MyBit is a platform for tokenizing revenue streams. The platform promises to make financing and maintaining revenue streams efficient and automatic. Here’s our MyBit review.
What Is MyBit?
MyBit is a unique blockchain platform that allows for the tokenization of revenue streams. The platform is currently going through its ICO.
The goal of MyBit is to make the financing and maintenance of revenue streams efficient and automatic. It allows small investors to access new revenue streams that were previously only available to banks and investment funds. With MyBit, anyone can invest or raise capital from anywhere in the world using a peer-to-peer, seamless, fast, and secure payment system.
The solar industry is one of the first industries that MyBit aims to tackle. MyBit aims to commoditize solar panel installation and other forms of renewable energy. This allows investors and landowners to crowdfund the decentralized, upcoming energy grid of the future.
Investors can receive security on their investments, while landowners get access to investors willing to help in exchange for profit. MyBit plans to standardize and automate the setup, sales, and dividends process to take us one step closer to an equitable economy.
Overall, MyBit is an innovative asset management system built on the Ethereum blockchain. It promises to make it easier to invest in sustainable infrastructure, thus promoting the development of sustainable infrastructure around the world – regardless of the high upfront costs.
What Are The Advantages Of Decentralized Energy?
Why do we need to introduce decentralized blockchain technology to the world of energy production?
The creators of MyBit believe that the current energy structure is not sustainable. It cannot be scaled at speed. The best way to make it more scalable is to create a decentralized energy solution.
However, traditional financing models only allow a small portion of the population to own and participate in the decentralized energy solutions. MyBit wants to create a solution where everyone can participate. MyBit wants to commoditize decentralized energy infrastructure and make it available to 99% of the population.
Some of the benefits include:
- A smaller financial barrier to entry because of crowdsourcing, which allows for the purchase of decentralized grids in exchange for per-usage revenue sharing
- Faster access to capital than traditional financing mechanisms like bank loans and other debt instruments
- Highly scalable and sustainable energy model
The amount of energy needed to power AI machinery today would exceed the total capacity of modern power grids. That’s why we need to democratize energy infrastructure in a decentralized system like the one proposed by MyBit.
How Does MyBit Work?
MyBit is based on the four following concepts:
- Today’s current energy structure is not sustainable
- The world will require decentralized energy solutions within the next few years
- MyBit offers decentralized financing through smart contract crowd funding
- It’s a sustainable and scalable energy solution built for the modern economy
Overall, MyBit is an asset management platform that allows for the secure administration of ownership using a decentralized, “golden source” ledger. It removes a single point of failure risk while also removing the need for third party escrow agents.
MyBit is based on the Ethereum blockchain, and claims to be the first DApp that truly bridges the gap between the physical and digital realms while allowing investors to participate in revenue distributions.
The future for MyBit extends far beyond solar energy: the ultimate goal of the project is to use blockchain-based tokens to create a new asset class that allows for investments in revenue-generating assets. To start, the company is focusing on the decentralized energy and autonomous mobile sectors.
Using Ethereum’s blockchain and smart contract technology, MyBit promises to make sustainable infrastructure easier to invest in securely, realize profits, and implement solutions into emerging ecosystems.
All transactions that take place on the MyBit decentralized platform will be assessed a 1% network fee. That fee is distributed to token holders based on their percent stake.
- Tokens will be used to pay for the following types of transactions:
- Investing in energy, AI infrastructure, and other revenue-generating assets
- Funding and revenue sharing
- Peer to peer trading (buying and selling) of decentralized energy
- Machine to machine payments
- Trading on open exchanges
MyBit was launched onto the internet in May 2017. The company is led by Ian Worrall (Founder), Garrett McDonald (Blockchain Design & Marketing Strategy), Thomas Pollan (Business Development & Partnerships), and Pedro Barros (Engineer).
Within 5 years, the company hopes to position itself at the forefront of the coming AI economy. As the MyBit website explains,
“MyBit will be the platform for tokenizing any automatable or machine infrastructure. And it will be owned by the crowd.”
The company conceived the idea in November 2016. In February 2017, they published their whitepaper. The Ethereum-based testnet launched in June, with crowdfunding taking place throughout July. By January 2018, the company hopes to launch its beta release and pilot.
MyBit is incorporated in Switzerland.
MyBit aims to democratize energy infrastructure with a broader plan to fuel the entire AI economy – something that will dominate the world economy within a few years. MyBit tokenizes revenue streams, bringing them into the hands of 99% of the population. It’s a democratization of revenue streams that were previously only available to banks and financial institutions.
By democratizing access to revenue streams, MyBit makes it easier and more secure to fund large infrastructure projects. These infrastructure projects – like energy production solutions – can be scaled more quickly than ever before thanks to MyBit’s decentralized system.
MyBit’s ICO is taking place throughout July. Keep up-to-date on more information about MyBit as the company continues to grow.