MyBit Go

In the current day, jobs across all industries are beginning to be automated by advanced machinery and tools. This is happening today, right beneath our feet.

When machinery that automates human jobs is owned by small groups of people and large funds or corporations it creates a society where very few people can build wealth and attain financial freedom. When many people no longer have jobs, and all the costs for the services they consume flow to a small amount of ultra-rich humans it creates a society none of us want to live in, where it is difficult to have a secure financial situation.

Additionally, their is a trend of sharing instead of owning assets. Business models such as Uber, DriveNow, AirBnB, and countless others enable people to utilise assets conveniently without having to invest in owning and maintaining them. This is a create transition for optimising efficiency and reducing environmental impact.

For example, many assets such as cars are only used a few hours per day per person and the remainder of the time they are sitting idle, unused. This creates extreme waste. It consumes unnecessary capital of consumers — why pay for 24 hours per day (when you have full ownership) for something you only use on an average of 2 hours? This also creates production waste which has a vastly negative environmental impact. When people only pay for usage, it optimises costs and environmental impacts and is a great step forward for society.

However, ownership needs to be addressed. Who actually owns these “shared” assets. Normally it is a large corporation or Fund that owns a majority, if not all, of these assets. This has negative effects on income disparity. It is important for people to own things and build wealth, otherwise they are only consuming and money flows to the 1% of the 1% who own all of the assets. It’s a new age monopoly and it is incredibly dangerous for society, specifically around income disparity and free market business practices where consumers dictate the price. Instead once, monopolised these large centralised organisations have control over costs and can begin separating the average person from their hard-earned money at record levels. This is NOT good.

With the machine and sharing economy on the rise, it is important to understand ownership. As jobs are automated, we do not want the 1% of the 1% to own all of the machines and income disparity to rise at record levels.

MyBit Go has a vision to decentralises the machine economy and makes it easy for anyone to invest and own a stake in it. So instead of a few people owning all of the machines, anyone can own a percentage of a machine asset.

The decentralisation of the machine and sharing economy is great on two levels. First, it prevents monopolisation and unfair price-setting by large corporations and funds. Second, it provides revenue streams for the average person whose job may have been automated. So instead of 1 company owning a fleet of cars, the fleet can be owned by thousands of regular people who all profit when they are used and in theory, they should be able to use the services for free and slowly build wealth.

If someone normally spends CHF 500 per month on car sharing rentals, under the current day model they are losing CHF 500 in wealth per month. If instead, they could own a portion of some of the assets (cars), and generated CHF 750 per month from that, they could travel for free and re-invest CHF 250 per month in increasing their ownership stake in the assets so they come ahead positive each month with more wealth than the previous month. This is the trend we are trying to create with MyBit Go. Where the average person has accessible and equal options to build wealth as the 1% of the 1%.

How it works

There are three ways people and companies cain benefit from MyBit Go.

• Investors — those who wish to contribute capital
• Asset Managers — those without excess capital to invest can gain an ownership stake through “sweat equity” by managing assets that require human oversight
• IoT Partners — companies who produce and/or sell Internet of Things enabled devices that generate revenue by providing a good or service.

Part 1: Investors

Introduction

Normally low-risk and high-yielding alternative investment opportunities are only accessible by the ultra-wealthy. Beyond that there are even laws in place which restrict who can invest by requiring a minimum net worth and value of assets often in the millions.

MyBit goes believes that is terribly wrong and does not benefit society. It creates an environment where the already well off can continue profiting and growing their wealth while those who are not as fortunate in terms of total wealth are left stranded. This has lead to the rapid increases in income disparity across the globe and year over year makes it more difficult to move into the next socio-economic class.

The goal of MyBit Go is to change this by using technology to create an inclusive, equal, and accessible investment marketplace for these low-risk, high-yielding investment opportunities.

In traditional investment models, one must go through a sort of hedge fund that focuses on alternative assets. Joining these is highly restrictive. MyBit Go disrupts this to level the playing field for everyone regardless of wealth or location.

MyBit Go uses Ethereum smart contracts to automate the function of the hedge fund so people can directly invest without going through a broker. In addition to create a fair investment ecosystem for everyone, it pushes more profits back to investors because there is no longer a need for an intermediary fund or broker to facilitate a transaction and take an average of 20% of profits for doing so.

The Process

All that is required is any cryptocurrency supported by Kyber.Network, metamask, and an internet connection.

