MyBit is a decentralised asset management platform which leverages blockchain technology to record the ownership, registration, and transfer of assets. With MyBit, asset management becomes inherently resistant to both data manipulation and single-point-of-failure vulnerabilities. MyBit’s Ethereum dApp (decentralized app) effectively connects investors to individuals seeking financing for revenue-generating assets directly, using smart contracts, without the need for middlemen, brokers, etc. This makes it easier for people to obtain financing and for the average investor to gain access to great investment opportunities. While MyBit’s core functionality can be applied across many verticals, to any asset whose usage can be automatically monitored, the company’s focus is on renewable energy and AI / IoT assets, saying “our passion is to be at the forefront of the upcoming AI revolution.”
Decentralized, peer-to-peer energy solutions allow energy to be directly bought/sold or otherwise transferred directly from one person to another without having to first travel back to the grid to be stored, thus simplifying energy distribution optimization. MyBit plans to enable p2p trading of energy produced at one’s home instead of selling it back to the main energy grid, envisioning a future with direct p2p transactions that are fully automated through a basic AI optimization layer. This kind of solution is beneficial to utility providers as well, since it requires less infrastructure and enables cost-effective scaling. Currently, p2p energy exchange is generally hampered by compliance, tax implications, and regulations applicable to public utilities. According to their whitepaper, MyBit is looking to launch in Germany, due to the country’s innovative and successful renewable energy sector and its environment of amicable private / public partnerships and economic incentives. MyBit also seems to be in discussions with a major utility company from Central Europe to aid in the development of a peer to peer energy exchange. Such a partnership can provide the resources to navigate compliance/regulation issues and bring the implemented solution to market.
MyBit intends to use BigchainDB (a scalable blockchain database, supporting a wide range of industries and use cases) and IPFS (InterPlanetary File System, a peer-to-peer protocol designed to replace HTTP). The Bitcoin blockchain is earmarked as the ledger for storing transactional data, while Ethereum provides the platform’s engine for smart contract logic.
MyBit appears to have an extensive and competent core team in place, led by founder Ian Worrall, a serial Entrepreneur and investor with a focus on the financial, Blockchain, decentralized application, and IoT sectors. MyBit’s parent organization is the Swiss non-profit MyBit Foundation, and it is operated by MyBit.io Limited (also Swiss, possible transition to German in the future). The MyBit Foundation will be in charge of the overall management and oversight, including managing tokens, contributions, and other revenue flows, while MyBit.io Limited will be contracted by the foundation to build and deploy the core decentralized application and will be a candidate for future implementations. Some functionality, security audits, etc. may require third-party vendors and service providers, and the foundation will ultimately decide where funds will be allocated and what companies will be contracted. Current foundation board members include the directors of the MyBit operating company.
The MyB token will enable access to the platform for registering assets, transferring ownership, generating smart trusts to manage assets, issuing investment vehicles, etc. Network participants (token holders) will receive revenue distributions proportionate to their percent stake from all transaction fees associated with using the MyBit platform. Anyone can become a network participant by purchasing MyBit tokens either during the crowdfunding period or via exchange. Funds raised during the tokensale will be used for Legal, Marketing, Development, and ongoing operational expenses. The funds will initially aid in the hiring of full-time React, Solidity, and Full Stack engineers to speed up time to market. Then they will facilitate in-depth pilot testing and marketing.