If you are worried about losing your digital assets or if the thoughts of passing them on to its rightful inheritors are disturbing you, then this is one ICO evaluation you must not skip.
Cryptocurrencies have been quite successful in constructing a show stage for themselves in past decade, and while these (cryptocurrencies) do serve as close to convenient investment options for new age investors, these work impeccably when it comes to creating assets for future generation. However, there is a major issue, most fail to discuss, which is passing his inheritance to its rightful inheritor.
DigiPulse is here to sort out this exact problem of yours. Basically, while they will be first to address the issues of escheatment, they have planned to make sure that your digital assets reach to their rightful inheritors, by setting up an infrastructure which they are working to turn into a crypto industry standard for future generations to come.
Let’s understand the exact problem in detail
It took quite some time after the introduction of blockchain and Bitcoin in 2009, for people to accept the same. But now things have changed, as it is these crypto currencies which are playing the role of major investment options in present scenarios. However, as we have been introduced, these cryptocurrencies do have flaws in them, and the one addressed by the team of DigiPulse is none other than the flaw of escheatment, as per which if the owner of the digital asset (digital wallet) is unable to access the same either because of death or even in the case of loss of memory those assets will remain with selected service provider for the time frame specified in terms and condition of the contract and after that these assets will be handed back to the state of the registered company.
It’s all about using the latest technology available and making it work best in favour of human race — and this is exactly what DigiPulse believes in, which inspired them to work on new ways of observing a user’s movement status remotely and improve the way of transient digital assists.
Business model
With subscription fee charged on monthly or annual (DGP token or fiat currencies are valid for a fee) basis DigiPulse organisation works on SaaS platform. However, if the user opts for the option of DGP token to pay the fee, he/she would be paying 50% less for the same time frame compared to fiat currency. While we are sure that this step from the team of DigiPulse will assist in raising the recognition about the coin, the same will also motivate people to mine the token in order to avail services for free.
All you need to know about technology
User will be the one who gets to decide which integration he/she wish to connect their account with and the method they wish to get their activity tracked (even the inactivity period which will trigger the data send out). The platform automatically establish the status of the user with all three, the desktop app, web based integrations and mobile app.
How the transfer of assets takes place
With the possibility to get verified with and without user ID, DigiPulse makes sure that the users (who chose to log in without ID) gets to ensure transfer of the assets to the 3rd party of choice by acting as a digital executor. Whereas if the user opts to log in with the support of ID, information will be directly passed on to the inheritor with the support of information provided by original asset holder.
The DigiPulse user can choose one out of two option for each vault and the same will be kept as a secret, which means no one will attain any information other than the asset holder or the inheritor (once the vault is created). However, if you are building an image that this process is way less multifaceted than you thought off, then you are mistaken. Once inactivity period is reached, DigiPulse starts with the process of finding whereabouts of the account holder, when it’s confirmed that inheritor must be placed in the position, one of three scenarios is applied depending upon the associated integration type.
- Transferring digital assets to next kin
This scenario is only applied when DigiPulse is authorised to operate the funds, which means once the necessary legislative documents confirming the death is received funds are automatically transferred to the next kin.
2. Opting for the third party services
While this scenario doesn’t require any legislative document, DigiPulse does not operate directly. Basically, if the user has chosen to stay connected with the third party, then DigiPulse only serve with the necessary information to inheritor related to how to get assets transferred to their name.
3. Third party working with DigiPulse
In the case of the third party combined work with DigiPulse, they take the responsibility of transferring the assets to the inheritor (without inheritor involvement) with the assistance of notifications about the state of the account holder from DigiPulse.
State of the project –
• With a platform developed, DigiPulse awaits the beta release which is scheduled after few months once the initial coin offering is over.
• Smartphone application ready and awaits to get released on app stores.
• DigiPulse, team plans to set up PCI DSS level of security, with appropriate certification. PCI DSS is a commonly used certification type by banks and other financial industries which require a strong auditing and PII (personally identifiable information) protection.
• In process of gathering a team of professionals who specialise in the field of IT, Law and Cryptocurrency domain
• Acquired first partner services — San Francisco based Coinbase 2 (Cryptocurrency wallet provider has made DigiPulse eligible to transfer up to 50,000 USD worth of asset on behalf of user)
• Launched in Latvia in 2016 (by “APNIKA”), the basic concept of the project came from Dmitry Dementyev-Dedelis who holds in-depth technical and psychological knowledge of fundraising.
• DigiPulse will not have escrow — DigiPulse believes that escrow does not add any extra layer of credibility, rather becomes redundant itself.
