Ian Stepping Down as CEO of MyBit, replaced by DAO

Dear MyBit Community and Followers,

First and most importantly I want to make it clear that I am not abandoning the MyBit project. I will still play an active role and continuously be involved in driving its success.

My Goal has always been decentralisation. My plan has always been to migrate the MyBit ecosystem into a DAO, driven by its supporters, users, and community.

Now that the MyBit DAO is live and governing the MyBit project, I have decided to step down as CEO, as I am no longer needed in that capacity. My personality is that I am fully driven by passion and my vision for how I see projects I work on evolve. I tend to approach achieving my vision aggressively and often do not listen to others during this. My personality directly conflicts with a DAO, and therefore I should not be seen as a higher power in the MyBit Ecosystem than the DAO.

As stated previously, my goal for MyBit has been decentralisation and I have come to the realisation that for true decentralisation to occur, I should not (nor anyone) be in the power position of CEO. A CEO’s job is to make decisions and see that they are followed out. This is exactly what the MyBit DAO does, except it is decentralised whereas the CEO position is centralised.

So what happens to MyBit?

Nothing changes, other than the governance of the project.

A new CEO could be elected via the DAO. But my wishes are for the MyBit DAO to take my place as leader of the MyBit project and greater ecosystem.

I will still play an active, outspoken role where I continuously issue proposals, actively vote, and voice my opinions. The difference is that I will not have supreme power and control of MyBit anymore.

Additionally, the funds held in the MyBit Foundation Treasury will be migrated over to the MyBit DAO over the next several months. In the current structure the MyBit Foundation holds all of the funds and sends payments to MyBit AG to complete work. Going forward, all the funds held in the DAO can be sent to any company, not just MyBit AG, which completes work to strengthen and grow the MyBit Ecosystem.

I am aware that this migration has the potential to cause turbulence within the project ecosystem, so I will continue my role as CEO throughout September 2019 to gradually achieve this transition with minimal negative repercussions.

I truly hope that DAOs are the way forward, but if they prove to not be I will gladly return to MyBit as the CEO to bring MyBit Go and MYDAX to mainstream adoption. These products are about so much more than making money, they are necessary pillars for an inclusive, equitable, and equal world economy, and my goal is to make that happen, in the best way possible (decentralised highly preferred), no matter what.

Thank you all so much for the support you have shown the past few years. I’m confident MyBit will live on in perpetuity and that we can pick the direction it takes together, as a community interested in enabling the average person easy access to the world economy.

Much love,

Ian