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:
- What happens with your Bitcoins when you die? You need to act on this issue right now.
- DigiPulse ICO Review - The Digital Inheritance Service to make sure your Bitcoins are not lost when you die
- Essential Features for a Digital Inheritance Service like DigiPulse to be successful
- 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.