After much community feedback and deliberation from our team, we have decided to incorporate a ton of new features into MyBit Go before releasing it into main-net. This blog provides information to the community about this development and gives voters on the MyBit DAO more information to use when voting on the timing of MyBit Go’s main-net release.
New Improvements in version 2 (main-net release).
New Asset collateral calculation
In order to align the incentives of asset managers (AM’s) and investors across the full spectrum of assets made available on MyBit Go, mandatory amounts of collateral will now be incorporated based on each specific asset type, its payment channel, and asset manager history. This comes as an update to the existing ‘set your own collateral’ method and will provide more structure and clarity to the process to protect investors further. More information about asset type and payment channels to follow.
New Asset managers profile
MyBit Go will now include a section within the asset to showcase the information about the Asset Manager. Our KYC provider, Civic, will allow us to ensure the Asset Manager uploaded a government ID, a valid phone, among other verifiable attestations. In future versions, we will additionally include the capabilities of showcasing more about the Asset Manager by integrating decentralised social media projects like 3Box into the Asset Manager profile.
New Asset Types Categories — Type of Asset and Payment Channel
We are adding a new category for the asset types that will be listed in go. Type of Asset will allow individuals to select between digital, pseudo digital, pseudo physical, and physical type of assets. Additionally, depending on the type of currency used within the asset to be purchased and pay out dividends, we will add a payment channel section that will help Asset Managers to showcase any hidden fees like fiat-exchange fees in order to ensure the project financing are as transparent as possible.
Extended Asset details page
In the past, we aimed for a short and brief explanation of the asset. It was brought to our attention that this approach would leave investors with little information to judge the project. As a result, we are improving the asset details page, and adding sections like Financials and Risks for the Asset Managers to upload documents, the capabilities to provide updates, and showcase other relevant metadata about the project.
Managing Asset managers
Investors on MyBit Go are relying on asset managers to oversee the operation of the asset they own, including distributing revenue. This means that investors should have recourse when their asset manager is not living up to their duty. MyBit Go is being updated with the ability to ‘vote out’ asset managers who do not meet the standard. In the event that an AM is voted out, they will lose their collateral through it being burnt. We’ll integrate this as part of the current DAO in order to decentralise the process for this.
Continuous work w/Third-party services
We are actively working with multiple third-party services to improve the general user experience of MyBit Go. Of course, there are limitations we have encountered with some services MyBit Go relies on to provide the optimal experience to investors, asset managers, and members of the public who engage the services the assets provide. However, we continue on pushing these services and partnerships in order to ensure MyBit Go is the best product out there in terms of alternative investments.
Slock.it is a partner that MyBit has been excited about for years. They provide a series of applications suites and gateways to enable payment channels to multiple IoT devices, such as smart locks which can turn an asset into a rentable device, which is a key enabling factor for assets such as storage units and coworking spaces on Go. We are still working with them in order to see how we can integrate them with some hardware providers to make them real-world assets on Go.
Crypto friendly payment channels for IoT Partners
IoT partners, who provide assets to the Go platform, are still in many cases not totally comfortable operating in the crypto economy. Only a few are able to take on payments processed via crypto assets. As a result, Asset Managers will incur into a cost of exchanging the money invested into fiat in order to acquire the required asset.
As a result, Operators that require a payment channel with no-crypto creates an added fee of around 8% for crypto to fiat transactions, which is a significant added cost to the system and will be included on the investment of the asset. We will continue to promote the onboarding of operators that promote crypto payments in order to avoid this issue in the future.
As the digital economy is currently vastly more crypto friendly than the physical, we are pivoting to also consider the inclusion of digital assets (e.g. loans, prediction markets) into MyBit Go. By focusing more on rolling out the best possible digital assets/services on Go, we are able to minimise the downsides associated with the crypto until the mainstream economy becomes more accepting of crypto-based payment infrastructure.
As mentioned earlier, we will increase the collateral required, tailoring it to each asset based on risk, and correlating it to AM’s reputation/ history, reducing the risk to investors and creating a self-maintaining incentive structure for MyBit Go.
Advanced financial tools: exchange and tracker
We are extending the portfolio suite to investors can visualise their investment data and manage their investments in real time. MyBit Go will have a range of features based on asset data and will give investors all the tools they need as an IoT investor. We are working to provide a seamless experience with MYDAX, the decentralised asset exchange that allows users to buy and sell machine assets, and our Tracker, the MYB focused transactions explorer.
To signal the approval of version 2 over our current version, MyBit will propose a DAO vote to see whether we should wait until this version to launch to main-net, or launch our current version, 1.0.0 currently tagged in our GitHub repository. If approved, we will draft a development plan for the incoming weeks on how we will release these features and finally roll-out version 2 on main-net.
The information in this blog should hopefully give DAO members the information they need in order to take a decision regarding this vote. If you are a community member who is not already on the DAO, please make sure to join and get involved in the decisions that determine the future of MyBit!
In conclusion, although MyBit Go is facing some obstacles in the current landscape, the team is working very hard to bring the vision of decentralised machine ownership to reality. In the grand scheme of things, we know how important it is to own your future, and our goal is to empower others through technology.
Check out the PRD (Product Requirements Document) here: https://docs.google.com/document/d/1jKEHmxnaQiy1OPA88I7kAwH3VYYJpqY7_vI0e7Pg7yQ/edit#heading=h.kdutx5nd0j50
And of course, make sure to get involved in the conversation on our reddit thread!
Until next time!
The MyBit Team