MyBit

MyBit_logo

MyBit – is an Ethereum-based company, providing critical infrastructure for the next generation of wealth management applications. It is the world’s first IOT ecosystem where people can earn on machine labour. The company is headquartered in Zug, Switzerland.

Contents

Background

Founded in July 2017, MyBit consists of over 15 full-time team members, located across the globe. The operating structure contains a non-profit parent organization, the MyBit Foundation, and the operating company which manages product development and employs the team.

The company consists of:

  • MyBit Network,
  • MyBit Whitelabel Software Development Kit (MyBit SDK)
  • Decentralized Development Fund (DDF). These resources allow the prompt building, testing, and deployment of wealth management applications on the Ethereum Blockchain.

MyBit also has two internal products powered by the MyBit Network:

  • MyBit Go – is an investment platform concentrated on the Internet of Things
  • MYDAX – is a decentralized exchange specialized in buying, selling, and transferring of crypto assets. Both of them allow users to transact and invest without brokers as well as receive revenue in real-time.

Products

  • The MyBit Network (the base of the whole MyBit Project) – is a protocol for building wealth management applications.
  • The MyBit SDK grants any developer the ability to interact with the MyBit Network easily and to build decentralized financial applications. It is a set of smart contracts, graphical user interfaces and javascript classes, which significantly increase the development speed.
  • The DDF (Decentralized Development Fund) – is a revolutionary tool developed by MyBit and Status.im. The goal of DDF is to incentivize developers around the world to contribute to the development of the MyBit Network through tasks and new concepts managed via DAO.
  • MyBit Go – is an investment platform automating broker functions through smart contracts.
  • MYDAX – is a decentralized exchange which allows to buy, sell, and trade cryptographic assets without having to store funds with a third party, such as an online exchange.

MyBit Token (MYB)

In August 2017, Phase 1 of the Token Distribution with the price 0.0002 ETH was completed. Phase 2 of the MyBit Token Distribution was launched on January 1, 2019.

MYB Token Usage

The MyBit Network is powered by the MyBit Token. It is used for:

  • Network Access (burning). All dApps based on the MyBit Network require to burn MYB to complete specific application functions. These tokens are removed from the supply forever, creating a constant supply reduction.
  • Insurance Collateral (Locking). MYB are used as an insurance mechanism to protect investors ’capital and incentivize proper behaviour.
  • Staking (Locking). The MyBit Network has currently two planned staking functionalities:

– Staking insurance collateral for users who cannot afford to cover it themselves.

– Staking for receiving DAX tokens which offer discounted trading fees on MYDAX.

  • Development Funds (Locking).The Ecosystem Fund is one of the funds for the overall development of the MyBit Network support is going to be launched in 2019. Its goal is to provide funding for early-stage concepts to be brought into reality.

MyBit Token Details

  • Token Name: MyBit
  • Symbol: MYB
  • Price: $0.000462
  • Market Cap: $71,109.31
  • Total Supply: 179,996,750
  • Circulating Supply: 153,906,948 MYB

See Also on BitcoinWiki

External Links