How it Works

How does GenWealth Dapp Works?

To use GenWealth you need to have a Cardano Wallet. You simply connect that wallet to our website, and you will be able to create a "vault". A vault works very similarly to a wallet, it's like a smart wallet that allows you to hold, receive, stake, and spend your cryptocurrency. However, besides these functionalities, leveraging the vault you can subdivide your crypto into sections that we call "pockets" and define a beneficiary for each section. This is what actually gives permission to the people you select, to be able to claim the part of your crypto you would like to leave for them after you're gone.

When you create a vault you receive a Token into your wallet. This token is similar to a master key for this vault. Holding this token in your wallet is what allows you to have total control over the assets, organize them as you wish, add beneficiaries, spend the funds, or even stake them. This architecture allows the vault to inherit the security features of your wallet. As long as you keep your token in your wallet, and don't share the seedphrase of the wallet with anyone, your funds will always be secure and nobody besides yourself will be able to access them. Considering that this solution will completely remove the need for you to share the seed phrase with anyone, as we provide you with a recovery mechanism independent of a seed phrase, one that respects your wishes, there should be a lower risk and vector of attack to your wallet.

With the token that controls the vault, you’re empowered to create more vault tokens and send them to new wallets. This is an empowering functionality that gives the user a lot of flexibility but that needs to be used with responsibility. Everyone who has an admin token of your vault in their wallet will have total control over the vault and the assets held in the vault.

Having such a functionality, allows you to, for example, give the power to control the vault, to multiple wallets you control. This opens the door to control the vault from any of your wallets, meaning for example that if you lose access to one of your wallets, but you still have control over the wallets that hold an admin token to the vault, you will still be able to control the crypto inside the vault. Your crypto won't be lost forever if you lose the seedphrase.

This functionality can also be important for joint family accounts, or any other use case where you would like to share control over funds held in the vault, without sharing the seedphrase from your wallet.

It's important to note, that similarly to a wallet, you can create as many vaults as you need, for different purposes which is useful in case you want to have different accounts, joint accounts or even company accounts for example.

While you're alive your funds are secure according to the rules you create, meaning that until the rules are met nobody except for yourself, is able to access or claim the funds in your vault.

Currently, in this first version, the rule you're able to set is proof of life, meaning that you can set any deadline you want and update it as regularly as you desire. Updating the deadline proves you’re alive and keeps everyone from recovering your funds