They at MyBit believe that this is counterproductive 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.
Using Blockchain technology, MyBit creates an inclusive, equal, and accessible investment marketplace. So instead of a few people owning all of the machines, anyone can profit from machine labour and participate in the economy of the future.
Blockchain technology is great for two things; sending money and assets without a bank and executing contractual agreements without a lawyer or other form of intermediary. MyBit incorporates this technology to offer a vast range of benefits over traditional investment platforms.
MyBit Coin Price
|Circulating Supply||157,187,027 MYB|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
MYB Price Live Data
How It Works
The machine economy is projected to produce trillions of dollars, with IoT devices operating in nearly every industry. By enabling everyone to invest in these revenue generating machines, MyBit redefines the way people generate income.
Contribute capital to fund assets and in return receive a percentage of its revenue.
Companies who produce IoT hardware can integrate the MyBit API and have their assets exposed to a global pool of investors to increase their sales.
Those who may not have excess capital to invest, can profit by receiving a percentage of the asset’s revenue in exchange for managing it.
Asset Managers see opportunities and maintain the machines. In this example, a store owner has space for a Bitcoin ATM in his local supermarket and he has already arranged the necessary license and insurance.
Select an Asset
Depending on location, the Asset Manager selects an asset from a variety of carefully selected partners who supply the device.
To ensure that the asset manager meets the expectations of the investors, a portion of the asset’s value is put down as collateral.
Investors from all over the world invest in the Bitcoin ATM for a maximum of 30 days or until the funding goal is met. If the funding goal isn’t met, the funds are automatically returned back to investors.
Once the Bitcoin ATM is fully funded, the order and payment is directly sent to the selected partner.
Delivery and Install
The partner delivers the machine and installs it for the asset manager.
The asset is now generating revenue as the Bitcoin ATM charges fees for every transaction.
Traditional funds pay out quarterly or annually. With MyBit, it’s in real-time.
Funds usually charge 20-30%. With MyBit, it’s a flat 3% fee.
Investment funds expect you to trust their data. With MyBit, it’s backed by the blockchain.
No banks, no lawyers, no escrow agents, no extensive paperwork, and no contracts to enforce.
Traditional funds are for high net worth individuals only. MyBit’s accessible to all.
Many funds are limited by geography. MyBit offers access to a global market.
MyBit is decentralised and autonomous
This means that no single person, company, nor group owns nor controls MyBit. Instead it is maintained by a strong community of people from all different backgrounds and its rules are enforced by unchangeable computer code.
MyBit launched as an Aragon based DAO in Fall 2019. Since then we have identified that a different DAO model is needed moving forward. While we migrate to our own custom DAO, we will be using Snapshot to manage MyBit.
MyBit DAO v1 (Aragon)
The core problem we faced with this model was user engagement. The onboarding process we designed was very slow and clunky. Most importantly, users had to pay gas costs of several dollars to vote which was removed incentive for voter participation.
MyBit DAO v2
This DAO model will incentivise people to vote because they are paid to do so. In exchange for staking MYB and participating in voting, users will receive a share of the MyBit Network fees.
Tokens can easily be staked and unstaked at any time with no lockup period. Every 1 MYB counts as 1 vote.
Proposals can range from anything from how network fees are distributed, adding in new features, launching marketing campaigns, or anything related to the MyBit Project. Voting periods will last 14 days.
At the end of each voting period network fees will be distributed as rewards to users who had their tokens staked and voted during that period. The exact percentage of network fees will be determined by a vote and can dynamically change each period.
MyBit, as an organization, strongly believes that the current economic system that favors the wealthy and neglects the needs of the less fortunate is counterproductive and ultimately harmful to society.
This system only benefits those who are already wealthy and allows them to continue profiting and growing their wealth, while the less fortunate are left struggling to make ends meet. MyBit recognizes the importance of creating a more equitable society, where everyone has an equal opportunity to succeed and prosper.
This can only be achieved by breaking down the barriers that limit access to resources and creating a system that is more inclusive and supportive of all individuals, regardless of their economic background.
What is MyBit’s position on the current economic system?
MyBit believes that the current economic system is counterproductive and does not benefit society. It creates an environment where the already wealthy can continue to profit and grow their wealth while leaving those who are less fortunate in terms of total wealth stranded.
Why does MyBit believe that the current economic system is harmful?
The current economic system only serves to perpetuate the cycle of inequality, where the rich get richer and the poor get poorer. This creates an environment where the wealthy continue to profit and grow their wealth, while the less fortunate struggle to make ends meet.
What does MyBit propose as an alternative to the current economic system?
MyBit advocates for a more equitable economic system that is inclusive and supportive of all individuals, regardless of their economic background. This can be achieved by breaking down the barriers that limit access to resources and creating a system that provides equal opportunities for everyone.
How can MyBit’s proposed economic system benefit society?
MyBit’s proposed economic system can benefit society by creating a more equal and just society where everyone has an equal opportunity to succeed and prosper. It can lead to a more vibrant and thriving economy where innovation and entrepreneurship are encouraged, and everyone can contribute to the greater good.