Who Is Going To Operate Our Hive Account When We Are Gone
The Hive blockchain have been a platform where most of us dedicate our time to make it a lively place to be where we are opportuned to make contents, earn and also invest as well which is a lovely platform to accept such opportunities.
It is really a good way to promote a well decentralized platform where your opportuned to earn from what you do to attract other people's attention and also a good way to invest for future growth.
But then the account stays with you without any other person having access to it. Though we have people who trust their fellow relation, who can also have access to their account but then I think it is rear but some how important.
What's the way forward for future consistency
I have once thought about this that what is the way forward with our account if we are gone because for sure we won't be here forever and if no one knows about our information and activities here then the account also is gone forever with all Investments made.
We know it is important to have a person we can trust with our account incase of anything but then who do we trust? This is totally different from when we invest in a bank because when a relation is gone it is kind of easier for the family members to still access any money saved with any requirement asked by the bank to bring.
Though there are still strategies to inform people who are close to us to know about our investment on Hive which is why I like the pattern of how the keys are separated. As we know we have the posting key which is only for making content and this can't be used for any transactions likewise we have the active key that can be used for transactions.
I believe why this can still be possible Is that when we have trust for someone we feel we can leave our account with I believe that's where the master key comes in because you can leave your posting and active key with a trusted relation and when any suspicious transaction or activities occurs then master key can help to change all again.
The Hive blockchain in that part is awesome with such idea which is why I appreciate the HP (Hive Power) where transaction can't take place except it is powered down and as we know this takes place after seven days.
Likewise the idea of putting funds in savings as well is a pretty good idea which also can also be accessible while withdrawing after three days. This however can still be possible to give your Hive details to someone you trust and any suspicious act noticed will give you hint before the withdraw date.
So what do you guys feel about the future is it right to give your Hive details to a trusted person or you only wish to have access to your account without letting any close relation know. I will like to hear from you guys.
A very real concern that needs to be incorporated into a risk management plan.
One element of the risk plan is to weight risk versus rewards. For example, is your primary use of block chain growing wealth, so the question becomes how much wealth do you need to protect and pass on to the next generation. If it is a small amount, obviously small is a relative term, say $100 or less it may be insignificant and not worth the extra effort to protect and transition.
Another element, which means a lot to me, is the immutable content I have added to the blockchain for the purpose of sharing with future generations. For me, it is a business decision because everything I do on Hive does create income, capital gain/loss and is reported as part of my business operation.
I do use a password manager where I can share credentials. Part of that management includes docunentation for whomever takes on my role or other roles associated with the various Hive accounts I need to maximize my returns from Hive activities.
Again, if you focus on the businees first then you do what other corporations do that have survived 100+ years of operation.
As per wallet holdings, I aim in gradually transferring more wealth off-chain than on-chain to protect from unknowns.
In reality, the whole chain could get compromised. Anything is possible. By making Hive a business operation you may be able to recover some losses.
Good for you for thinking of the possible problems and planning accordingly.
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I believe this is where the concerns most times comes in when having enough wealth to pass across and every contents made to be protected. This however is a personal choice to delibrate on especially when trust issues becomes a major problem.
Would be nice if there was a feature where you could program your account to be delegated to another account in the event you were inactive for a specified period of time.
I believe that do occur except for some activities that won't be able to happen like making contents but also still possible if you can also share your posting key as well.
Hmm great topic
Thanks