What Is Sarcophagus (SARCO)
Sarcophagus (SARCO) is an autonomous, incentivized, blockchain application-based project built and developed by a software developer and security expert on Ethereum in partnership with Arweave. Arweave is a technology that stores data using a database that prohibits deletion or changes. Sarcophagus helps protect digital assets by using a dead man's switch. A dead man's switch is an instrument that activates when the user fails to act. A dead man's switch is also digital, automating the dispatch of information in case of incapacity.
As per the whitepaper, inheritance is a recurring question from crypto holders who don't plan to risk trusting an attorney to hold their private keys. Sarcophagus aims to solve this with more centralized applications building on top of the Sarcophagus protocol. Another problem is password recovery. Today, a centralized entity handles password recovery on Web2 applications. However, with the rise of Web3, there is a need for a new kind of recovery method.
The process of developing a Sarcophagus is in three steps:
Mummification — The process of encrypting the data by the Embalmer.
Re-Wrap — The process by which the Embalmer attests to their liveness.
Resurrect — The Embalmer also sets a resurrection time; the Sarcophagi is resurrected (released) by a network of archaeologists if the Embalmer fails to re-wrap it on time.
Explanation of key roles in making a Sarcophagus:
Sarcophagi — Sarcophagi is the file that the archaeologist and Embalmer wrapped, re-wrapped, and eventually opened on the Arweave network.
Embalmer — The developer of the Sarcophagus and the one who wants to guard their goods.
Archaeologist — A third party incentivized node operator that helps to unearth the Sarcophagus.
Resurrection — Resurrection relates to when the archaeologist opens a Sarcophagus.
The Curse — The curse is the unilateral contract that the Embalmer makes with an archaeologist.
Slashing — To keep archaeologists honest, the archaeologists are penalized for opening the Sarcophagus early, forgetting to resurrect a Sarcophagus, or opening it late.
SARCO is the native token used for:
Transaction processing and data storage fees;
Running archaeologist nodes on the network via staking SARCO tokens for payments;
Governance votes to determine the allocation of network resources on the DAO.
History of Sarcophagus
The founder of Sarcophagus is Zach Hamilton. He founded Sarcophagus in 2019. SARCO has a maximum supply of 100,000,000 tokens. The whitepaper was published in August 2020.