MyBit Token (cryptocurrency)

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MyBit Token (ticker symbol: MYB) is a cryptocurrency. The development team is located in Zug. As of December 28th 2017, the circulating supply was 2,799,476 MYB. [2]

To ensure that the MyBit Ecosystem is able to effectively handle mass adoption, the Mybit team needed to scale up the amount of MYB in circulation. The new token has 18 decimal places instead of 8 so it can handle micro payments easier. On May 10th The Mybit team conducted a token swap event where every holder of MYB will receive thirty-six (36) new tokens for every one (1) MYB they currently hold. This also means that the max supply of 5million turned to 180 million and the circulating supply 100.8m. [16]

What is Mybit

MyBit enables the Crowdfunding of revenue generating machines (IOT Assets). So anyone can buy a percentage stake in a device that generates revenue and in return receive a portion of revenue the machine produces. This inverts the Financial model and Revenue flow to create a more Scalable and democratic model which unlocks hundreds of billions of dollars in investment opportunities previously reserved for large centralized institutions to the average person. All of this is managed by Ethereum smart contracts to automate processes, maintain security without the need for Middlemen, Brokers, and other forms of Intermediaries, and reduce friction in the overall P2P investment process. This result is a new investment Ecosystem where more opportunities are available and investors can keep a larger portion of their money due to leveraging technological efficiencies. [3]

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. [17]

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. [17]

Advantages of Decentralized Energy

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 [17]

About Mybit Team

MyBit was launched onto the internet in May 2017. The company is led by Ian Worrall (Founder), Joost Toornend (Chief Marketing Officer), Jose Perez Aguinaga (Chief Technology Officer), Kyle Dewhurst (Solidity Developer) and Ash Halladay (Creative Lead).

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.” [17]

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