On October, 25 the Token Sale for MyWish, a working platform for asset management solutions based on smart contracts, went live. The system is designed to integrate high technologies into the real sector benefiting from innovations in blockchain technology and cryptocurrencies.
Constantly growing interest in smart contracts is due to the fact that they are able to complement financial institutions in the digital economy and allow the management of cryptocurrency assets. However, their popularization is hampered by serious conceptual problems:
- A smart contract is useless without an external invocation.
- Creating a smart contract is an expensive process.
- An absence of smart contracts using Bitcoin.
- The technical complexity of creating smart contracts.
MyWish was created to eliminate these challenges in the use of smart contracts in order to make them accessible and convenient for everyone as interest in the emerging blockchain economy grows.
Unlike other projects (such as BlockCAT, Etherparty), which are devoted to the creation of smart contracts, MyWish has implemented an innovative system, Joule, which guarantees the seamless invocation of contracts throughout the entire lifecycle of the contract.
Due to a lot of contracts able to run on the platform, MyWish is able to abstract and lower the cost of applying smart contracts through its use. MyWish will allow users to manage assets in popular cryptocurrencies, including Ethereum, Bitcoin, and Litecoin. As a mobile application and user-friendly website, MyWish will usher in a new era of usability where everyone can create and manage a smart contract. The product is available at contracts.mywish.io.
Currently, four off the shelf smart contracts are available for use:
LostKey – a contract that transfers funds to a reserve wallet in case of loss of private key;
Wedding – the marriage contract, allowing for unification of crypto assets within a family;
Deferred Payment – a transfer of funds to a wallet of another owner after passing a certain period;
LastWill – a contract that transfers funds to a reserve wallet in case of death of the owner.
The platform is open to outside developers who can also add their contracts to the growing repository. MyWish takes care of all other actions, such as verification of contracts, configuration, launch, and execution. The expected usage at the product’s first stage is 50,000 people.
MyWish will begin its Token Sale on October, 25. It plans to sell 63% of all issued tokens in the public sale. The sale will last 30 days, or until all the tokens are sold. During the Token Sale, the WISH token will be granted to users who contribute to the project.
MyWish will integrate the Bancor Protocol™ in order to activate a Token Relay™ on the Bancor Network™. This will allow the WISH token to work seamlessly with all other tokens in the network and benefit from increased stability thanks to an algorithmic pricing mechanism as part of the Bancor Formula. To learn more about Bancor, please visit their site and read the Whitepaper.