Is MyWillPlatform a serious DigiPulse competitor for Digital Inheritance service? ICO Review

in #cryptocurrency7 years ago (edited)

The only startup in the Digital Inheritance space other than DigiPulse is the MyWillPlatform, which lately rebranded itself to MyWish. This is my review of this project.

The very first impression of the website is horrible.

Landing on such a website normally always makes me leave under 3 seconds contributing to the site's bounce rate on purpose. I have no idea why a blockchain startup would put a lambo background on the entire site. Unless you're a lambo manufacturer or a dealer. And they are neither.

The only explanation I can come up is that this is the team's only motivation and it's meant to attract alike thinking crowd. To be honest, even if I had all the money in the world, a lambo is not even on my list of things I'd like to purchase ever.

This should be actually the end of the review because I would never ever consider investing money in a team fueled by this motivation. And I would never recommend you either. If I was in my reader's place I'd stop reading this post right here.

Nonetheless I have forced myself to read the MyWish whitepaper to stay objective.

MyWish Whitepaper

It does not get much better. I understand it's a russian startup (and I myself am not a native english speaker either) but their english is just awful. The entire whitepaper is made up of errors, typos and sentences with no semantic meaning whatsoever. Just as the homepage is. It maybe well meant but the execution is very poor.

The vision

The pain MyWish is trying to solve is very similar to DigiPulse - provide effective access to digital assets for the inheritors. But their stated mission is broader than just that:

MyWish is introducing web and mobile applications dedicated to customizable smart contracts for various purposes among others "lastwill contracts", focusing on ERC20 compatible tokens in the first place, but planning to support other currencies as well with Bitcoin in the first place.

The difference to the DigiPulse approach is the fact that the MyWish platform enables the creation of various Smart Contracts instead of creating one universal Smart Vault for all inheritance data like DigiPulse. This way MyWish is actually more a competitor of projects like BlockCat than DigiPulse.

What I like is the plan for opening the platform to third party developers later next year, which is one major step for such a service, as I have suggested to DigiPulse in my last post as well.

MyWish ecosystem

To be able to use the platform and issue your own contracts you will need to purchase WIL tokens. The WIL token is a usage / utility token to cover the cost of using the service. The price depends on:

  • Terms of the contract
  • Contract conditions
  • Frequency of verification
  • Number of wallets and recipients
  • Service commissions

Estimated cost of a basic contract with 3 years duration is 0.5 ETH including the service fee.

MyWish Team

The 6 team members account for following professional experience according their website: computer scientist, frontend developer (JS, AngularJS), blockchain ethereum developer, backend developer (python, C), project and community manager. Most of the team members are DDG - Software Development employees.

The advisor team consist of the LILY S.E.A 2014 investement company founder and the crowdfunding lawyer of Cointelegraph blockchain with extensive experience angel investement and lastwill regulations.

MyWish Roadmap

MyWish ICO token distribution event

The ICO has started on Sept 20th and will last for 20 days or until all tokens are sold whichever occurs first. In the Pre-ICO held in August MyWish was able to able to collect 758 ETH, with a target 500 ETH.

Details:

  • WIL token: Ethereum ERC20 compatible token
  • Price: 1 ETH = 1.500 WIL ($0.19 as of the moment of writing)
  • Purchase methods: Only ETH is accepted
  • Total token supply: 105.000.000 WIL
  • Token cap: 50.000 ETH ($ 14.950.000 as of the moment of writing)

My conclusion

  • The website -3 points for the terrible design, awful english and the lambo-focus
  • The whitepaper -2 points for the terrible english and the missing token distribution transparency
  • The roadmap +1 point for the 3rd party API plans
  • The advisor team +2 points for dedicated knowledge essential for such a startup

All in all my impression is rather negative. For the ease of creating customized smart contracts I'd rather use BlockCAT and for a secure Smart Vault for inheritance purposes preferably DigiPulse.

Post series: All you need to know about Inheritance of Digital Assets

This is the fourth part of my journey along the simple question with huge consequences: What happens with your digital assets when you die?

In my previous posts I have explained the existing issue with digital assets inheritance, the need for a service covering this problem, I have reviewed the most promising start-up in this area - DigiPulse and I have explored if MyWillPlatform (MyWish) is a serious competitor in the Digital Inheritance arena.

