Nowadays, one of the methods to
guarantee that a person’s legacy can have a lasting influence is setting up a
trust fund, a special type of legal agreement that provides a trusted third
party with the right to hold and spend assets according to a specific goal set
by the trust settlor. The trustee services market has not experienced any
radical change with the advent of new technology and is still based on centuries-old
principles. Currently, it exceeds 20 trillion dollars under management.
Although unlike Wills, Trusts allow their Settlors to protect assets from
third-party claims and avoid probate, their legal structure is currently
incapable of securely incorporating digital assets such as apps,
cryptocurrencies and tokens. Moreover, the management fees involved are not
affordable for most people, and the range of potential purposes is constrained
by the limited expert networks that collaborate with trustees.
The Eternal Trusts protocol combines
private and public blockchain technology to make traditional trust funds a
thing of the past. The decentralized apps built on ET can serve as an
effective, long-lasting financial instrument that will operate autonomously
according to a complex asset administration scenario with the ability to add
multiple beneficiaries. ET-powered apps can store crypto capital for centuries
using the expertise of so-called networks of oracles -- groups of reputable,
trusted parties in control of asset administration and rewarded for making
optimal decisions. These networks are tasked with managing assets and seeking
the best providers capable of performing the fiduciary purposes set by the dApp
end users, be it supporting multiple generations of their offspring financially
or contributing to a global charitable cause.
Eternal Trusts is an EOS-based
fiduciary crypto protocol. It allows financial service providers to build
secure & fast decentralized applications that can integrate collective
decision-making into asset administration.
As an open source protocol, Eternal
Trusts allows traditional trustees, family offices, and estate planning
institutions interested in accepting cryptocurrencies or integrating blockchain
into their business processes to offer a brand new model of trusted asset
administration to their clients. Eternal Trusts provides a robust and more
publicly accessible set of mechanisms based on smart contracts and will cause
the proliferation of a new distributed ecosystem of cutting edge fiduciary
services, potentially allowing a wide range of people to attain long-term
fiduciary purposes that best suit their needs.
Unlike in traditional centralized
trusts, the trustee powered by ET Protocol is represented by:
·
The system of Smart contracts --
blockchain algorithms that work as real world paper contracts but do not
require a centralized arbitrating party.
·
Networks of Oracles -- groups of trusted
parties selected by the dApp founders to be in control of asset administration
for their clients, and rewarded for optimal decisions.
·
ET Token -- a smart contract-based medium
of exchange that is used by all participants of the Protocol.
The combination of these 3 components
implements so-called P urpose Execution Flow, advanced algorithm that
autonomously fulfills asset administration goals.
ET Protocol provides the following
built-in mechanisms:
·
A customizable dApp with an interface for
onboarding clients, determining their goals, beneficiaries, trusted parties,
and potential “triggers” for transactions
·
A framework for recording private and
public data of the clients onto the blockchain for indefinite, secure storage
·
A system of smart contracts that
establishes rules of interaction between participants
·
A wallet for accepting, trading, and
storing cryptocurrencies
·
Highly configurable centralized or
decentralized decision making mechanism
·
Assignment of specific roles for trusted
parties that can freeze or release assets through the multisignature
mechanism
·
A reward system for optimal actions on
behalf of the client
·
Vetoing transactions by clients or his/her
trusted parties
·
Inherent dispute resolution mechanism
·
Asset management through tokenization
·
Anonymization of the source of funds and
encryption of client’s data
Any dApp founder, be it a trustee or
a bank, can attract and incentivize multiple pools of experts, organizations
and AI-algorithms that can become responsible for constantly breaking down the
settlors' long-term objectives into smaller parts and seeking the most reliable
providers that can complete them in the most optimal way. A dApp built on the
Eternal Trusts platform is unable to avoid fulfilling the undertaken obligations
written into the blockchain for autonomous execution. The flexible autonomous
system, called Purpose Execution Flow, initiates the voting process on preset
triggers, finds the most optimal solutions for the client with the help of
Oracles, analyzes potential contractors and, if they meet the predetermined set
of reliability criteria, proceeds to purchase the services that the client
requires.
Roles
ofthe protocol participants
1.
dApp
Founders & Directors
dApp founders buy ET Tokens with fiat
or crypto to create dApps on the protocol and set up networks of DAO directors,
oracles, service providers, and maintain server infrastructure. By purchasing
tokens, dApp founders can become DAO directors and set business models/prices
for their dApps. Their clients pay for their services with ET Tokens as well.
Potential dApp founders consist of private crypto funds, trustee services,
family offices, banks, charities, established asset administration dApps, and
all those who need collective decision making to release assets and act
optimally to fulfil a given purpose.
2.
Oracles
dApp founders can put together or
lease a network of Oracles -- group of reputable, trusted parties selected by
the trustees or their clients to be in control of asset administration, and
rewarded for making optimal decisions. You can employ already established
expert networks that specialize in fields related to the client's purpose.
Potential Oracles are comprised of r esearch organizations, prediction
networks, and AI providers.
3.
Service
Providers
Service providers are employed to
execute the clients' purposes. Forming the network of service providers while
earning an additional fee from customer's assets is an appealing model for
organizations working with exchanging cryptocurrency and fiat money, as well as
any service providers ready to accept cryptocurrencies as a means of payment.
Potential service providers are biomaterial storage facilities, trading
platforms, crypto exchanges, asset managers, and legal services.
4.
Nodes
dApp founders can deploy their own
private Hyperledger-based node network with limited access to data/keys to
establish private information channels between the participants. However, they
can also use ET Tokens to rent already existing networks that opted in to
participate in the platform and passed security audits.
An
example customer journey for dApps built on ET Protocol
1.
The client undergoes a remote onboarding
procedure through a convenient, customizable dApp with a simple web or mobile
interface and creates a record in the private blockchain, including the end goal
for asset spending, the beneficiaries, and potential external events that
trigger the dApp to start acting on behalf of the client.
2.
With the help of the dApp founder, the
client assigns roles for oracles -- a network of trusted decision makers
(protectors and enforcers of the trust) that will collectively administer
assets.
3.
Smart contracts, which determine the rules
of the trust process and the responsibilities of the participants, are deployed
by the protocol. The client can transfer the assets under management of the
trust.
4.
The chosen asset management providers or
the trustee manage the client’s assets according to traditional strategies
adjusted for the crypto world. The oracles, which are responsible for acting
collectively upon identified triggers, vote for the most optimal solutions for
the client given the initial needs, wishes and purposes.
5.
When the conditions of the client’s
purpose are met, Oracles release the client’s assets through a multisignature,
which requires consensus of multiple oracles. All necessary payments are made
automatically. In the end all participants receive their predefined rewards for
acting optimally on behalf of the client.
PARTNERS AND TEAM ETERNALTRUSTS
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