Professional Documents
Culture Documents
The MyBit Foundation is responsible for managing capital flow, the MyBit Token, and the
overall success of the entire ecosystem.
MyBit AG is owned by the MyBit Foundation and employs the team as well as completes
the engineering, marketing, business development, and other core functions.
To best protect ourselves and our community we mirrored our corporate structure to that
of Ethereum and are based in the same jurisdiction. This ensures that everyone involved with
MyBit from team members, to contributors, to third-parties are protected to the best extent
currently possibility.
The core team is based in Zug, Switzerland where our offices are and company is registered.
Mayerlustenberger Lachenal (MLL) which is one of the top law firms in Switzerland, with offices
throughout the EU. They have a strong history in the fields of start-ups, energy, fundraising, and
international law which made them a perfect match for our needs.
Please review the partners section of the website and our blog to monitor updates on the
partnership side of our business.
Yes, we plan to hold another TokenSale in mid-2018 after our product is launched and we have
substantial users. We will be fully transparent and keep the community up to date on our plans
as they have not yet been finalized.
The reason we structured our TokenSale into two phases is because it is how we believe the
industry as a whole should be run. Too many companies raise astounding amounts of money
with just a whitepaper and no tested plus proven application which is toxic for the industry as a
whole by opening up the potential for scammers and creating too much risk for contributors.
We received enough contributions in phase 1 of our TokenSale to build and deploy the platform
and once proven, we will launch phase 2 of our TokenSale to facilitate rapid scaling and user
acquisition.
All Assets funded on the MyBit platform are assessed a 3% fee. 2% goes to the staking
pool (see section 4 for more information) and 1% goes to the foundation to cover ongoing
operations and upgrades. If the 1% to the foundation is larger than the operating expenses for a
given month, a monthly burn event will take place (see section 4 for more details).
The MyBit Foundation is in charge of maintaining the platform with support and input
from the community.
The MyBit Foundation and MyBit AG will collaborate to implement new features and
upgrades. The community is also welcome to contribute and submit additional features which
may be integrated after rigorous auditing and approval.
Initially MyBit will be conducting testing in Europe and Dubai. The first market MyBit will fully
target is Europe, followed by Japan, China, Latin America, Australia, and North America. Dubai
will be used as needed for testing new products.
Initially we are focused on Autonomous vehicles, renewable energy solutions such as solar,
cryptocurrency ATMs, cryptocurrency Mining, decentralised storage units and Smart IoT
devices but any IoT device or machine that generates revenue can be integrated into the MyBit
platform.
What is MyBIt?
MyBit is an ethereum-based investment platform (DApp) which enables the direct investment
into any revenue generating IoT device without relying on a middle-man, broker, or intermediary
fund.
Similar to kickstarter or like investment platform. Users can log on and view assets to invest in.
Smart contracts govern the entire process and act as a digital broker so you can be ensured the
terms of your investment will be followed without any manipulation or interference.
MyBit is the first platform to streamline investments into the technologies of the future. To invest
in these next generation IoT assets via another platform or service would involve sending your
capital to a third-party fund which creates counterparty risk and exposes you to exorbitant
management fees.
Traditional investment funds are the main competitor but their only advantage is their existing
client relationships.
Is it secure?
On one end it is very secure compared to traditional funds because you are in control of your
capital from start to finish and do not have to rely on a third-party to fulfill investment terms and
entrust them with your money. All of this is automated with immutable blockchain-based smart
contracts (or computer code that cannot be altered or manipulated in any form). On the other
end of the spectrum Ethereum and Blockchain technologies are still largely untested and in their
infancy which creates risks, so it is important for everyone to perform their own individual
assessments.
Yes, there is a one-time fee required which differs based on features you wish to use. CHF 10
grants you full access to investments, CHF 100 unlocks the staking functionality, and CHF 1000
enables trading of asset ownership. These one-time fees are paid in MYB and then the MYB is
removed from the total supply during the monthly burn event (see section 4 for more details).
It is as simple as logging onto the platform, finding the project you want to invest in, and sending
Ether to the listed smart contract address. Then everything is automated and you will receive
revenue distributions shortly after the asset begins generating revenue.
MyBit scales to meet the demands of any user ranging from small individual investors to large
institutional funds. Please note that users may be subject to different onboarding requirements
based on investment amounts, legal structure (if entity), and location.
Ether is the main form of funding, but we plan to integrate shapeshift or similar back-end
conversion service to enable asset funding in any supported cryptocurrency with enough
liquidity. In the future we hope to also implement fiat options.
By default it will be received in Ethereum, but we will integrate a conversion layer to increase
the amount of cryptocurrency options which it can be received in. In the future we plan to
implement Fiat payment; However, that is subject to the cost-effectiveness and local
regulations.
This is yet to be set in stone but we will be partnering with a compliance company to manage all
onboarding and user KYC/AML. This can differ substantially based on location and capital
amounts.
The ROI associated an Iot Asset will be determined by the installer or producer of the asset and
reviewed by the MyBit team to increase accuracy. We cannot guarantee the complete accuracy
of the ROI estimations; however, as more assets are funded on the the MyBit platform, the data
will be aggregated and analysed to increase the future accuracy of ROI projections.
