It’s estimated that more than 4 million Bitcoin have been lost forever. Two key aspects of Bitcoin are its production schedule and supply cap. Firstly its supply is capped a 21 million Bitcoin.
Second, the number of Bitcoin released in a block is halved every 4 years. This provides it with a clear and discernable production schedule, but also means each Bitcoin becomes increasingly difficult to mine.
This means that every fourth Bitcoin has been/will be lost forever. Most often this is due to the loss of the access key. Without it, owners can no longer access or use their cryptocurrency. However, sometimes the death of the wallet’s owner is the cause.
Imagine, a quarter of Bitcoin gone, providing no value to their owners. Out of the 4 million Bitcoin that remain to be mined – 1 million will be written off, forever lost from the digital economy due to accidental loss or destruction. What good is that?
The MyWill platform provides access to its services through various projects and products. The platform is open to third-party developers who can add their own smart contracts. MyWill takes care of everything else: verification of contracts, their implementation, launch, and execution. The basis of the service is contracts developed by MyWill’s programmers. The planned number of first stage users is 50,000 people.
The first project has already been launched on MyWill’s platform. The “LastWill” contract will transfer the user’s savings to their family or friends in case of sudden illness or death. There are already a number of smart contracts developed for a range of other circumstances: the loss of a private key, the transfer of money for a particular time or date etc.
Every user will be able to create their very own tailored smart contract. Thanks to templates on MyWill’s library. You won’t even need any programming skills. The service helps to create, test and deploy your smart contracts. More importantly, it regularly monitors them, checking the condition of user’s contracts.
A cryptocurrency wallet is not a bank asset that you can bequeath to your loved ones. LastWill solves this problem. It distributes savings between your family and friends in the case of the owner’s incapacitation or death. They provide wills for the modern era.
The MyWill platform provides the infrastructure for solutions to prevent the further loss of cryptocurrencies through the use of secure smart contracts.
The MyWill team said:
“We know how to protect people from losing control over their cryptocurrency assets. Whatever happens, with LastWill you won’t lose control of your wallets.”
Example: If a wallet is inactive for three years (forgot the password, lost key) – the funds are then transferred to the backup wallet.
In later stages of development, implementation of the following features are being planned: payment of inheritance, marriage contracts and agreements, educational allowances and more.
MyWill starts its ICO on September 20th. 84.6% of all issued tokens are to be sold. The sale will last 20 days unless tokens sell out. Token WIL will be used for raising capital for the project during the ICO. After the ICO (and reaching the soft cap) the token will be placed on cryptocurrency periods free trade. The exchange rate of the token will be regulated by the market.