What is MyBit?

MyBit is an Ethereum-based company that provides critical infrastructure for the next generation of wealth management applications. It is comprised of the MyBit Network, MyBit Whitelabel Software Development Kit (MyBit SDK), and Decentralised Development Fund (DDF). These resources enable the rapid building, testing, and deployment of wealth management applications on the Ethereum Blockchain.

In addition to infrastructure, MyBit is also developing two internal products powered by the MyBit Network. MyBit Go is an investment platform focused on the Internet of Things and MYDAX is a decentralised exchange that enables the buying, selling, and transferring of cryptographic assets. Both of these products allow users to transact and invest without brokers and other intermediaries as well as receive revenue in real time. This results in a more secure, efficient, and cost-effective investor experience.


MyBit was founded in July 2017 and is headquartered in Zug, Switzerland. In August 2017, MyBit completed a seed investment round of ~CHF 2.7000.000, also referred to as Phase 1 of the Token Distribution. Currently, the MyBit team consists of over 15 full-time members located across the globe and countless additional freelance contributors.

The operating structure consists of a non-profit parent organisation, the MyBit Foundation (CHE-177.186.963), which is in charge of maintaining and growing the MyBit Network and MyBit AG (CHE‑192.841.841), the operating company which employs the team and manages product development.

Since MyBit follows a not for profit structure, the monetisation model is simple. The MyBit Foundation receives a 1% fee from funding transactions on MyBit Go, which is used to sustain operations. Any remaining revenue is used to purchase MyBit Tokens (MYB) on exchanges and burn them. All other applications running on the MyBit Network require MYB to be burnt to use. This creates a great token ecosystem with constant demand and a steadily decreasing supply.


MyBit is lead by a team of industry veterans who spotted a massive problem with today’s financial systems. Third party agents such as lawyers, escrow agents, and brokers are required to establish trust and conduct transactions.

This is inefficient, unsafe, and expensive. MyBit’s vision is to utilise smart contract technology to eliminate the need for these centralised sources and create a more efficient, secure, and cost-effective wealth management environment.

MyBit’s goal is to make wealth management easily accessible and affordable to everyone while following principles of decentralisation to ensure no one person or group has full control of capital (flow), ownership, or data.


The MyBit Network is the foundation of the entire MyBit Project. The MyBit Network is a business logic layer on top of the Ethereum Blockchain, which in turn becomes a protocol for building wealth management applications.

The MyBit SDK provides any developer the ability to easily interact with the MyBit Network and build decentralised financial applications. It is a set of smart contracts, javascript classes, and graphical user interfaces that greatly increase development speed.

The DDF is a revolutionary tool developed between a collaboration with MyBit and Status.im. It is designed to move development reliance away from the MyBit team and to the community. The DDF will reward developers monetarily for any of the tasks they perform for the MyBit Network — becoming, in effect, the lifeblood of the whole project.

MyBit Go is an investment platform that automates broker functions through smart contracts. This is the first major use case for the MyBit Network and it can be used to invest in the Internet of Things sector or white-labelled to enhance the back-office efficiency of existing funds.

MYDAX is a decentralised exchange where users can buy, sell, and trade cryptographic assets without relying on brokers or having to store funds with a third-party such as an online exchange. Maintaining full ownership of capital and assets as well as providing liquidity in the secondary markets are the primary benefits of MYDAX.

Market and Value

The global asset management industry is vast with an estimated value of $85 trillion. Not only is it massive, but PWC predicts the market to experience unprecedented growth over the upcoming years and to double in size by 2025. Additionally, during the same period, the World Bank estimates that 10% of global assets will be stored as cryptographic assets resulting in over $15 trillion worth of assets being stored on the Blockchain by 2025.

Furthermore, in a recent report by PWC, the importance of asset managers embracing new technology to remain competitive is emphasized. They outline that there is a clear need for more advanced solutions and they predict that those funds which integrate new technology will be the ones who prosper through this growth stage. They suggest that the largest areas to focus on include: transparency, security, and real-time data and distributions.

This presents a massive growth opportunity for MyBit.

