Singapore-based Digitrust has announced their new utility token Will Token, which is designed for beneficiary assignments via a blockchain platform.
The crowdsale is currently live, with its Stage 1 to be ongoing until July 15th. The token is compatible with the ERC20 protocol, and can be bought at the rate of $0.10 per token with either Bitcoin or Ethereum.
The amount of 250,000,000 tokens is available during Stage 1, with the same amount to be sold during Stage 2. The soft cap of the crowdsale has been estimated at $2,500,000, while the hard cap has been valued at $25,000,000. Tokens can currently be purchased with 12% discount. The bonus will be decreasing as more money is raised.
Only 50% of total tokens are planned to be sold during the crowdsale, which means a great supply of billion tokens in total. 30% of them will be set aside in a reserve, 11% will go to the team and advisors, and 9% will be spent on bonunses and bounty.
Death is something that occurs to everyone – 0.7% investors die annually, which equates to 700,000 people in a community of 100 million investors worldwide. Other uncertainties that cryto investors fear is hacking, false claims, and wealth being lost in transit. In a sphere where trust is a rarity, crypto investors are especially opposed to giving confidential information. That’s where Will Token comes in.
The blockchain platform is fully automated, and has no third party intervention. There’s no requisite for passwords or private keys, as well as for the inheritance protocol. Will Token simply represents itself a secure way for investors to safely pass along assets when they pass away.
Will Token works in conjunction with the Will System, an official legal document. The document describes an investor’s desire regarding to whom his or her funds should be transferred to after they are gone.
Besides assigning a beneficiary, the will system also conducts searches and established a proof of death. Once a claim has been confirmed, it sends a request to exchanges and wallets through an automatic AI application.
Details within the document include instructions for the heir, trusted persons, as well as ways to verify the beneficiary. The whole transfer process is automated, with funds being transferred from exchanges and wallets, and sent directly to whoever the document specifies.
July and August will see the 1st beta version of their minimum viable product (MVP) being rolled out. MVP 2 will be deployed in September and October, as Willt Token will be listed on exchanges. November will see the final live release of the system, and begin the second phase of Digitrust’s development plan.