myDid (SYL) Crypto Review 2024: Complete Guide

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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.

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What Is myDid?

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.  

Mydid website

The solution comprises a set of tools and features, including:

  • a digital wallet
  • a strong authentication solution
  • an electronic signature tool
  • a secure remote access solution

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).

The Story Of myDid

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. 

mydid features

The project is based on three main principles:

  • Self-Sovereign Identity (SSI): comprises encrypted data about a user, and the digital identity is decipherable with a specific key, somewhat similar to the seed phrase for cryptocurrency wallets. This key is solely possessed by the user, essentially functioning as a digital passport.
  • Secure point of access: the myDid app is the platform where users can manage their $SYL (via the integrated wallet) and the entire ecosystem, including their SSI, badges, and other services. This should prevent unauthorized users from accessing your data and assets.
  • Free exploration: just because you’re interested in security and privacy shouldn’t restrict you from exploring the blockchain through Web3 to find interesting stuff. Thus, the ‘Explorer’ becomes a secure gateway to everything you might be interested in. 

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.

mydid decentralized identity

Why Was myDid Created?

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.

Binance

  • Low fees
  • One of the largest crypto exchanges
  • Fee discount for using native BNB

How Does myDid Work?

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. 

mydid web3

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: 

  • allowing users to prove their identity
  • by acting as a zero-knowledge proof (zk proof): it will transfer a map-based proof of your age, confirming that you are above the required age (18 or 21), your gender, and more
  • by acting as a shield against fraud: instead of targeting organizations and stealing hundreds, thousands, or even tens of thousands of data sets, hackers would have to target one SSI at a time to hope to succeed.

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. 

mydid create ID

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. 

Where To Buy $SYL?

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: 

PancakeSwap

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. 

mydid swap

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.

PancakeSwap

Sign up now at this decentralized exchange, which supports tokens on the Binance Smart Chain.

Probit Global

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. 

mydid chart

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. 

LBank

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. 

lbank mydid

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.

MyDID Crypto Fear and Greed Index

Updated: 19 May 2024

Now: 65 Greed

Now: 65 Greed

Yesterday: 60 Greed

Last Week: 46 Fear

Is myDid a Good Investment In 2024?

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?

mydid chart

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.

mydid roadmap

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.

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Our Final Opinion On $SYL

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! myDID 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!

Pros and Cons of Investing in MyDid

  • SYL Technology: MyDid’s technology is increasingly sought after by investors and individuals
  • myDid is a project that aligns with GDPR requirements, ensuring the protection of users’ data.
  • The project has undergone a successful rebranding, transitioning from the XSL Labs project to the myDid project.
  • SYL is a relatively new and untested cryptocurrency, which could make it more susceptible to market volatility and fluctuations.
  • The overall cryptocurrency market is highly volatile and subject to significant price fluctuations.
  • Investing in SYL carries an inherent risk of loss, and users should carefully assess their investment objectives and risk tolerance before investing.

MyDiD - FAQ

What is $SYL?

SYL is the native token of the XSL Labs project, which has since been rebranded as myDid! 

Where to buy $SYL?

To purchase $SYL, we recommend the PancakeSwap platform! Alternatively, consider ProBit or LBank. 

What is $SYL used for?

$SYL is the native token of the myDid project, which can be used to purchase digital assets and also as an investment if its value rises. 

Is myDid a good investment?

Being a relatively new project, myDid is certainly riskier but it does have the potential to become a good investment. 

Who created $SYL?

$SYL was launched through an ICO by myDid, a Swiss-based company.