Benefits of MyBit

MyBit offers many areas of value to the asset management industry. The benefits of MyBit include:

  • Lower cost to maintain ledgers
  • Lower cost to process transactions
  • Lower cost to send and receive capital
  • Lower cost to manage investments
  • Lower cost for redemptions and liquidations
  • True ownership. Investors hold full ownership of their capital and assets instead of a broker or fund.
  • Ability to transact without a broker by automatically establishing trust between transacting parties by proving ownership of assets and funds, and then completing the transaction via smart contracts.
  • Automated and real-time distributions of revenue
  • Public and auditable ledger (accounting) which also enables additional real-time data to be implemented
  • Ability to easily interact with Cryptographic assets (buy, sell, invest, trade, etc.)
  • Flexibility for existing funds to integrate into the MyBit Network or develop a new solution using the MyBit SDK.

The MyBit Token

The MyBit Network is powered by the MyBit Token (MYB). Much like Ethereum, it acts as the network “gas” to conduct transactions and otherwise interact with the network. The key difference being that MYB is burnt instead of being rewarded to miners as with Ethereum.

The MyBit Token will be distributed in multiple phases. This is designed to mirror a more traditional startup investment cycle with a seed round, series A, and so forth. We do not believe that it is healthy for the ecosystem as a whole when teams raise tens of millions of dollars with only a white paper and basic proof of concept. Instead, we believe that funding should be in stages as progress and capability of the team is demonstrated.

In August 2017, MyBit completed Phase 1 of the Token Distribution with a total of 10,044 ETH contributed. The price per token was 0.0002 ETH per MYB (this is adjusted for the 1:36 split). The circulating supply was 102 million tokens with 78 million in the treasury. The purpose of Phase 1 was to bring the proof of concept into a working product and begin building the team.

Phase 2 of the MyBit Token Distribution officially launches on January 1, 2019, at 12:00 UTC. Every 24 hours,100,000 MYB will be distributed which equates to a grand total of 36.5 million tokens being distributed over the course of the year. The purpose of this round is to use the funds to scale and further decentralise.

Uses of the Token

As mentioned previously, MYB acts as the fuel powering the MyBit Network. It is used for:

  • Network Access (Burning): All dApps powered by the MyBit Network require MYB to be burnt to complete specific application functions. These tokens are removed from the supply in perpetuity, creating a constant supply reduction.
  • Insurance Collateral (Locking): MYB are used as an insurance mechanism, much like a covered deposit, to protect investors’ capital and incentivize proper behaviour. This is useful in use case scenarios that include human oversight such as the asset manager role in the MyBit Go platform.
  • Staking (Locking): There are currently two planned staking functionalities within the MyBit Network. The first is staking insurance collateral for those users who cannot afford to cover it themselves. In return for staking the required collateral for insuring an asset, stakers are entitled to a share of the asset’s revenue. The second opportunity to stake is for receiving DAX tokens which offer discounted trading fees on MYDAX. The release for this is planned before the end of the year 2019 and more details will become available leading up to the launch.
  • Development Funds (Locking): A variety of funds to support the overall development of the MyBit Network will be released over the upcoming years. The first will be the Ecosystem Fund which is planned to be launched in 2019. The goal of this fund is to provide funding for early-stage concepts to be brought into reality. This fund will be capitalised fully with MYB from community members. In return for placing MYB in the fund, contributors will receive voting rights for choosing projects to fund and may also be entitled to revenue share agreements where legally permissible.

Token Details

Token Name: MyBit

Symbol: MYB

Decimals: 18

Total Supply: 180,000,000

Circulating Supply: 143,500,000 (after phase 2 of token distribution)

CoinMarketCap: https://coinmarketcap.com/currencies/mybit/

Source Code: https://github.com/MyBitFoundation/MyBit-Token

Token Logo: https://files.mybit.io/mybit-icon-28x28.png

Contract Address: 0x5d60d8d7eF6d37E16EBABc324de3bE57f135e0BC

Token Audit:


Final Thoughts

The MyBit team is confident they are adequately developing solutions that will be highly beneficial over the upcoming years as the global asset management industry experiences rapid growth and transitions to embracing innovative technologies.

The MyBit Token also follows principles of strong token economics by constantly reducing supply, creating demand, and limiting circulating supply through locking.

Decentralising is also a critical component of MyBit’s vision. Not only does MyBit want to provide the infrastructure for decentralised wealth management applications, but it also strives to operate in a decentralised fashion. This means that our goal is to slowly migrate control of funds, development, and other aspects of the project away from the core MyBit Team and to the community. This will be completed through various governance implementations that give stakeholders voting rights as well as access to tools such as the DDF. More detailed information will be released in a future blog.

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