The financial landscape is transforming very rapidly, notably thanks to blockchain technology and cryptocurrencies. This is forming new opportunities for interested individuals through the creation, development, and strengthening of an entirely new ecosystem.
A few projects act as driving forces such as Bitcoin and Ethereum, meanwhile, others may make less noise but still hold their ground. This is notably the case with myDid crypto ($SYL) so we offer you a comprehensive review of this project to help you better understand what it is, how $SYL works, and most importantly, why it was created.
myDid is a project that aims to provide an entirely new decentralized and secure identity management solution, accessible to individuals, businesses, and organizations. It is one of a few services trying to accomplish this and has become a go-to for anyone interested in heightening their privacy.
The solution comprises a set of tools and features, including:
The ultimate goal of this project is to give individuals and users the ability to control their digital identity without relying on third parties or centralized organizations that store their data and may use it for political, commercial, or other purposes.
There is no myDid blockchain, instead, it is a project built on BNB Chain (BSC), a blockchain network with faster transactions and lower fees due to better scaling. The native token is $SYL, which is a BEP-20 token (similar to ERC-20 for projects built on Ethereum).
myDid was originally founded in 2018 by a company called Sylare. The myDid founder, Georges Tresignies, had noticed the absence of a noteworthy project related to decentralized identity despite the need for such a service in the burgeoning crypto industry.
But it wasn’t until 2021 that an ICO for $SYL was announced and the project was officially launched. The tokens were sold on the ProBit platform, ranging from 0.001 to 0.003 USD. By then, the company had been renamed to XSL Labs and is currently named myDid SA, based in Switzerland.
The project is based on three main principles:
In short, it is a project with a very comprehensive 3.0 ecosystem and a well-defined universe. This is one of the main reasons why $SYL is gaining popularity. Faced with the growing need for security, the desire for decentralization, and the development of blockchain technology, the emergence of such a project was inevitable.
However, it’s important to note that the Tokize teams do not provide any investment advice. This is an objective analysis of the project launched by myDid, and you should always conduct your own research before investing in cryptocurrencies.
As explained earlier, myDid and its accompanying native token were launched to address a specific need: to empower individuals, businesses, and organizations by giving them control over their identity. Now, it is possible to entrust one’s “identity” to a completely decentralized system operating on the Binance blockchain.
The goal is to protect user data by handing back control over their data and online sharing. This is crucial because, for the myDid team, the current interconnected world is susceptible to leaks, phishing attempts, and data theft. The idea is to create a robust ecosystem to address these challenges.
As mentioned earlier, the first part of this pro-data, pro-user journey is the launch of the myDid project and the myDid mobile application. $SYL, on the other hand, is a well-established digital asset listed on multiple exchange and trading platforms.
To understand myDid, you first have to consider the mobile application you install on your device. From the app, you create a DID (SSI), which acts as your digital identity for the rest of your crypto journey; kind of like a digital passport.
SSIs are based on smart contracts. These smart contracts will govern the entire lifecycle of the identity account created by the user, from its creation to modifications. They will have many other uses too such as:
From the myDid app, you can then explore Web3 freely and access various services such as DeFi, dApps, NFTs, etc. The app allows you to do all this confident in the knowledge that your personal data is secure and that you have control over who you share it with. Besides, you can more easily use your public and private keys without having to type manually.
The app also has an integrated wallet in which you can store your digital assets securely. From it, you can send and receive multiple digital assets because it supports a wide range of assets beyond just what you can find from the explorer. Using badges, it’s also possible to create communities that can share assets using one secure identity.
Running through the project is the $SYL token which can be used for transactions and as a reward for myDid users. Being a fairly standard token developed on the BNB Chain, which is the Binance blockchain, this digital asset is a BEP20 token.
The choice to go with BNB Chain was because of the blockchain’s fast and cost-effective transactions, making it more accessible to a broader audience. This is unlike, say, Ethereum, where network traffic often causes delays. Not to mention the large number of tokens built on the network.
Other than being used in the myDid ecosystem, it can be bought, sold, and traded like any other type of cryptocurrency token and digital asset. This means that it can become an alternative investment for holders when its value rises but unfortunately, myDid staking is not currently possible.
