OIOtrust

About OIOtrust

OIOtrust was a project on the ETH Prague 2022 hackathon, where people from Decentree shape a team with few other individuals to create a tool for securing assets over a long time and keep generational wealth secured sustainably. The main use case is inheritance, which is deposited in the trust .

Problem

Do you what exactly is a last will ? A last will and testament is a legal document that communicates a person's final wishes pertaining to assets and dependents.

This document is mostly drafted by some lawyer and costs hundreds to thousands of dollars. Now imagine a solution where you don’t need any lawyer because we have smart contracts for that and it is free of charge.

All your crypto is safe in the smart contract.

Solution

WIth this dapp it is possible to create a decentralized trust (last will) that could distribute your crypto wealth. Each trust is represented by a NFT, which is held by the trustee. You can specify the starting date, the frequency of the payouts and the payment amount. We are secured by smart contracts. There is no human involved, so nobody can steal the trust money. And everybody can trigger the contracts so the system is doesn’t rely on any authority for it to work.

The system is powered by a smart contract managing the trust, written in Solidity. We used the Foundry toolchain to develop and test it. The contract extends ERC721 from OpenZeppelin. We built the frontend with React and Ethers.js that allows users to view, create and update their trusts. We’re not using any off-chain backend, everything is loaded directly from the chain.