Mytracknet: A Waves Blockchain-Powered Solution For Finding Missing People And Valuables

Mytracknet: A Waves Blockchain-Powered Solution for Finding Missing People and Valuables

Mytracknet, a blockchain startup that is developing a globally accessible “Lost & Found” network on the “Power of Individuals”, is planning to offer a bluetooth-enabled service that will help users find missing pets and people.

As explained on Mytracknet’s official website, the platform’s founders intend to “unite every individual under one helpful network.” In order to allow network participants to easily locate each other, Mytracknet reportedly uses a Unique Reward Mechanism which financially incentivizes users to join the platform’s community.

Unique Utility Token-based Incentivization Model

According to Mytracknet’s development team, the blockchain-powered platform and its native crypto tokens have been designed to encourage as much positive community engagement as possible. Mytracknet’s native tokens are distributed to users based on miles coverage, as well as “through manual retrieval of bounties set by individuals for lost pets and people”, the organization’s website notes.

Mytracknet’s management has proposed a viable solution to daily problems such as misplacing valuable items. The “Lost & Found” platform aims to “provide peace of mind” by helping users “minimize costs of retrieval” while significantly reducing the time spent on locating lost items.

Tracking Children, Dementia Patients, Pets with DLT-Powered Tracking System

Mytracknet’s distributed ledger technology (DLT)-powered network can be used to “assist tracking” with pets including dogs and cats. Children and dementia patients can also be tracked using Mytracknet’s blockchain-based software.

Additionally, Mytracknet’s platform may be used to track personal items such as smartphones, keys, suitcases, and luggage. As mentioned on the “Lost & Found” network’s website, the tracking services provided by Mytracknet may be used to locate people and valuables in case of a disaster. Other use cases for the DLT-enabled service include assisting in the improvement of standard processes in the fleet management industry.

High Network Throughput Capacity, Low Latency, Low Transaction Costs

As explained in the Rewards section of Mytracknet’s website, the blockchain-based platform provides “a uniquely implemented rewards and incentives system.” Mytracknet’s tracking features are reportely available through a network with high throughput capacity, low latency and low transaction costs.

A utility token, called MTNT, has been created in order to facilitate transactions on the Mytracknet platform. MTNT tokens have a fixed (maximum) supply of 100 million units and will primarily be used to settle transactions between Mytracknet platform participants. According to Mytracknet’s founders, MTNT tokens are “an openly distributed asset” which aim to “provide alternative liquidity” to power “microtransactions” on the blockchain-enabled platform.

Opportunity To Earn An Active Or Passive Income

Notably, Mytracknet’s users may earn an active income through “retrieval of the bounties set by other users, or passive income.” This user incentivization process is facilitated through Mytracknet’s “unique Proof-of-Distance algorithm” which distributes token rewards for “distance covered in a set period of time.” Moreover, network participants are financially incentivized to “support the network” by running the app for extended periods of time.

As noted on Mytracknet website’s FAQ page, MTNT tokens can be earned by running the DLT-based tracking application in the background. The native MTNT tokens can also be converted into major fiat currencies including USD and Euros. Additionally, users may exchange their MTNT for cryptocurrencies including Bitcoin (BTC), Ether (ETH), and Waves through an “in-app automated system.”

“Proprietary Crowd Tracking Technology”

As detailed on its website, Mytracknet introduces “the next generation in Bluetooth trackers” which features “Power of People,” the company’s proprietary “crowd tracking technology.” The trackers reportedly support the latest “Bluetooth 5 protocol” and various “integrated LoRa network technology” features.

According to its developers, Mytracknet’s hardware solution “shares multiple synergies” with the “Lost & Found” network’s software application. The platform’s unique combination of software and hardware “provides consumers an innovative, fully featured” solution which helps them find people and locate lost or misplaced valuables.

Implemented On The Waves Platform

The core technologies which form part of Mytracknet’s ecosystem include:

  • “Bluetooth 5 with backwards compatibility”,

  • “Power of People crowd tracking technology”,

  • “LoRa network technology features”,

  • “Various celebrated features of current tracker solutions”,

  • “Integrated premium MTNT rewards”,

  • “Unique design”

As mentioned on its website, Mytracknet features “a uniquely implemented reward mechanism” which is based on Waves Platform’s blockchain-based network. Mytracknet’s software architects are reportedly “the 1st winner of the official Waves Lab competition” and their development team is supported by Waves’ developers.

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