From reading the above, it’s natural to be interested in myDid and, subsequently, the $SYL token. Indeed, our myDid forecast is quite positive and you should at least consider buying some $SYL because the myDid stock price may just pop. To that end, let’s highlight 3 platforms where you can purchase the token and why you should choose each one:
According to CoinMarketCap, PancakeSwap is the main trading platform to visit for purchasing $SYL. It’s a decentralized exchange (DEX), meaning that you won’t be required to provide identification documents for the purchase, but it may require some slightly more complex actions to go through with it.
To buy SYL on PancakeSwap, you’ll first need a crypto wallet such as MetaMask or Trust Wallet and connect it to the exchange platform. The wallet should contain some BNB tokens or another digital asset to swap for $SYL and later to convert myDid to USD. Ultimately, it will depend on the options available to you on this trading platform.
Probit is the historical platform for $SYL, where the project was launched and made public for the very first time. However, it is not a very liquid platform compared to other exchanges but remains an excellent option for individuals who want to trade or invest in $SYL for the medium and long term.
And like all other centralized exchanges (CEXes), you will need to go through know-your-customer (KYC) procedures. This means providing identification documents first before you can make any transactions on the platform.
The third option for investing in $SYL is LBank. It is a lesser-known exchange platform that was established in 2016, located in Hong Kong, and has gained attention for its relatively low transaction fees.
CoinMarketCap considers it a trustworthy platform for trading $SYL considering the trade volume coming in second behind PancakeSwap. However, similar to other CEXes, undergoing KYC is a mandatory requirement!
So, which platform to choose? In our opinion, PancakeSwap is the preferred trading platform. Firstly, it is a decentralized platform, recognized by a large number of traders and investors. Secondly, it is the most liquid platform for buying $SYL. It is the place to go if you want to see your orders go through a bit more quickly!
Moreover, PancakeSwap is a simple and user-friendly trading platform. It is easy to get the hang of quickly and allows for swift token swapping. It is a functional and highly advantageous tool!
However, please be aware that the Tokize teams do not provide any investment advice. This is an objective analysis of the project and you should always conduct your own research before investing in cryptocurrencies.
Now: 78 Extreme Greed
Now: 78 Extreme Greed
Yesterday: 78 Extreme Greed
Last Week: 70 Greed
The last question that arises is whether or not it is a good idea to invest in $SYL and will myDid go up. Determining price movement, whether upward or downward, is a challenge but we can use several tools to give us a near-accurate myDid prediction.
For instance, by relying solely on CoinMarketCap statistics, we can see that the all-time high (ATH) is currently distant, with the myDid price USD hovering around 0.0005 USD compared to a peak price of myDid of 0.012 USD on the myDid chart below. Should this be considered a warning?
Yes and no. Firstly, $SYL was launched at a time when the cryptocurrency market was experiencing a significant downturn. Additionally, the project is still in the early development phase. A rebranding has taken place, and many things are on the horizon, especially if you take a look at the roadmap directly visible on the official website.
One of the factors that could boost SYL’s growth and myDid value is the deployment phase and the use of the technology at the European level. Indeed, SYL, with its tools, complies with GDPR requirements. With exposure and a solid project, not only individuals but also organizations could adopt the developed technology.
However, caution is advised. If new projects were to compete with SYL, featuring technology that is deployed more quickly or even more comprehensively, there is a strong possibility that myDid could be affected unless the company demonstrates flexibility and adapts to new challenges.
The main question is, will myDid recover? myDid is a young and disruptive project that rides the wave of the growing demand for decentralization, security, and personal data protection. Since its launch on the market, the project has experienced several upheavals, undergoing a double rebranding, transitioning from Sylare to XSL Labs, and finally adopting the name myDid.
Today, the project appears to have stabilized, and despite the drop in myDid stock price from 0.012 USD at its all-time high to the current price, the progress made and the announced roadmap give hope for promising developments! In 2024, the myDID future aims to have made significant advancements, including even launching its technology on a larger scale.
Still, caution is advised. The cryptocurrency market is highly volatile and immature, thus the myDid forecast is uncertain. Investing in $SYL comes with the risk of losing a portion or all of your capital. Feel free to research beforehand, monitor the project’s progress, and engage with decision-makers through social platforms before making your final decision!
About the author
EN Robert Balmes est analyste financier depuis 2013. Il est expert dans les marchés actions, le Forex et les cryptomonnaies. Il participe à l’élaboration d’articles de fond sur des sites spécialisés comme Tokize.com.
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