While trusts play a key role in wealth preservation and asset protection, traditional solutions are becoming obsolete, facing challenges like slow transaction processing, restricted control over owners’ funds, extensive paperwork, regulatory issues, and expensive fees. Utilized primarily by wealthy people, they may also expose users to vulnerabilities, such as the divulgence of private information, the denial of inheritance, and asset deprivation after tax audits.
As an efficient alternative to conventional trusts, UBD Network’s DeTrust wallet leverages multisignature (multisig) technology to offer users enhanced security. With multiple private keys required to sign transactions, DeTrust eliminates single points of failure and safeguard owners’ assets against unauthorized access.
The DeTrust wallet is a self-custodial solution that replaces intermediaries with smart contracts. Consequently, users exercise complete control over their funds and can create and modify trust contracts without third-party assistance, allowing them to manage their assets more efficiently in the long run.
As a flagship feature, DeTrust enables users to recover their digital assets even if they lost their private keys or forgot their seed phrases. To achieve this, the DeTrust wallet automatically shifts to a user-controlled backup wallet after multiple months of wallet inactivity.
DeTrust can also come in handy for non-profits, distributed teams, and DAOs that can leverage UBD Network’s solution to collectively manage their finances via multisig technology. By making sure that no single person has control over the organization’s assets, additional security can be achieved by reducing the chances of team members losing or misappropriating funds. DAOs can also leverage DeTrust to configure the level of signature rights in a flexible way, making collaboration within the organization more efficient and secure.
With checks and balances integrated deeply into their operational workflows, project teams can achieve greater transparency while protecting against unauthorized transactions and human errors. With DeTrust acting as an additional layer of conflict resolution, DAOs can also settle their disputes and reach a consensus on crucial transactions before they are executed.
In addition to securing users’ funds, DeTrust can also be utilized to receive a consistent monthly yield on assets by staking the native United Blockchain Dollar (UBD) stablecoin and via external decentralized finance (DeFi) services integrated into UBD Network’s ecosystem.
As an additional feature, DeTrust can also be utilized for stress-free inheritance transfers. The DeTrust wallet is tailored to the nuances of digital wealth to provide a more efficient, safer, and more straightforward alternative to the traditional inheritance system.
By setting their own terms for inheritance and tying payouts to specific milestones with smart contracts, granters can also put an end to the financial irresponsibility of heirs and incentivize them instead to meet positive life goals with DeTrust. Based on the wishes of the granter, decentralized trusts can allocate assets unambiguously and accurately to prevent family disputes and guarantee a fair and peaceful wealth distribution.
Whether it is for safeguarding assets, working together with other members of a distributed team, or passing on inheritance to heirs, users can access DeTrust at a fraction of the costs of conventional trusts. While it costs at least $50,000 to create, $25,000 to modify the conditions, and $500 per month to maintain the latter solutions, UBD Network charges only 500 $UBD for launching new decentralized trusts, another 500$UBD for altering existing ones’ parameters, and 20$UBD for monthly maintenance. Users can create a new DeTrust or edit existing conditions in only 15 minutes and without dealing with any paperwork.
“Considering the limitations of traditional trusts, we have decided to create DeTrust wallet as an upgraded financial service for asset storage and team collaboration. Powered by blockchain technology, this evolved wallet also has the potential to provide a more resilient and reliable alternative to cold storage solutions and hot wallets,” said Ruslan Tugushev, the CEO of UBD Network. “Our goal is to empower advanced users with the ability to manage their crypto at a professional level with our wallet, which is also convenient and user-friendly.”
