Eternal Trusts—a hybrid intelligence platform that manages and spends cryptoassets on your grand long-term objectives
The team of Eternal Trusts believes that the hopes and ideas of people living today should not vanish and be forgotten: it is important to preserve present generations’ financial, intellectual, and biological heritage and make it matter in the long-term.
Nowadays, one of the few methods to guarantee that a person’s legacy can have a lasting influence is setting up a trust fund, a special type of legal agreement that provides a trusted third party with the right to hold and spend assets for the benefit of the trust settlor. Although unlike wills, trust funds allow to protect assets from third-party claims and avoid probate, their register systems are currently incapable of incorporating digital assets such as cryptocurrencies and tokens, the management fees are not affordable for most people, and the range of potential purposes is constrained by the limited expert networks that collaborate with Trustees.
Eternal Trusts combines hybrid intelligence technology with smart contracts to make the traditional trust funds and fiduciaries a thing of the past. ET represents a decentralized and autonomous financial means capable of making a long-lasting impact. The blockchain-based “eternal wallets” of ET can operate for centuries, turning to hybrid intelligence expert voting when needed to seek the best providers to perform the grand purposes set by their settlors, be it supporting multiple generations of their offspring financially, contributing to a global charitable cause, or even extending their lives into the future by preserving their biomaterial for the long-term.
The platform attracts and incentivizes multiple pools of experts, organizations and AI-algorithms that become responsible for constantly decomposing the settlors’ long-term objectives into smaller parts and seeking the most reliable providers that can complete them in the most optimal way. Moreover, when a Settlor’s objective becomes feasible, there has to be an excess of funds in management to afford purchasing every necessary component.The platform provides mechanisms that maximize the chance of growth of settlor’s cryptoassets, which are managed according to the most reliable long-term strategies, generating returns from investments in tokenized traditional asset classes.
In addition to the traditional trust scenarios for this autonomous trust mechanism, such as supporting family or a charitable cause in the long-term, there is also another potential application that lies within a rather speculative and ultra-futuristic field of life extension. Alongside all the intricate planning into how to best formulate and then realize the purpose when it becomes possible, the platform can also seek providers that will preserve and store the settlors’ DNA, brains, or whole bodies, allowing for the application of new innovative procedures to their biomaterial in the future. The preservation of a wide range of biomaterials and the long-term management of cryptoassets can give the settlors a non-zero chance to achieve radical life extension through technologies that are expected by some to emerge in the far future, i.e. cloning, reanimation after cryopreservation, or even whole brain emulation (also known as mind uploading).
This is where the expertise of the hybrid intelligence becomes valuable—the platform will be able to select the most scientifically rigorous and tested methods and technologies to increase the probability of successful procedures.
The ultimate objective of Eternal Trusts is to become the central hub that stores and guarantees the fulfillment of hopes and ideas of living generations that are not achievable at the moment but can become so in the future. The journey to attaining this goal is spearheaded by a team of leading experts in trust fund establishment and asset management that boasts decades of top-level experience in their respective fields.
It is evident that Eternal Trusts are going to need a significantly complex infrastructure in place to become operational. The solution should consist of many components, all integrated together to achieve a single goal—fulfilling the settlor’s purpose in the most optimal way.
Let’s take a brief tour of exactly how Eternal Trusts is going to work:
There are two main infrastructure components:
- The infrastructure for ET-DAO (Decentralised Autonomous Organisation) and the distributed protocols for technical communication with external systems
- The infrastructure for the multi-chain smart contracts and the off-chain Oracles systems. It is called the “Purpose Execution Workflow”.
The “Purpose Execution Workflow” is an auto-executable blockchain based algorithm aimed at fulfilling all the components of each trust’s purpose.
There are five main technical challenges for Eternal Trusts’ software engineers:
- The Distributed Oracles System with many roles, smart-contracts interactions, and off-chain components
- The Multichain Architecture which enables the optimization of transaction costs and speed (i.e. by using Waves) as well as choosing the best solution and protocols from Ethereum and NEO
- The Integration with distributed autonomous file storages where storage processes and privacy is controlled by a smart contract logic
- The gradual integration process of AI components into the system in order to eventually take over from human Oracles and achieve full automation
- The Donation and Crowdfunding distributed platform and protocols for Advanced Research Sponsoring
The Eternal Trusts team is also developing several types of application level protocols: the Crowdfunding Campaigns Protocol and the DonationCampaigns Protocol for Advanced Research Sponsoring by ET token within scope of settlor’s purposes.
The protocol presents opportunities for any R&D-centers, clinics, laboratories, and university departments to create and manage crowdfunding campaigns for research purposes, with the provision of bonuses and discounts to the backers.
Technically, this protocol is represented by a system of smart contracts and an SDK. Projects aimed at achieving settlor’s purposes that are kept in the waiting loop of “Purpose Execution Workflow” are automatically supported by the entire ecosystem of Eternal Trusts and all its integrations and partners.
The Innovative Service Offering Protocol provides an opportunity to register new products and participate in the “review and rating” of the campaigns provided by the experts/oracles of Eternal Trusts.
The Autonomous Intelligent Components Integration Protocol is an instrument for the creation of Machine Learning models and pipelines for decision making support.
In the Technical Roadmap, the most important milestones in implementing the “Purpose Execution Workflow” are described. One of the most important current objectives is developing the DAO infrastructure until the end of August 2018, as well as the Crowdfunding services and protocols.
Also, one of the most complex aspects in terms of development operations is the integration of Eternal Trusts providers from the “Purpose Execution Workflow” with the requirements of tracking all the activity about a settlor’s needs execution into a private blockchain system. Projects like Digital Asset Platform (especially for the monitoring of trusts operations) and Hyperledger Fabric which is supported by IBM (for any other contractors) are great examples of distributed ledger technology applications adopted in the “big-enterprise” market. Such technologies can provide a solution to an important and technically complex task of smart-contract’s interactions between the public-blockchain based components of Eternal Trusts and private blockchain transactions.
If you are a blockchain/smart contracts developer interested to take part in solving complicated challenges to build the global platform that can decentralize and disrupt the multi-billion dollar industry of fiduciary services, consider participating in the Eternal Trusts Global Blockchain Competition: https://eternaltrusts.io/hackathon