MyWill is an upcoming platform for smart contracts based on real-life events such as marriage, inheritance, and even death. This is important since a large amount of Bitcoin and altcoins are lost due to sudden life choices or changes that end up separating the user from their coins, and given the privacy of the system itself, these are coins that would stop circulating.
It is said on MyWill’s website that out of 16,000,000 BTC generated 4,000,000 BTC are lost forever due to the aforementioned circumstances.
This is because when you have to choose a wallet you have two options: seed-based wallets (which works by giving you an address where every transaction will go, and only with this address you can access it), or non-seed wallets (which acts just like a bank. Keeping your crypto coins and handling you a user-and-password interface to enter it).
Out of these two, the bank-like one will handle your coins after said events, eventually getting ownership of these in case of the user’s death, unless their family decides to show up with evidence of its passing in order to gain these coins (in some banks). And seed-based wallets are lost forever if no one else knows your seed. Which essentially makes these coins disappear from circulation.
MyWill eliminates these issues by allowing for the creation of smart contracts that lets their user set them up so their earnings can go somewhere in the event of life occurrences such as death (transferring it to families), marriage (by creating joint funds), inheritance, or any event from this nature.
They are launching tomorrow, September 21st, their Initial Coin Offering, which is a method of fundraising in which they sell an amount of coins for use on their platform in order to gain capital so they can start or finish their project.
MyWill’s ICO has a set goal of raising $20,000,000 in Ether, Ethereum’s currency (the platform over which this service is built) through the offering of a grand total of 105,000,000 WIL (meaning a ratio of 1,500 WIL per ETH). This new currency will be what lets users access the smart contracts in order to program where their funds will go after specific events take place. Other than this, there is no regulation as ICOs themselves aren’t regulated, which ensures every ETH spent will go to its funding and every token given will go to investors.
The MyWill ICO date will be from September 21st, to October 11th, 2017. The tokens will be distributed the following way:
- 10% of the tokens for the developing team
- 9% for Bounty
- 86% for the Pre-ICO stage
- And the remaining 84.6% will be sold during the ICO
Additionally, there is a discount onus program which will allow buyers to acquire tokens at lower prices. For example:
- If you buy during the first 20% of total tokens, you’ll get 30% discount
- If you buy during the second 20%, you’ll receive 20% discount
- And if you buy during the third 20%, you’ll enjoy 10% discount
So, why take risks? Don’t let your coins (product of hours of trading and/or mining) go to waste if anything happens to you, either by disappearing completely or by getting expropriated by banks like Coinbase, instead of going to your loved ones.