1. Investors navigate to app.mybit.io which functions similar to a hybrid of a stock investment platform such as e-trade and a crowdfunding platform such as kickstarter.
2. Investors can then search and apply filters to view investment opportunities in specific categories
3. When they find one they are interested in they simply choose the amount they want to invest and click contribute, followed by signing the transaction in metamask.
4. An amount of MYB is also required to invest each time and is burnt (taken out of supply in perpetuity which continuously lowers the supply of MYB). Users do not actually need to hold MYB, Our implementation with Kyber enables any cryptocurrency to be spent and on the back-end, unknown to the user, it is converted to MYB and burnt.
5. That’s it! Once the asset is fully funded and installed, investors begin receiving returns in real-time.

Normally assets are listed for 30 days. If the value is not contributed in that time period then funds are automatically returned to investors.

Part 2: Asset Managers

Introduction

To create a fully inclusive society, it is important to give those without excess financial capital to invest an opportunity to gain ownership. This is simple with MyBit Go because, at this stage, not all IoT assets can manage themselves — they require human oversight.

Therefore, we have created a decentralised network of asset managers which lets anyone own a piece of the asset for managing it and in return receive a percentage of revenue.

Who can become an asset manager?

In the initial mainnet release of MyBit Go, MyBit may choose to handpick asset managers to facilitate a smooth launch; however, moving forward anyone can be an asset manager.

The Process

1. A person must complete KYC and verify their identity.
2. Then they will see a list of assets available in their area.
3. The asset manager then navigates the legal requirements and gets approval for a location.
4. They can now start funding for an asset. To do so they enter the location it will be installed and upload documentation about licenses, approvals, etc.
5. Then they indicate what percentage of revenue they desire
6. Followed by escrow collateral which is deposited in MYB
7. Then the asset is listed for investors to contribute to, if funding is reached the IoT partner installs the asset and the asset manager takes it from there.

What percentage of revenue do asset managers receive and how much collateral is required?

We believe in free market principles so asset managers are free to choose the percentage of revenue they wish to receive and can place asset collateral from 0%-99.99%. Investors will then analyse this and decide if it is worth investing. Percentage of revenue is largely based on how much work an asset will require to maintain. A rule of thumb is that as historical performance and thus trust is established, collateral can be lower. If an asset manager is new then collateral should be higher.

What is asset collateral?

Asset collateral is amount of the value of an asset which is escrowed in MYB when an asset managers goes to list an asset (similar to insurance). This is designed to reduce fraud and encourage asset managers to fulfil their responsibilities because they have a financial stake at risk if they do not. If an asset manager fails to perform their duties then investors can vote to remove them. If this occurs than any MYB held in collateral is burnt. Alternatively, if an asset manager fulfils their duties then they are eligible to withdraw MYB (asset collateral) in phases. For example once the asset produces revenue equating to 25% of value, asset managers can withdraw 25% of the locked MYB. This also has positive effects on the token economics of MYB which will be discussed more in the section (MyBit Token (MYB).

Part 3: IoT Companies and Digital Asset Partners

Introduction

Any company that provides Internet of Things enabled devices that generate revenue such as smart lock enabled assets such as co-working and storage spaces (and commercial and residential real estate if regulations permit), Bitcoin ATMs, Crypto Miners, 3d Printers, transportation sharing services (cars, scooters, bikes, etc.), and so so many more. The value to IoT companies is being able to tap into a global market of investors seamlessly to increase their sales.

Who can become an IoT partner?

Any company can integrate into the MyBit Go Partners API, and submit their details to become listed. This is subject to a community vote to keep the model decentralised.

*initially MyBit may choose to manually approve and onboard the initial IoT partners to ensure everything functions correctly, but then it will be transitioned to the decentralised model outlined above.

The Process

1. An IoT company integrates the MyBit Go Partners API which includes sharing necessary data and enabling direct payouts to investors via smart contracts.
2. If they are unable to integrate internally, they can coordinate a job on Task.Market to have someone from the MyBit community do it for them in return for a fee or potentially a revenue sharing agreement.
3. If someone from the community brought the IoT company to the ecosystem (not including integration, so non-technical community members are encouraged to conduct this as well) they may be entitled to receive a percentage of received funding as a sort of referral fee.
4. It is then submitted for a community vote (approve or reject) where the company shares its details, financials, and technical implementation can be tested.
5. If approved, the asset is then made available for asset managers to list to be funded.
6. If funding is successful then invested capital is automatically transferred to the company. It is important to note that asset managers never have access to this capital, and no human intermediary is required to complete the transaction — everything is done via Ethereum smart contracts.
7. The company then ships and installs the asset, and the asset manager takes over from there. From this point the company has limited to no liability outside of product warranties.

As of April 2019, MyBit Go is no the Ropsten Test Network. You can try it here.

It is on schedule to be released on Main-Net in June 2019. To stay up to date subscribe to receive emails on our website and join our telegram community.