MyWill is a decentralized platform that helps you manage crypto assets for various real life circumstances – including your death. Read our review to find out how it works.
What is MyWill?
MyWill Platform, found online at MyWillPlatform.io, is a decentralized platform built on a unique concept: the platform uses the blockchain to keeps your funds protected. You store funds in the blockchain to safeguard them for real life circumstances in the future.
That’s where the name “My Will” comes from – just like you have a legal will for your real-life assets, MyWill plans to work like a will for your digital assets.
MyWill is the first of several “real world” blockchain products designed to help users manage digital assets for real world circumstances. The developers plan to release other products in the future – like smart contracts for savings accounts. They also plan to open up the platform for third party developers.
For now, MyWill is the flagship smart contract created by the development team.
What Problems Does MyWill Seek to Solve?
What happens to someone’s digital assets after they die? MyWill was setup to answer that question. Today, when someone dies, it has no effect on the blockchain. The blockchain has no knowledge of real world events. It’s not like a bank – you can’t show the blockchain a legal will and gain access to funds in a certain account. MyWill was created to solve that problem – and others:
- Blockchains have no knowledge of reality, which is a problem because some life events put crypto savings at risk
- Private key loss is catastrophic for crypto savings; out of the 16 million BTC that have been generated, 4 million have been lost forever
- There’s no regulation in case of an owner’s death, or loss of their legal capacity; MyWill claims that every 13 minutes, one cryptocurrency wallet owner dies
- There’s no way to transfer crypto assets when future events occur; retirement accounts, or child education savings accounts are well-established practices in the real world, but the blockchain isn’t setup to address these savings needs
How Does MyWill Work?
In other words, the library of MyWill smart contracts is designed to help manage savings in three of the most popular cryptocurrencies, including Ethereum, Bitcoin, and Litecoin.
MyWill is just the first product offered by the development team. MyWill is the first smart contract developed for the platform. It’s designed to release a user’s savings to family or friends in case of his or her sudden illness or death.
How Will MyWill’s Smart Contract Execute?
Obviously, MyWill has to solve a big problem: how can a blockchain determine someone’s death? How can the platform protect against fraudulent use – say, claiming someone died when in reality, they’re just on vacation.
With that in mind, MyWill’s developers have identified two types of “Lastwill contracts” (the smart contracts):
Condition Type A
These contracts are initiated due to activity or inactivity of the user, including:
- The user’s wallet has no activity for X number of days
- The user’s wallet has no outcomes for more than X number of days
- The user does not confirm activity within X days
- The user does not visit certain resources for X number of days (for example, there’s no activity in social networks and profiles)
With all of these conditions, users can set the number of days when creating the contract.
Condition Type B
When creating a MyWill smart contract, the user can choose confidants who can confirm or deny the occurrence of certain events. In this situation, the user can configure a different number of necessary confirmations, no responses, and denials. For example, the smart contract could be considered confirmed if at least 50% of confidants confirmed the fact of the event, and no more than 10% disproved.
Type B contracts can be combined with type A contracts for better security.
MyWill Platform Features
The MyWill Platform aims to do way more than help users manage digital assets after a death. Here are some of the core features of the platform:
Decentralized Environment: Provides a high-degree of reliability, immutability, and independence.
Library of Smart Contracts: Build smart contracts to solve problems like automated distribution and loss of crypto assets.
Framework: MyWill promises to provide a convenient working environment for third-party developers.
Multi-Currency Support: MyWill supports Bitcoin, Ethereum, and Litecoin.
The MyWill token sale for WIL tokens will be used to raise money for the project. There will be a total supply of 105,000,000 ERC20-compliant tokens.
The tokens are built on the Ethereum blockchain. The ICO began on September 20 and is scheduled to last for 20 days. Each WIL will be sold at a rate of 1 WIL = $0.20 USD. That means the effective hard cap for the sale is about $20 million USD. The soft cap is estimated at $1 million.
Bonuses are available throughout the token sale. Visit MyWillPlatform.io for more information.
Who’s Behind MyWill?
The MyWill team has created artificial intelligence systems in the past, including a self-learning video analytics security system. Other major projects led by the team include an autonomous transporter system, which they won a grant for in 2017, and a smart home system, Russia’s first largescale IT project in the field.
The company has a total of 500,000 daily users across its products, along with 25+ corporate clients in England, Germany, and Russia, including Danone, MegaFon, and BeFree.
Key members of the team include founder and CEO Vladimir Tikhomirov, CTO Valeriy Dubrava, and Senior Backend Developer Alexey Udalov. The company
MyWill Platform Conclusion
MyWill has a working version of their platform available. You can sign up online here: https://contracts.mywillplatform.io/dashboard
MyWill’s overall goal is to help the cryptocurrency industry better manage digital assets in relation to life events. MyWill is just the first product made by the company. It’s designed to release funds – via an Ethereum smart contract – when the owner of the private keys dies or becomes seriously ill. It solves the problem in innovative ways, like automatically executing the smart contract when a certain number of pre-selected “confidants” confirm the event, or when the user hasn’t been active in a certain number of days.
In the future, the company plans to offer similar products that combine the blockchain and life events – like education savings accounts, shared savings accounts, and more. They also plan to open the platform up to third party developers.
You can learn more about MyWill online today at MyWillPlatform.io. The ICO is ongoing throughout September and October.