On chain dead man switch protocol that allows users to have a saving account with trustless fund transfer to chosen beneficiaries in case of an extended period with no proof of life. The funds are used to create Ethereum validators to help secure the network and users get yield.
Wealth3 is a dead man switch protocol, that allows users to lock ETH and get yield, and uses it to run validator nodes on Ethereum. Users can set up the fund lockup duration, and how much time should run by until they are considered inactive. It also lets them set up trusted wallets that should receive the funds in case the user goes inactive. This situation would trigger the distribution of their funds to their trusted wallets.
Proof of life is achieved by depositing Ether into the fund or by executing a method on the contract. Users will get reminded to interact with the contract via Push protocol. After the time is due, users will receive their funds and yield interest from running the node. The protocol keeps 1% of the yield generated as an asset management fee.
When the user arrives to the app, they must connect a wallet using Web3Auth or Wallet Connect. If they don’t have a vault, they’re shown a form to create one and choose the desired terms. If they do have one, they can update their last proof of life date or make a new deposit on the vault. All of this is managed by our smart contract that is deployed on Göerli testnet. We also have a subgraph deployed on The Graph Hosted Service that keeps track of all the vaults, deposits, and proof of life updates. Once the contract’s balance reaches 32ETH, a validating node will be created using the infrastructure of SSV Network. The yield and rewards of that node will be distributed among all the vault owners and how much they get depends on their stake. One of the most important things a user chooses when creating their vault is how often they want to make a proof of life. When there is less than a month left for the expiration of the vault, they’ll get a mobile notification using Push Protocol.