As we are on the brink of entering MyBit’s new era we have a very important announcement to make. The next phase of MyBit does not only consist of fresh visuals and a new website, but also enhances a vital element for future scalability. We are conducting 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 will be 180 million and the circulating supply 100.8m. This update is fundamental to realising the full potential of the Ecosystem.
MyBit was founded to be the answer for an imminent problem; The future economy where humanity sees itself replaced by machines on the job market. This might sound like science fiction but the facts are out there; Mckinsey (2017) published their automation report with their findings that 50% of all jobs can already be automated with today’s demonstrated technology. We will see a future where IoT will become a 11.1 Trillion industry on itself and where we need to adapt.
To ensure that the MyBit Ecosystem is able to effectively handle mass adoption, we need to scale up the amount of MYB in circulation. The new token has 18 decimal places instead of 8 so we can handle micro payments easier. Ether itself has 18 decimals and is the current industry standard. Another important update to the token is the total circulating supply metrics will now be dynamic. What this means is that every time MYB is burnt to access the MyBit Ecosystem, it will automatically be deducted from the current supply number on coinmarketcap and removed from total supply forever. This is a much more decentralised approach than with the current token model, and is critical to achieve our vision of a fully autonomous and decentralised organisation over the upcoming years.
With the launch of the new branding on May 10th, comprehensive instructions, guides, and additional information regarding the token swap event will be made available directly on the new and improved website. In anticipation for this event we recommend withdrawing your tokens from exchanges into a local wallet where the swap will need to be executed from such as MyEtherWallet, Parity, or Mist. We understand that you may have some questions regarding this subject. You can always ask your questions at our monthly AMA or in our active community on Discord.
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