Is ROI accurate?
ROI is reviewed internally by the MyBit team to help ensure accuracy; however, MyBit
cannot guarantee the ROI. The ultimate decision to invest based on the ROI and its accuracy is
the responsibility of the investor. Investment ROIs will get more accurate over time as we
accumulate more investment data via the machine learning practices we will implement.
How will tax credits and asset depreciation be handled by the platform?
Tax credits towards the purchase of solar are priced into the asset funding price.
Personal tax credits and depreciation expense are left to the investor and we advise to seek the
advice of a certified tax professional.
Not with the initial launch of the platform. Implementation of this feature is prioritized
after initial testing and scaling.
All terms are recorded immutably upfront in smart contracts before they are deployed.
When any dispute arises it is up to the parties involved to solve it - we recommend seeking
third-party arbitration.
The minimum number of investors is 1. Each lister of an asset will determine if there is a
maximum number of investors. Once a smart contract reaches its full funding requirement then
the asset is locked from any further investments effectively capping off the number of investors.
MYB is a utility token which is used to pay the one time fee to access different features of the
platform. It can also be used to pay transaction fees (known as gas), and can be staked.
2% of all asset funding is allocated into a staking pool which is then distributed to token holders
who are staking. To engage in staking you must send MyBit to the staking smart contract and
your tokens will be locked into the staking contract for a period of either 45,90,180, or 360 days.
The longer you lock, the higher percentage of the staking pool allocation you receive.
Yes, and this is one of our favourite features of the MyBit platform! We are creating a charity
page which includes projects that do not generate any revenue but help someone or a group
that needs it such as equipping a hospital or school in a country with unstable utility connections
with solar panels. You can automatically choose to have staking gains allocated to one of these
projects and can most likely use it as a tax-right off but we advise you seek professional legal
and tax advice in your jurisdiction to be certain.
Typically, investments such as this are illiquid - meaning that you often have to wait until the
profits exceed your investment to gain a full ROI. Or you have to sell the asset in full to obtain
cash. MyBit lets users sell a portion (or the full amount) of their ownership to someone else in
exchange for cash. The buyer is willing to complete the purchase to capitalise on the existing
and proven revenue streams of the asset. So there is potentially a whole business opportunity
in taking the risk of funding assets with unproven revenue streams and selling them shortly after
at a premium if revenues surpass projections.
No, MyBit is a utility token used to access the MyBit platform. The MyBit platform enables
investments into IoT devices, but the token does not directly which keeps it in compliance with
regulations. Also, there is no truly passive revenue distributions purely from holding the MyBit
token due to users having to participate in staking, similar to how Ethereum is migrating their
structure.
MyBit can be stored on an exchange or any Ethereum wallet that supports ERC-20 tokens such
as MyEtherWallet, Parity, or Mist.
You must add the custom token address via your wallet:
0x94298F1e0Ab2DFaD6eEFfB1426846a3c29D98090
Additional parameters that may be needed include: name: MyBit Token , Symbol: MYB ,
Decimals: 8
Yes, one-time platform access costs which are paid in MYB and excess from the 1% fee to the
foundation are burned in the monthly event.
Once per month the MyBit Foundation will hold an event where they aggregate all MYB paid to
access the platform and disclose excess revenues (which will be publicly available along with
the formula used to calculate). Then the excess revenues (in Ether) will be used to purchase
MYB on exchanges and will be added to the MYB paid to access the platform. Then this
combined amount of MYB will be burnt, meaning taken out of the total supply.
Section 5: Other
We are always looking for passionate innovators to join the team. Send us an email if you are
interested in exploring full-time options or wish to become a Brand Ambassador.
MyBit uses a Brand Ambassador strategy to have supporting members of our community host
informational meetups around the world to spread awareness.
Send us an email with your location and experience in the crypto-industry and we will coordinate
an interview with you.
The vision of MyBit is to disrupt traditional investing models. There is no need to trust a third-
party with your capital and pay them a fee for something that can be securely automated with
technology such as smart contracts. We also wanted to give people more power and freedom
with their money so MyBit removes the large barriers to entry into the alternative asset
investment space, largely the minimum capital requirements of funds. MyBit allows even the
small, individual investor to capitalise on these opportunities which has never effectively been
done before.
The concept of MyBit was first thought in 2016 of by Founder, Ian Worrall, who has a strong
background in investments. His main strategy is to identify alternative assets that are largely
unknown to mainstream investors that have high-yield potential (this is how he became involved
with Bitcoin in early 2013). He identified that a major opportunity would be the upcoming
machine economy that is projected to generate in excess of $6 trillion in revenue by 2025, but
realised there was no efficient way for him to invest. His only option would be to send capital to
a fund focused on emerging technologies and he was not a fan of trusting someone else with
his money nor the excessive management fees they took. So with his background in investing
and technology, as well as deep experience in Blockchain plus decentralisation, it made sense
for him to pursue this venture which became MyBit.