MyBit Token Distribution Phase 2

Welcome to our token distribution blog. Here you’ll find everything you need to know about our upcoming distribution as well as why we’re holding it and how you can get involved.

First though, the key dates. Phase 2 of the MyBit Token distribution officially begins on 1 January 2019 at 12:00 UTC and will last for 365 days. Phase 1 concluded on August 17, 2017 with 10,044 ETH contributed.

Phase 2 of the MyBit Token sale officially begins on 1 January 2019 at 12:00 UTC and will last for 365 days.”

Why we’re holding a token distribution and how it works

Over the past year or two, we’ve seen many projects attempt to raise large sums of capital with no working product — just a white paper and simple proof of concept.

We believe it’s not sustainable or healthy for the whole industry to launch these huge ICOs without a product to back them up. Instead, we decided to break up our funding similar to a traditional seed or Series A funding round more akin to a traditional startup. This not only mirrors more traditional funding models, but reduces risk for everyone involved.

The funding model looks like this:

The purpose of Phase 1 was to bring the proof of concept into a working product and begin building the team. Phase 2 is to scale and decentralise. Series B, C, D will distribute the remaining tokens still held in our treasury. Since our goal is to be fully decentralised by the end of 2019, the decision for future funding rounds will be decided by the community based on voting with MYB holdings.

Phase 1 to date

In August 2017, we successfully concluded our first round of funding.

The token distribution was held from 17 July 2017 to 17 August 2017 and a total of 10,044 ETH were 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.

Phase 1 has funded the development of the MyBit Network so far, as you can see from our roadmap.

The initial scope of the MyBit Project was an IoT investment platform, now referred to as MyBit Go. We have greatly expanded our vision over the past year and the following is a list of what will be completed by the end of 2018, prior to Phase 2 of the token distribution commencing.

  • MyBit Go (Beta): The investment platform functionality will be fully complete and live on the Ropsten (Ethereum) test-net. The transition to main-net will occur in 2019 after substantial testing has been conducted.
  • MyBit Decentralised Development Fund (DDF): The DDF is the result of a collaboration with Status.im and their open bounty project which is designed to enable anyone in the world to be rewarded financially for contributing to the growth and development of the MyBit Network. It will become a critical component for our migration to a Decentralised, Autonomous Organisation.
  • MyBit Network (Beta): 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.
  • MyBit Whitelabel Software Development Kit (SDK): The MyBit SDK is a suite of Smart Contracts, JavaScript classes, and Graphical User Interfaces (GUIs) that enables anyone to interact with the MyBit Network and rapidly design, develop, test, and maintain a wide variety of financial use cases.

Phase 2 is here

The second phase of our token distribution officially launches on 1 January 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 year.

Now that the aforementioned core elements of the MyBit Project are set to be completed by the end of 2018 and the team has established an extremely strong technical foundation, it is time to prepare for the next phase of MyBit: Scaling and Decentralising. Achieving these goals will require building a larger team and increasing funding to support the team.

We will be expanding our marketing team to increase the global brand presence of MyBit. This will include dedicated campaigns, conferences, events, and more. In addition to increasing the recognition and understanding of the MyBit brand, a key area of focus will be user acquisition. Now that we have turned our vision into a functional ecosystem, we will begin initiatives to drive new users to our suite of applications.

The DDF will be a critical component in maintaining active network and application development. This is why we are allocating 50% of contributed Ether directly to the DDF. Paired with our internal development team, this model should allow MyBit to scale its technology rapidly without having to expand the team much further.

Our last key focus, during this next era of MyBit, is decentralisation. Our goal is to have the MyBit Project transitioned into a DAO-like structure by the end of 2019. This means that stakeholders from the MyBit community will have autonomy over the direction of the project by being able to propose new features and vote on various network components. This will be slowly implemented over the course of the next 14 months and will consist of several milestones working towards token voting, governance, and oversight.

Now a little bit more information about the mechanics and logic behind Phase 2 of the token distribution.

Why did we choose a slower, staggered distribution of tokens? First and foremost, we wanted to protect our existing investors. Since our token is already live, we wanted to avoid any manipulation of the market. If we priced the distribution based on the market price, foul play could be a very possible outcome due to large holders being able to suppress and/or drop the price to obtain tokens at a lower value. With the model we have chosen, the price is dictated by demand instead of being pegged to a market price. For example, if 100 ETH is contributed during day 1 and you contributed 10 ETH of that, you would receive 10% or 10,000 MYB. The resulting price in that scenario would be $0.22 per MYB (100ETH * $220/100,000). If the price on exchanges does not equal the price of the distribution, then arbitrage will be conducted to capitalise on the price spreads and in theory will create an equilibrium based on fair market price principles. We also hope a staggered sale will provide greater stability and avoid unnecessary volatility when it comes to token price. The last thing we want is to upset existing investors, who will still be able to sell on the market during the sale.

Additionally, this model also ensures a slower release to the market and not a full 36.5 million tokens being released one day after the sale ends as in normal models. It also allows us to focus on developing the MyBit Network and on showing results throughout all of 2019 rather than pausing development to focus all of our energies on a token distribution (as we’d need to if we did a 30-day event). Since we don’t believe in hype and FOMO and our focus is on delivering awesome solutions, this model lets us do just that. Based on these reasons, we have decided that a staggered distribution is the logical way to go.

After Phase 2 is complete, the circulating supply will be 143.5 million tokens with 36.5 million remaining in the treasury. The funds will be allocated in the following amounts:

The MyBit Token

Here you can find all of the technical details about the MyBit Token including our audit and the contract address.

Ticker Symbol MYB

Name of the token MyBit

CoinMarketCap name MyBit Token

Decimals 18

Total Supply 180,000,000

Audit: https://github.com/MyBitFoundation/MyBitToken/blob/master/MyBit%20Audit%20Report%20-%20Solidified.pdf

Contract address: 0x5d60d8d7eF6d37E16EBABc324de3bE57f135e0BC

Etherscan: https://etherscan.io/token/0x5d60d8d7ef6d37e16ebabc324de3be57f135e0bc

Final thoughts

We hope you’ve found this insight into the token sale useful. It’s worth mentioning at this point that our circulating token amounts are estimates and that the actual circulating supply may well be below the numbers stated due to the “burning model” nature of the MYB token where tokens must be burnt in order to use our dApps.

Have any questions? you can always reach out to us on our Telegram.

Until next time!

The MyBit Team.