MyBit Update from CTO Jose Aguinaga

Hi all, just wanted to give you a few updates on the incoming topics related to MyBit.

• Tokensale Website. It’s currently down to the fact that we are using Infura and have failed to upgrade to their new plan. As a result, the API fetching the data from the contributions breaks the site. Cris is working on a fix but we still need to use a new Infura account. We should be fixing this pretty soon.
• Rory departure. Rory reached us about his departure and we couldn’t be more thankful to have had a chance to work with a character like him. We are wishing him the best and looking forward to seeing what are going to be his new adventures.

• Swiss Entity. I’ve been discussing w/MLL, our legal firm to provide assistance in order to dissolve the Swiss Foundation and LLC. The reason is that as we no longer have funds, we need to declare Chapter 11 within Swiss Legal Frameworks, which requires us to pay some fees and debts. These will be taken from the original 100k CHF locked into the Foundation.
• Debts & Invoices. As mentioned in the past, we sadly have some outstanding debts regarding some services and products we acquired. My task in the incoming weeks is to gather this information. Switzerland’s Debt Buro (Betreibungsamt) has now reached me directly in order to settle these affairs.
• SLA Agreement. I believe someone asked where are we standing w/MyBit and my own company (E Nigma Technologies OÜ) in terms of the SLA. I’m still working the kinks on this relationship, as my company isn’t a blockchain company (it’s a software consulting one) and needs to have it’s accounting in CHF/EUR. Thus, even though MyBit DAO or Foundation can pay me in ETH, I wouldn’t be able to take this money as it banks in Estonia isn’t really money (yay banks). I’m looking into a provider like Bitpay that can invoice the DAO w/X amount of $ in ETH, and can forward the payment to my Bank via SEPA. If you do know a provider that has these services, do let me know.
• Transparency. Now that we are not updating the Transparency Portal, transparency will have to be done, well, via here. I would feel more comfortable doing it via something like IPFS where the’s a track record and content can’t be deleted, but hopefully, for now, this works. If you have any questions about any particular topic, do let us know and I’ll do my best to answer back.
• Personal Affairs/Thoughts. I usually do not disclose personal situations, but for the sake of transparency will share some. Unfortunately, crypto winter hit MyBit hard, and even though we knew that we had a timer, the expected date was September. Sadly, it ended up being actually July due to price changes and unexpected bills (e.g. AHV from employees). As a result, all full-time employees (Cristiano Martins, Konstantin Dmitriev, and myself), were given roughly two weeks notice to find new sources of income (this was a joint decision between Ian and myself). This was rough for the team and was part of the reason last days in July were a bit of radio silence. I’ve now found enough work consulting via my company, but sadly the amount of work I took has taken a toll on my personal life. I’m getting married in a month (!) and will be off my honeymoon in October, so I do need the extra cash. However, managing all these affairs (mybit, new clients, wedding) is quite stressing, to say the least. For now, I’m sticking to weekly updates over Sundays, while I try to sneak some work here and there. After I have properly recovered and settled down with the wifey, I’m happy to pick up the project where it was and identify ways of resurrecting it. I’ve already though some ideas, as MyBit has developed some really good IP for crowd selling funds and getting revenue. Hopefully when I have a better idea on the topic, will be able to share some.

As always, keep frosty.