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The era of digital assets .. Who will inherit your Facebook page after your death?

On November 13, 2004, Justin M Esworth was killed while working as a soldier in the ranks of the US Navy in Iraqi Fallujah.His father decided to create a memorial to him using emails that Justin sent and received while he was serving in Iraq.In order to do this, John Elsworth (the father) asked to reach his son's account from the Yahoo email service provider, but the company refused the request and claimed that if Justin's father was granted the right to access to his account, this would be a direct violation of the service privacy agreement, which agreedIt has more than 40 million users.

Finally, after a fierce judicial battle that lasted for more than three months, a court in Michigan finally granted the Ellsorin family the right to access to their son's e -mail (1).Now to imagine a more modern example, Samir, a well -known (Influnser) influencer, died, and left behind the accounts of his social media platforms, which are estimated at millions of people, are these accounts sold and their money is given to his young children to secure their future?Or is these calculations to death with the death of its owner?

The people use the Internet for countless reasons, starting with spreading ideas and pictures on blogs, to keeping up with friends and family, and even keeping bank accounts and credit cards balances.As a result, all publications, photos and files published on the Internet and social media platforms are qualified to be assets and digital properties for their owners.And given that the vast majority of sites are protected in the name of the user and the password, an important problem related to what will happen is not only for the accounts themselves, but also for all the closed digital assets behind the names of users and passwords when a person dies without revealing any of the user names and passwords for his accounts,It may require complicated steps.

Misputation of zeros and ones

Digital assets are electronic data for data that individuals can possess and transfer, use them as a currency to conduct cyber transactions, or a way to store intangible content, such as electronic artworks or videos.Digital assets are documented and their value is saved by many technologies, on top of which are cryptocurrencies such as bitcoin, and the so -called asset -backed currencies, such as Tether, non -replaceable symbols (NFTS), and original digital ownership certificates.

These digital assets can take multiple forms such as photographs, logos (Logos), illustrations, animation, audiovisual media, presentations, data tables, digital paintings, word documents, e -mail, websites, and many other digital productsAnd its descriptive data.The number of types of digital assets is increasing dramatically due to the increasing number of devices that represent digital media channels, especially smartphones.But perhaps you are wondering, how can we sell the property of most of its zero and one components?

Digital asset ownership records are safely kept on a type of decentralized database, or LEDGER, and this structure allows the transfer of digital assets without the need to pass through a central party, such as the bank or any mediator, which can facilitate and speed up transactions.These databases are based on the technique of "Blockchain", which is a type of electronic record, where digital assets transactions are recorded in blocks of data that are "linked" together in a specific order, and protected using the complex computer "retail codes".

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The details of each new transaction are verified by a network of computers or nodes before adding it to the record.This verification process includes the details of the treatment that is sent to all contracts in the network, and involves solving complex mathematical issues to prove the health of the transaction.When the majority of the devices/contract conclude that the treatment is correct, this is like a collective decision to accept it.But it does not stop here, as you can now convert your property on the ground into tokens symbols (tokens).

A new form of property

Recent estimates indicate that the current value of all real assets is about $ 256 trillion worldwide.While this amazing number is somewhat stable, all of these assets are circulated regularly according to the sale, use and completely conventional ownership transmission (2).But the good news with the recent development in coding is that the way to own and circulate assets in the real world may be on the verge of a real revolution.

Asset tokeenization refers to the process of converting ownership of an element in the real world into a digital code.This can be done in different ways, depends on the nature of the origin and the country in which it is located, but all roads eventually lead to a legally supported bridge between material assets (real estate property, car, gold, etc.) and its distinctive electronic symbols for them.All coding strategies require one characteristic: a sound legal structure that connects the distinctive and original symbol, this means that companies or teams that cord with one of the assets need, above all, to a strong and structural legal guidance so that the asset is supported by the legal system in the country concerned.

It is not a scientific imagination as you think now.In June 2021, more than half a million realistic assets were converted into digital assets within a network called "Shuttleone" (Shuttleone).The realistic assets that are symbolized in "Custard One" can be anything in the supply chain, starting with commercial stocks in the fields of food, health, beauty and children's play to high -value assets such as steel and machines.

