Priyab Dash
Jul 23, 2017 · 7 min read


Symbol: MyB

Crowdsale opening date: July 17th, 2017

Crowdsale closing date: Aug 17th, 2017

Platform for Fundraiser: Ethereum

Country of Incorporation: Switzerland

My View

After interacting with the team and also reviewing their whitepaper, I am happy that they have chosen a industrial use case which is a major issue right now. Energy infrastructure be it solar energy, coal or hydro power are highly centralized and very opaque. In developing countries, much of this trade in energy transfer and grid is done by a governmental nodal agency or parties who have substantial capital and vested interest. Hence breaking this nexus and making this whole process transparent though very difficult but is very important. The team has highlighted though at a very high level but some key issues with centrally controlled authorities in general and energy industry.

Value Proposition for Investors

As this is more of a B2B Dapp the real value will come from the speculative nature of the token once it is listed in the exchanges. The good thing is that the team is responsive and are working on getting their token listed in major exchanges. As far as the usage of the token in the application is considered, that can only happen in early 2018 once their Beta is live again given the initial focus on energy infrastructure swaps, it is highly unlikely that there is much of value of this Dapp for regular users through retail investors can invest in their token considering the disruptive nature of their idea and the good team that supports it.


MyBit is a decentralized asset management platform that helps to securely create a decentralized digital footprint of asset ownership, authentication and transfer of revenue streams based on ownership and tokenize energy and supported by AI based infrastructure in an immutable transparent, cryptographically secured and highly auditable Blockchain Ledger application.


Total Supply of MyBit: Maximum of 5,000,000 tokens

Fundraising cap: 26,875 ETH

Token Listing
They plan to register to at least 1–3 major exchanges within the completion of Tokensale. Though hitbtc has already registered their token but it is IOU and not a reputed exchange.

Escrow Guidelines
To limit investor risk they are mirroring the escrow release schedule to traditional financing rounds. If at any time, we do not meet development expectations, then the remaining funds still held in escrow will be returned to contributors.

Token Usage

MyBit tokens are used to access key functionalities of the platform including registering a new asset, transferring an asset, and a variety of financing features. Holders of MyBit tokens will also receive real-time revenue distributions proportionate to their stake percentage.
Any incoming MyBit network fees (minus Ethereum network fees) are automatically distributed to token holders in the next mined block.

MyBit can be used in the below modes within the DApp and in open market:

  • Investing in Energy and future revenue generating assets
  • Funding & Revenue Sharing
  • Peer to Peer trading (buying and selling) of decentralized energy
  • Machine to machine payments
  • Trading on Open Exchanges

Q&A with Ian (CEO MyBit)

Q:What are the timelines for crowdsale?
A:August 15th or until hard cap 26,875 eth is reached.

Q:How is the progress with the Beta App?
A:So Beta is on track for January 2018, and that will flow into some advanced pilot studies as of now in Berlin and Dubai
we were also recently invited to partake in Dubai’s Smart City accelerator starting in November but they want to explore use cases outside of renewable such as in general IoT devices in their smart cities: Self-driving cars, commercial properties and apartments (will publish a blog post about this next week in detail on how it will work), 3d printers as a service, among other verticals.Main focus of the pilot program is renewable energy in Berlin.

Q:How do you think you can keep the investors engaged till the application is live?
A:To keep investors and everyone engaged until January, we are launching a dedicated “pilot” program in September which will start growing our partners list and be constant press and information.

Q:What are your Immediate Radmap?

A:Our roadmap looks like this:
September — Open office in Berlin and move team there
October — Open Pilot Program Registrations and BizDev
November — (Tentative depending on our capacity to divide team between 2 cities) Dubai Smart City Accelerator
January/February — Beta Released & advanced pilot studies beginning in Berlin and Dubai.

