Crypto, NFTs, and tokenization have caused an exponential increase in assets while also providing a way to transfer capital from one person to another quickly.
This increase in assets and how easy it is to invest in them brings in more people than ever. Many of whom would have never considered investing before due to the assumed complexity. Eventually, these investors become interested in traditional equities and start purchasing those, and that's when a problem emerges.
Currently, no service can give you the complete picture of your net worth.
There are either platforms that focus on crypto or traditional assets with limited support for importing crypto accounts.
If you want to get a complete picture, you've got to build something yourself.
Pilea's portfolio treats traditional assets and digital assets like first-class citizens. Pilea allows a client to import exchange accounts and crypto wallets from different blockchains and traditional brokerages and banks. Pilea doesn't simply list these assets; it also supports;
Clients can leverage digital assets to generate income through staking and loaning out their support to earn interest. Pilea knows when you have help working for you, generating revenue. Eventually, Pilea will use the Client's Risk Profile to recommend Defi opportunities to them.
One of the best features of digital assets is that the transfer of ownership is decentralized. You don't need any permission to transfer ownership. You only need your secret key to send it to someone else. When it comes to legacy planning, this feature becomes a curse. How can I initiate this transaction if I am dead? Whoever I intend to bequeath my assets to is going to need my keys.
Do I give my secret keys to my family ahead of time? How about my lawyer? Do I put them in a safety deposit box? Can I create a dead man's switch? Do I use multisig? Even if I find a service, how can I trust that it will still be around in 50 years?
There's no clear solution to this severe problem, Yet.
Halo is a legacy plan minted on the Etherum blockchain as an NFT Smart Contract. It is capable of storing every digital asset that currently exists and will exist regardless of blockchain. So, Halo can keep a client's precious digital assets in one place.
This Legacy Plan is composed by the Client from Smart Contract Components designed by UBS and tailored to the Client's specific situation. UBS audits the contract, so the Client can trust the terms are solid.
When major family events like marriages, deaths, and births occur, Halo recommends updates to the Client's Legacy Plan. When accepted, those changes are minted as a new NFT.
When the Client dies, the Smart Contract executes their legacy plans precisely as they wish automatically.
Halo solves this problem by issuing wallets to Beneficiaries. When a client adds a beneficiary to Halo, they will be given a Flow card. NFC powers it, and when the Beneficiary taps it against their phone. It generates a secret key and adds them to the Client's Halo. Once added, transferring ownership of assets is done by the Client or their Legacy Smart contract.
As we researched the technology needed to build Pilea, we discovered that we could also create a Digital Autonomous Organization. A Governance DAO with the power to pool money, issue tokens to people who contribute money, and provide voting power based on the number of tokens they hold. So we came up with;
The Pool is a DAO designed to empower families by enabling them to pool their resources together. This Pool can be a college fund, a donation to charity, political contributions, loans to beneficiaries, or whatever the family votes on.
When a Beneficiary contributes to the Pool, they are issued tokens consummate with their donated amount. These tokens give them the vote.
A Beneficiary can redeem the token for cash if they desire
When the metaverse becomes mainstream, there will be another exponential increase in the number of assets a person can own. There will be multiple gaming universes, fan universes, sport team universes, and movie ones. Digital assets will be worth as much if not more than tangible world assets. People are going to need financial guidance for this, just like they do in our physical universe. Banks have credibility when it comes to financial planning that crypto companies won't be able to match.
Pilea is designed to evolve from the family's legacy plan to becoming the family's bank for generations to come. The children will likely use the Flow Wallets issued from the family's Pilea to purchase and store digital assets. It will be their introduction to wealth management, and it will have been from UBS. As this child grows, becomes an adult, and needs wealth management for themselves, UBS will be the first bank they think of.
Big banks that embrace this opportunity early will thrive.
This is a big idea, that we were only able to scratch the surface of for this competion. We developed some very early user flows to help demonstrate how this will work.