MyBit — From the Ground Up
This article originally appeared on CryptoCoinsNews on 29.8.2017 at the following URL: https://www.cryptocoinsnews.com/ground-success-story-mybit/
Founded by cryptocurrency and blockchain junkie Ian Worrall, MyBit is a platform created to allow small stake investors a way to invest in large scale investments. Worrall knew that the next phase in economic development would be the coming creation of a machine economy where revenue would come from ‘connected’ machines. (In fact, he’s recently predicted that 100s of billions of dollars will flow into the machine economy in the next five years.)
As he surveyed the tech landscape, he realized that the machines in the coming economy would be huge revenue generators. They would propel substantial amounts of industry, and the investors who owned them stood to make some remarkable profits.
He knew that small-time investors couldn’t afford to participate in the new economy because of the cost of these machines, and were just pawns in the greater financial game. He determined to find a way to pool the resources of many different investors in order to create a shared investment, where the profits could be returned to the investors.
Blockchain is the Solution
The solution to the decentralized investment scheme that Worral conceived of is blockchain technology. He saw the potential for blockchain technology to reshape the way investors worked together, where a platform could replace the profiteering corporate hubs that ran the investment world.
He discovered Ethereum, the blockchain based platform that would help him realize his dream. The system allows for peer to peer networks where investors can effectively pool their resources in order to purchase large-scale investments. Rather than coming up with the entire purchase price themselves, they would be able to simply invest what they could, and other investors would come together to create a single decentralized buyer pool for the asset.
Ethereum also provides a second feature that is essential to the MyBit platform — the smart contract. With smart contracts, Worrall realized that investors would be able to receive the profits from their investment in near-real time rather than waiting for corporate fund managers to take their cut and distribute the rest once or twice a year. The machine economy could generate a constant flow of passive income for investors at whatever level of exposure they chose to be at.
What’s even more astonishing is that the network that provides this sort of simple use case is also completely transparent so that all transactions can be verified at any time. Any user can be certain that his or her investment is being managed correctly, making the whole platform safe and secure.
As the company continued to grow and gain adherents, it became clear that the best way forward was to start an ICO — an initial coin offering (think digital crowd funding) — in order to raise funds to create the platform that would make all this posible.
The ICO started July 17th of this year, concluded August 17th, and was a huge success. The market for the MyBit platform brought investors in large numbers. The ICO raised roughly $2.7 million dollars, or 10,044 ETH, minting over 2.8 million MyB tokens.
The Way Forward
Work has already begun on developing the mainstream and user friendly application that will control access to the portal. The socioeconomic impacts of such a system will undoubtedly be embraced as the machine economy begins to take hold of modern society.
Elon Musk recently warned that the revolution in machine control brought about through Artificial Intelligence will happen very very quickly. As revenue generating machines begin to create streams of income, the old saying that ‘the rich get richer’ will become painfully apparent.
However, with MyBit in place, small to average scale investors will be able to participate in this new economy of assets and profit from them. And because the entire system is built on a decentralized blockchain, there will be no corporate structure to strip profits from the investors who are risking their money.
In the coming months, the platform will go live, and the opportunity for investment will begin. Everything from 3D printers to solar micro-grids and investment properties will be ‘tokenized’ and made available for investment. Savvy investors will get in on the ground floor as the company will inevitably grow as rapidly as the machine economy does.