By now if your social media isn’t full of posts about Web3, Crypto, Digital Identities, or NFTs then you’re probably going through life business as usual. However, for most of us there are new projects and terms popping up faster than ever. The world is changing and it can be easy to feel like you’re being left behind. Everyday a new person is yearning to learn more and try the newest frontiers of the internet. Unfortunately, the barriers to entry have locked many people out.
MyLilius is here to assist in your journey into Web3. Our goal is to provide individuals with the easiest “on-ramp” possible while still staying completely decentralized (we’ll talk more about this). Anyone who wishes to experience the possibilities Web3 has to offer can find refuge in MyLilius, knowing that we will provide an environment that prioritizes privacy, functionality, ease of use, and education for all. In this article we will overview our approach to what we believe the ideal Web3 wallet should look like.
Cryptocurrency Wallet
Bitcoin, blockchain, and cryptocurrency are all hot topics right now. Whether you are already a holder of cryptocurrencies, an active user on Web3, or just now learning what Bitcoin represents to the general public; it is important to understand what a wallet is and why you need the MyLilius wallet.
Cryptocurrency wallets hold the keys to an account on a blockchain (i.e. a large computing network). An account has two parts that we need to understand. The first is a public address that can be used to show how much of a currency you have, or that can be shared with others so they can send you tokens. This address we can freely share with others without compromising our funds. The second part is a private key which can be thought of as a randomly generated unique password which is used to create your address. We want to keep this private key away from others at all costs as it allows full access to our account.
Now that we know the two basic components of an account, we can talk about why a wallet matters. A wallet provides one direct access to services in Web3. Decentralized exchanges like Uniswap offer users the ability to swap one coin for another, while games like Decentraland offer users an entire 3D world to interact with. Most applications in Web3 just like Uniswap and Decentraland require a wallet to use. A wallet is the first step to beginning your Web3 journey.
Portfolio
Blockchains are computer software running on thousands, sometimes hundreds of thousands of computers all over the world. Different blockchains use different wallets, support different currencies, and offer different features. This leads to difficulty on the consumer end of the Web3 world where it is hard to have an understanding of your full portfolio across different blockchains and wallets.
Currently, there are no completely free solutions that allow users to import their existing wallets from a variety of different blockchains — (we will work to provide as many as possible) — and aggregate their data into one place that can then be understood and used directly. Many of the best portfolio applications simply show you how much you have, but they don’t allow you to access everything in one place.
MyLilius will integrate the portfolio feature directly into a custom wallet that represents all the funds linked to your digital identity. This will allow you to see your stake in Web3 and use it all in the same place.
Digital Identity
First and foremost, MyLilius is designed to give control to the users of the internet. Whether one is scrolling through their favorite social media site or staking on the newest Defi platform their complete digital identity should be accessible for their utilization. The MyLilius wallet is not only a safe haven for your assets but also a gateway for your personal information. Be it your contact list, photos, documents, messages, or your personal preferences your data stays by your side at all times. By using MyLilius’ Digital Optimized Twin (DOT) technology, the same wallet you use to access your favorite dApps can also act as a pipeline to access your Twitter account, Google Drive, iPhone, and much more. The MyLilius wallet makes it simple to experience all the benefits Web2 and Web3 has to offer all in one place.
DOT & Lilicoin
By this point you’re probably wondering how this all works. The easiest way to put it is magic. When you first access MyLilius you will create a Digitally Optimized Twin (DOT). Your DOT is responsible for managing the different components that cumulatively represent your digital identity. Every individual is entitled to one unique DOT just as one individual is entitled to one unique identity in the real world. Your DOT provides you with:
- Storage of personal information
- Computing Power
- Integrations to 3rd party services
A DOT is a direct correlation to your presence on the internet. The more you use it, the more it matures and increases in value. Maturity happens in a simple gamified nature. Your DOT will gain experience and increase in level over time. These numbers are a gauge for you to understand how strong your digital presence really is. Additionally, maturing your DOT also rewards you in the form of Lilicoin. Many of the services within MyLilius directly reward you with Lilicoin for using them. The more valuable your DOT, the more Lilicoin you will earn.
Lilicoin is the native MyLilius token. Users can use Lilicoin to unlock increased DOT functionality, win prizes, and/or utilize Defi features.
Team Thoughts
TheGreatAxios | Code Monkey
The internet is an amazing tool that offers people opportunity no matter where they turn. However, the lack of ownership of intellectual property, assets, and even funds is a numbing problem that has been continuously getting worse no thanks to the rise of big business and the spread of digital surveillance. Web3 is a term being thrown around a lot, we use it too. However, it is the underlying technology that matters. Blockchain and the rise of decentralization represent ownership and freedom on the internet reminiscent of the original internet users. It is ok to be anonymous on the internet. It is acceptable to be private. It is acceptable to own a piece of property you believe holds value. It is acceptable to access platforms that allow you to make money. It is acceptable to own the content you generate. Those are all rights that everyone should have on the internet. That is what MyLilius represents for me, and I want to share it with you.
LordGandhi | Idea Addict
I believe everyone can shape their own world. No matter what your social, educational, or financial background is, every person within our global community has the right to use the tools around them to improve their everyday lives. At one point in our existence the Earth was at our disposal. Nearly every idea and desire lead to a new adventure not blockaded by social restrictions. I wish to get back to this point in human innovation. To me MyLilius represents new beginnings and an opportunity to try something new again.
Join us on Discord for more information and get early access.
