After a year in alpha development, Sarcophagus DAO raised $5.4M in a fresh funding round announced on January 6th. The list of investors includes Placeholder, Greenfield One, Inflection, Infinite, Lattice, LD Capital, Lo Enterprises, Compound VC, Hinge, Blockchange, Arweave, and “several angels”.
The announcement goes on to say that investors, as well as the agreements and vesting schedules with each of them, were voted for by the current DAO, which was formed after the project launched its ERC-20 utility token – SARCO in early 2021.
The Sarcophagus platform allows its users to pre-define and pre-fund actions to happen on chain “in the event of their removal from control of their wallet”. What this means is that in cases such as death, the funds in the users’ wallet can be accessed instead of being lost forever, as is the current scenario due to the main ideas of crypto – privacy and decentralization. This functionality is referred to as dead man’s switch and has a nearly limitless potential, since there is no central party of control.
The mechanics in place to determine whether a person is still in control of their assets and the dead man’s switch doesn’t need to be triggered yet include a list of actions to be completed by the user. If they are not performed, the dead man’s switch triggers and opens the “sarcophagus” made by the user. It consists of an Ethereum address provided by the client which accesses a file when the protocol is triggered at the date provided for the opening of the sarcophagus.