There is always a matter that comes to people when dealing with digital assets: Are these assets safe?The owners of digital assets need their unique "key", which is a long password that can be likened to the password on the bank card.It is necessary not to lose or forget this private key.The banks do not guarantee the decentralized digital assets and will not have a hot line to reset the password, which means that it is almost impossible to recover the digital keys as soon as they are lost.According to Chainalysis, a blockchain data provider, more than $ 100 billion in Bitcoin is lost in this way..(4)

Keys can be kept - so coded currencies - in the Internet or on the mobile phone, known as the Hot Wallets (Hot Wallets).This makes it easy to access money quickly, for example, for traders who want to contact quickly with stock exchanges, intermediaries, or other services.In fact, many encrypted currency exchanges provide digital online portfolio services that are smoothly linked to their trading systems.

However, this is the lowest way to keep encrypted currencies, and it makes digital assets more vulnerable to pirates.In 2014, MT advanced.Gox, which was then the largest encrypted currency exchange exchange in the world, requests bankrupt.(Kh)

Are there safer solutions?Yes, the most common alternative here is what is known as cold storage on a device that is not connected to the Internet.Snements usually need access to this device, in addition to any passwords or associated symbols, to steal encryption assets.Cold storage options include controlling digital assets that do not include intermediaries, hardware portfolios, which are USB or computer devices that are not connected to the Internet, all of which cannot be penetrated by infiltrators and can cost several hundreds of dollars.

Digital inheritance

In light of this steady trend towards digital origins, the digital inheritance has become a complex legal and moral problem.Legal conflicts surrounding the digital inheritance revolves around the issues of intellectual property rights and the privacy of the user, and two main problems arise on the digital property of the person.First, the nature of the inheritance in the digital content must be determined, where it is only permissible to transfer the digital content that the deceased owns his copyright to the heir..At that point, there is a distinction in the law between full property and the right to use licenses such as software, digital music, movies and books.Second, the heir or responsible for the estate must be able to reach the content.This means that internet contracts and the conditions for private service agreements must contain items and policies related to deaths.(I)

For example, if you want to inherit a plot of land you bought in one of the digital games, you should determine this in your will, and you should also not be lost the key to the plot.One of the potential solutions for digital inheritance problems is for the Internet service providers to offer users a list of options when registering with regard to behaving in their property in the event of death, this option will allow users to choose whether they want to maintain their content or not, and those who give him the right to access,Taking into account their right to privacy, this is what Facebook is already done.(H)

Some people may think that the digital inheritance process is useless and useless, but it is increasingly beneficial to day after day.In the personal field, the ability of family members to reach or receive copies of the content of their deceased lovers on the Internet involve a real emotional value, and can help them in dealing with the effects of loss.

More importantly, for some, perhaps any digital content that results in an economic value for the original user may continue to provide this value if transferred to the heir (or heirs) of the user..Digital heredity also has beneficial effects to preserve the digital heritage of society, instead of getting rid of it or ultimately deleting it, future generations will be able to obtain a better understanding of the digital scene in our time through this heritage.(8) The matter is very, then, our property is no longer limited to real assets and money, and it is worthy of now thinking about the fate of our digital heritage after leaving.

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Sources

  1. DIGITAL LIFE AFTER DEATH: THE ISSUE OF PLANNING FOR A PERSON’S DIGITAL ASSETS AFTER DEATH John Connor, Student Author, Texas Tech University School of Law:
  2. Step-by-Step Guide to Tokenizing Real-World Assets:
  3. Over half a million USD of real-world assets has been tokenized on ShuttleOne network in June 2021:
  4. How secure are digital assets?:
  5. Hackers target new cryptocurrency investors:
  6. Leaving a digital legacy. Moneywise.
  7. What happens to our Facebook accounts when we die?:
  8. Covering your digital assets: Why the stored communications act stands in the way of digital inheritance. Ohio State Law Journal, 75(2), 405-446.

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