Here is all you need to know about inheritance of digital assets:

  1. What happens with your Bitcoins when you die? You need to act on this issue right now.
  2. DigiPulse ICO Review - The Digital Inheritance Service to make sure your Bitcoins are not lost when you die
  3. Essential Features for a Digital Inheritance Service like DigiPulse to be successful
  4. MyWillPlatform ICO Review - Is MyWillPlatform (MyWish) a serious DigiPulse competitor for a Digital Inheritance Service?

Thank you for reading!
Stay safe & stay tuned!


Disclaimer:

I have invested a lot of time into researching and writing this review. If you want to honor this effort please upvote this post and follow me. Thank you!

And always remember - my views outlined in this or any other post do not constitute a financial advise whatsoever. DYOR.

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@Viennablues, it is very refreshing to read a negative review of an ICO, particularly when it is clear you have done your homwork properly. There are lots of reviews touting various current ICOs as great investments, when it is obvious that the posters haven't read the white paper. Some of them are suspected to be written by paid promoters because they are too carefully worded. I have also noticed that some ICOs reserve part of the token issue to be given away free to those who write positive articles on social media. I wonder if there are any laws being broken by doing that?

Lots of people get upset when told their ICO isn't that good. There is a lot of vested interest in getting it away.

I wrote an article about a particular ICO that I think is not attractive.

https://steemit.com/ico/@swissclive/initial-coin-offerings-often-you-are-buying-thin-air-i-e-nothing-at-all

I made some (helpful) comments on steemit to the blogs of people who were touting it as a great investment. I pointed out some of the problems (limited utility value, large issue size, and a business plan that relied on selling more tokens for the next 4 years). This upset some who had presumably already invested.

My assessment is that very few ICOs are designed to have monetary value. Most are not linked to the success of the company, or its profits, and have no voting or influece on the company. As for utility value of the tokens, most are rather contrived. In other words, there is almost none, and the token being issued was never necessary, as any crypto or even fiat would do equally well.

Another interesting feature of some ICOs, is that they mention an army of well known and respected advisors, or senior employees with prestigeous CVs and track records. Yet when you visit the social media pages like Facebook or Linkedin of the advisors, they don't mention their affiliation with company, or if they do, it is in the context of a long list.

It is crucial for the success and future of crypto to have thinking and rational people like you on board. I totally agree, the majority of the ICO projects will fail. Many founders are forgetting, that if you are given a hammer, not everything is a nail ...

The folks looking for a quick easy buck will never listen to you. It is our human nature, the hope for miracles is a way too mighty drug. It makes our lifes easier to master. One way or the other ;) Just look at the success of the TV preachers (especially in US), it's mind-boggling what those fraudster broadcast every day and make a fortune with it. And you could spend your lifetime explaining and argumenting the nonsenses to those people, they will never listen to you.

I am positive that we will figure out how to introduce smart boundries to ICO sooner or later. Some folks will get burned, that's inevitable. But we are doing our best by pointing it out and it's up to them to make something out of it.

Don't let the nay-sayers discourage you.

What the smart people can do, is call-out the failings of dodgy investment schemes, so other smart people can read and not waste time repeating the study, thus spending more time on genuine investments. As for those who won’t read the negative reviews, that’s their problem. Something will always part them from their money. It may be a three-legged horse, or a fat greyhound.

Please keep reviewing these ICOs

upvoted please check my blogs

@Rahulsharmaitim. If you like a post, it is generally sufficient to up-vote it unless you want to join in the debate. The community frowns on those who constantly beg for upvotes or visits to their blog without referencing the post you are replying to.

This is for yor benefit so that you don't find other people down-voting or flagging you.

Thanks @swissclive I didn't know because I spent time to write my blogs but still I can see only few views due to this I request to check my blogs rather than upvote me

The reality is you will only get followers if lots of people like your posts and give them upvotes. For that to work you need to write a large number of posts and the subject matter has to be interesting. People won't vote for boring stuff. If you write interesting stuff then they will follow you and read your other posts. Then your score will increase and follwers will start to appear..

If you are downvoted your score will decrease. Even if you write alot, it will still take time to increase your score.