• During the crowdsale, the funds will go to a contract and afterwards reallocated to a multisig wallet
• Detailed breakdown of funds collected has been explained on website and in whitepaper
Introduction to the team
Undoubtedly, this team we are about to discuss believe in having a proper communication, after all not only they were able to explain their product in the easiest manner possible but assisted in understating it’s need as well. When asked to explain in simplest possible words Normunds explained this project as “a digital last will”.
In fact, when asked what they have to say about their team, Normunds told us that, “while the team is new to the crypto “scene”, but we are hailing from the Start-up and banking scenes, that are known for having the hardest working people. What we lack in direct reputation, we cover by working hard on our goal and creating this service”.
Dmitry Dementyev-Dedelis, Co-founder & CTO — with an intention to gain better knowledge about people behaviour Dmitry is currently managing his part-time B.Sc. in the field of psychology. He truly believes that this generation is living half of its life online maintaining and generating digital assets, and there is no doubt that the coming (generation) will spend more. Thence it’s quite important that these assets are not just secured but provided to their rightful inheritors. While working in fundraising sector for universities, Dmitry gained the knowledge and skills of merging two worlds (real world behaviour and digital realm) together. Also wrote the token issuance contracts and actual token issuance software.
Normunds Kvilis, Co-founder & CEO — with a master’s degree in economics and work experience as an analyst in a leading Scandinavian bank where he focused on best investment opportunities and financial market analysis. Normunds has always kept cryptocurrencies on his list of priorities. And that’s the reason he is able to understand the problems and work on solutions.
Availability of Prototype or code — as per what we came to know through Normunds, they do have a prototype for the platform behind the service in the alpha phase. Currently, their focus is on the ICO and developer is writing the smart contract code, planned to be released for review to the community in the next couple of days.
There are very few instances when we can say that we have been explained about the product in most illustrated manner as possible, however this team dose the same. As when we asked them if the idea they are working on is worth investing, Normunds told us, “First, it will set up a service that is missing in this industry. Everyone is caught up in chasing profits, but this is a real issue that needs to be addressed — we plan to develop it right. Second, because the exposure of our service and the user base grows, more coins will be available and used to pay for our service. This way the users holding the coins will have an altcoin that will increase in value as developing phase is one of the trickiest to handle. It is easier to develop something from scratch, rather than find mistakes in existing solutions. That is why we believe it should be created ASAP. We have our CTO who has previously lead developer teams and we plan to apply the same method in this project. As soon as we will see that the minimum funding cap will be reached, we will hire candidates for our developer team”.
Generic or vague
Team has not restricted in any manner who can participate. In simpler words, they are working on this project with a goal to help the community. However, they do agree with the fact that while it will not be a perfect fit for everyone, they do wish to make the best experience for those who see value in passing their assets on.
While they plan to contact existing notaries and insurance brokers, who already have an established customer base and work with them. DigiPulse does have a second plan of action as well, which is approaching digital services and offer partnerships (as with coinbase). As per team, ICO would provide them with enough leverage (a community support) to tell that they see this as a mutual improvement on the existing problem.
The purpose of the token
The purpose of the token is to assist the team in understanding who has contributed and it works as an admission to their coin pool as well. In simple words, tokens work like a key that allows the user to access the DigiPulse coins.
For example, in case you feel the need for DigiPulse service, you can use it by paying a subscription fee, but if you have contributed early, you will gain coins (if you hold the token) and that way you will only have made one payment in the beginning.
• Any excess coins can be sold on the exchanges for additional income.
• Token will also grant the “passive mining” function, which will let people get a pro-rata share of coins from the collective mining pool, without having to actually mine them.
Economic model
When asked to describe a viable economic model behind it, Normunds told us “our service is used for two types of customers: the ones that have taken part in the ICO and the ones who haven’t. So I will start with the latter. People can subscribe to our service using fiat and cryptocurrencies (monthly, annual subscription). In this case, we generate profit that is further used to fuel the growth and the operations of the company.
So, the bigger the need for the service, the more coins will be mined. And, because they are used as a means of payment, they will eventually come back to DigiPulse, which in turn will be able to regulate the overall amount of coins in regulation through the help of exchanges”.
Apparent perceived or real regulatory risks- One of the major risks is regarding the United States and the United States Securities Act of 1933. Recently, the SEC has made it known, that ICOs fall under the ruling of the Securities Act and therefore DigiPulse cannot offer their ICO to US citizens. This is apparent and real. The risk lies in that other countries could follow suit.
Community building
With regular signing up to newsletter and support on Bitcointalks, it’s quite easy to say that this team is quite successful in building a community around their product.
Our take on project
Serving with a solution for a problem is one aspect, however making sure that the user is able to understand the same and smear its properties is different altogether. The DigiPulse team is working quite hard to make sure that not just people who are tech savvy understand what’s happening in Cryptocurrency world but all must have the knowledge of the same.