Q: What are your thoughts on DApps being experimental platform?
A: Dapps as experimental — I think we are passing that point soon, PoCs are starting to be prepared to ship for production over the next 12 months

Of course they are relying on Etheruem as the underlying which may present scalability issues, but other than that I don’t think they are overly experimental still another thing is that the majority of Dapps are built modular to be flexible to adapt to other smart contract platforms, so if for example Tezos just takes over by storm the migration to the next best thing will be relatively easy.



The current systems do not adequately facilitate asset management making the process unnecessarily time consuming and expensive for all parties involved. Also, data is often kept in closed systems unavailable to the public, third party audits are not always robust or may not cover all aspects of the data, process and system and is costly. In a centralized asset management model aspect of the business operations such as raising fees, changing terms and conditions, or altering their model in any ways is done without the approval of users and is opaque. There is lack of transparency and counterparty risk adversely affect secondary market transactions and securing assets (in Trusts or Wills). And in case the central party becomes insolvent, all of the users are affected and unable to continue utilizing the service.


Their solution is to use Ethereum’s Blockchain and smart contract functionality to enable decentralized crowdfunding and revenue sharing and incentives investors with real[time revenue distributions, and enables decentralized energy solution providers to sell more units.

The aim is to provide the below key benefits from this solution:

  • Remove financial barrier to entry by crowdsourcing the purchase of decentralized grids in exchange
  • Enables faster access to capital
  • Creates a scalable & sustainable energy model.



This application demonstrates how assets can be modeled on the Blockchain using the scenario of asset management and decentralized revenue streams. It allows participants to interact with the income generating assets by creating, updating, storing, querying, participating in revenue sharing, and transferring them as their permissions allow. Trust smart contract and transfer the ownership seamlessly to the beneficiary.

MyBit Demo — Ethereum P2P Energy Investing


Currently the Test Dapp is developed on Ethereum platform which runs on their test net. The final Beta-Dapp be available in Jan 2018.

Future Stack

For Database level of the stack their end goal is to integrate BigchainDB. They may use Bitcoin Blockchain as a ledger where transaction data is hashed and stored but currently its Ethereum. For processing they are using Ethereum as platform engine to enable highly functional smart contract as backbone of the platform. The Web and Mobile interfaces will rely on this API as well as provide the community options to develop solutions on top of it.

Initial Industry Focus
Their initial industry focus is tokenization & create liquidity for Infrastructure Investment Swaps for Energy Infrastructure and subsequently enable autonomous Machine to Machine Payments.


Milestones Reached:

Milestones Reached


Future Milestones

Crowdsale Targets

Key Aim based on the amount of Capital raised in Crowdsale


  • Ian Worrall — CEO
  • Garrett MacDonald — CIO
  • Thomas Pollan — COO

The best thing about the team I liked was the responsiveness of the team and despite being candid they were serious about helping addressing questions related to issues with respect to the current phishing attacks on slack & hacking on CoinDash and then on the Parity browser.

Escrow Partner

Brave New Coin- Escrow Partner


Their concept is one a very apt use case for a business network where Blockchain solution can be very helpful. In the short to medium term the scope of growth of Blockchain in either permission-ed or permission less are high valued and low volume transaction use cases where real-time processing is not a priority. The main attraction of this solution lies in the de-centralized nature of the transaction which is automated via smart contracts and have a great value to the industry and the participants alike. As an immediate benefactor can be the clean energy industry like solar and wind energy as these are still growing and there are many small to medium scale players and if this application materializes then it will be good contender to disrupt this industry. But at a technological/business level the biggest challenge for the team will be to look at the fact that how pluggable their platform as a generic asset management can be made as many players are entering this space (e.g DIMCOIN, DENT) though with different use cases and different value propositions.


Disclaimer: This is not investment or trading advice, always do your own independent research.
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Articles on ICO, Cryptocurrency, Blockchain. If you like the blog then please help support the publication via You can join to chat with me at

Priyab Dash

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Articles on ICO, Cryptocurrency, Blockchain. If you like the blog then please help support the publication via You can join to chat with me at

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