How to set up an escrow? potential use for security or making available after death?

[scoobysi]

I tried searching but couldn't see any obvious how to's for setting up an escrow?

Just thinking if it's easily available it would be an easy way of keeping them safe so if, in a paranoid way, someone tried to force me to reveal my ledger keys they wouldn't be able to get hold of the XRP.

From what I recall reading you can set it up to automatically release (or not?) back to the wallet or re-escrow it by clicking er something?

Also thinking if it could be another way of meaning when/if I died if I'd set it up in a suitable way they could release to a different wallet I'd given to a relative, so if I didn't click the I'm still alive button (as such) every month or whatever period?

Might not work but trying to think of a way my funds could be accessed if the worst happened without me having to leave my ledger info with solicitors or other trusted people?

Any ideas or help or cunning plans?

Thank you kindly.

Edited November 25, 2018 by scoobysi

[Guest]

I do not think escrow is of any use as a security measure.  Also a deadman switch release to wallet is an overly complicated way to invite something going wrong.

Imstead keep it simple.

1.  Create a paper wallet

2.   Work out a simple coding system that you and your beneficiaries understand and can use easily.

3.   Encode the secret key using that simple code.

4.   Leave the secret key sealed envelope in a safe deposit at a bank.  Keep another sealed copy at your solicitors.

5.   Make sure your Will is up to date and that your dependents know about the safe deposit.

 

Now relax.  The key is safe.  If you die the dependents can get to it easily.  If someone other than you or the dependent get the key it is useless unless they can decode it back to original key.

This next bit is my belief...   I could be wrong:  

 Because the key in original form is not a dictionary word,  there is no easy way to brute force decrypt the key.

 

What coding scheme should you use?    That's up to you...  I suggest any simple modification of some of the individual characters is best....   but it must be a code you practice and can reliably use,  and that your beneficiaries can also reliably use.

 

If you don't think you and your beneficiaries can manage the code part then just don't encode the key.  But in that case maybe don't keep a copy at the solicitors...   only trust the bank safe deposit box.   Perhaps seal the key in fibreglass or some such so that it can't be accessed without breaking it open.  (Discourage snooping although I don't think that's an issue in safety boxes)

 

[scoobysi]

I get what you're saying but I still think if they're escrowed they can't be accessed by anyone, including me being forced, so it can potentially have some benefits

[Guest]

6 minutes ago, scoobysi said:

I get what you're saying but I still think if they're escrowed they can't be accessed by anyone, including me being forced, so it can potentially have some benefits

Sure but essentially you’ve just put a delay timer in the robbery.  It doesn’t change any aspect of the robbery other than timing.  

I would be very pleased to have Ripples one billion XRP escrow key even if I have to wait five years for it.   Your case is probably on a slightly smaller scale   but same principles apply.  

Escrow is not security it’s just timing.  

[Live4xrp]

2 hours ago, scoobysi said:

any ideas or help or cunning plans?

Thank you kindly.

https://xrpcommunity.blog/how-to-escrow-your-xrp-walk-through/

[scoobysi]

Thanks, maybe security is the wrong phrase then as I don't mean for it to be my only protection, but if I know when exactly it would be out of escrow & there to transfer out then it could add another layer of the power being in my hands about who gets access to it when. At least as an idea, will research it more & see where there's any options which maybe useful......

Thanks again

[Guest]

39 minutes ago, scoobysi said:

but if I know when exactly it would be out of escrow & there to transfer out then it could add another layer of the power being in my hands about who gets access to it when.

I’m sorry to be a pain pestering you with counter arguments....

But I don’t think it even achieves that.  

Anyone who knows your public address can say exactly when it will be available for release and where it will go when that happens.  

If there IS a security incident then for sure they will know that info.  

Just telling you so you are possession of the facts to help in your decisions.  I hope you have success no matter what you choose to do. 

One day it will just be part of your bank accounts.   That will be better and easier.   

 

[scoobysi]

please no need to apologise especially if my reasoning is flawed. So basically if someone had access to a wallet then they could easily find out when an escrow was due to release to it, and thus like you say wouldn't prevent it being removed at all?

Still might have a use if they "strongarm'd" it from you to transfer to theirs at a specific time & weren't smart enough to dig further into my wallet address &/or didn't have access after that point. Like you say limited use/security mind....

 

Will have to look at it further if there's any way to set it to time release to a different wallet if whatever not done for a set period of time, where I'm thinking it could be a good way to get it to a shared wallet a relative could have access to if I croaked but which wouldn't go there while I had a heartbeat. Just trying to overthink a way of not giving away my secure/wallet info while making it easy enough for my offspring to get it if the worst ever happened.....

[Guest]

7 minutes ago, scoobysi said:

please no need to apologise especially if my reasoning is flawed. So basically if someone had access to a wallet then they could easily find out when an escrow was due to release to it, and thus like you say wouldn't prevent it being removed at all?

Still might have a use if they "strongarm'd" it from you to transfer to theirs at a specific time & weren't smart enough to dig further into my wallet address &/or didn't have access after that point. Like you say limited use/security mind....

 

Will have to look at it further if there's any way to set it to time release to a different wallet if whatever not done for a set period of time, where I'm thinking it could be a good way to get it to a shared wallet a relative could have access to if I croaked but which wouldn't go there while I had a heartbeat. Just trying to overthink a way of not giving away my secure/wallet info while making it easy enough for my offspring to get it if the worst ever happened.....

I don't believe those 'deadman switch' type of thing exist unless you script it up yourself.  And that's got LOADS of risks.

I think another option for you to achieve your goal might be multi sig.   Basically the same as having a bank account that needs multiple signatures.  You can have a pool of owners and it would need some number of key holders to move funds.  One key alone would not be sufficient.  I don't know which wallet software support multisig so you woukd need to research it.

I don't know much about it other than that,  but it is the type of thing that Ripple and others do to protect their large holdings.

[Guest]

The strong arm risk is mitigated a bit if the key is in a safety deposit box but it is never truly fully mitigated.  Even multi sig doesn't truly mitigate strong arm risk.

[scoobysi]

thanks for your help, i'll trust my relatives for now & i'll keep my ledger with my guns for now then

[xp3215233]

16 hours ago, scoobysi said:

if someone had access to a wallet then they could easily find out when an escrow was due to release to it

You don't need access to the wallet to identify that - it's visible on the ledger. As long as someone knows which wallet address is yours, they will have information on your escrow with all the details.