blockchain ecosystems. As a result digital assets such as social media content cryptocurrencies and non-fungible tokens have become increasingly valuable and widespread, leading to the need for clear and secure mechanisms for transferring these assets upon the testators death or incapacitation. This study proposes a framework for digital inheritance using soulbound tokens and the social recovery pallet as a use case in the Polkadot and Kusama blockchain networks. The findings discussed within this study suggest that while soulbound tokens and the social recovery pallet offer a promising solution for creating a digital inheritance plan the findings also raise important considerations for testators digital executors and developers. While further research is needed to fully understand the potential impacts and risks of other technologies such as artificial intelligence and quantum computing this study provides a primer for users to begin planning a digital inheritance strategy and for developers to develop a more intuitive solution.