If you're new to MyBit and looking for information on how to get started, look no further. This post should answer all of the most frequently asked questions and help you find out what the MyBit project is all about.
What is MyBit?
MyBit is a DeFi (Decentralized Finance) platform that utilizes blockchain technology to allow people all over the world to invest in revenue generating assets, such as solar panels, cryptocurrency mining hardware, and Bitcoin ATMs. But that’s just the tip of the iceberg- the use cases are endless! Anything that generates revenue in a measurable, trustless way can be listed on our platform.
The best part is, these assets are able to be crowdfunded by users of the MyBit platform. You don’t need to buy an entire asset all by yourself, you are able to purchase a “stake” in an asset, and any revenue generated by said asset will be distributed equally among its investors, according to the percentage of their ownership stake. This means that revenue generating assets are no longer just for the rich- they are now for the masses, the working class citizens of the world. This allows for a fair chance for everyone to let their money work for them, instead of just having the rich get richer while the masses get poorer.
MyBit isn’t just for investors either. There are 3 different ways that users can utilize MyBit’s technology- the first way is investing, which we already discussed. The second way to utilize the platform is to become an “asset manager”. Not everyone has the capital to invest in an asset, so MyBit allows users to earn revenue by managing one for the investors. What exactly “managing” consists of, will vary depeding on the asset. But you can think of it as maintenance/security etc. For example, maybe you’re managing a cryptocurrency miner. You might need to check on it from time to time and make sure it’s running properly, connected to the internet, and in a safe/secure location.
The third way to utilize MyBit a solution for enterprise/IoT partners. Companies who produce IoT hardware can integrate the MyBit API into their products and expose themselves to investors all over the world with our platform.
Where can I buy MyBit?
MyBit is currently listed on several decentralized exchanges, such as Kyber.network, Bancor.network, and Uniswap.org. As the project grows, we will be looking into expanding to more of the ‘big name’ centralized exchanges.
What wallet can I use to store my MyBit tokens?
MyBit is an ERC-20 token, which means you can store it in any Ethereum wallet. We recommend using a hardware wallet such as the Ledger Nano S, but you can always use MyEtherWallet, MetaMask or any other Ethereum wallet you like. Just simply send your MyBit tokens to your Ethereum address. When sending your MyBit OUT of your Ethereum wallet, you will need a small amount of ETH to cover gas fees (network costs).
Who is on the MyBit team/Who is in charge?
MyBit is decentralized which means it is not owned by a single person or entity. We are managed my a DAO (Decentralized Autonomous Organization). Anyone who owns at least 1 MyBit token is able to join the MyBit DAO, and make proposals to the other members about ideas you may have about how MyBit should proceed with certain things. You can also vote on others’ proposals or even become an ‘enforcer’ where you oversee the completion of tasks that have been voted on. For more information about joining the MyBit DAO, click here.
Originally we had a CEO named Ian before we moved to a decentralized structure. He has since stepped down from his CEO position in order to fulfill the vision of complete decentralization, but he is still around, overseeing and advising the project in order to help make sure we reach our goal of complete decentralization.
What is the current status of the project?
As of the time of this post (August 2nd, 2020), we are currently in the process of migrating our platform to Version 2, which is the fully decentralized model. Version 1 was our proof of concept and was used to successfully fund our first revenue generating asset. After that was done, we began our transformation into a fully decentralized platform. All of the development work is being completed on that as we speak, and we aim to have Version 2 launched and fully functional by September 2020. This all depends on development being completed without any major roadblocks, so we don’t want to make a guarantee on being ready in September just yet. That is our goal, however, and everything appears to be on track for us to achieve that goal at the moment.
What is the utility of the MyBit token?
The MyBit token is used in order to obtain voting power in the DAO (as mentioned above), and there will also be a small percentage of tokens that are burned every time an asset is funded on the platform. This means MyBit is a deflationary token, and theoretically should gain value as supply decreases and demand increases.
I heard there was a token swap, but I still have the original tokens from the ICO. How do I exchange them for the new MyBit tokens?
We have a guide for that, click here to see it! Please note, if you are using MyEtherWallet to do the swap, there is 1 thing missing from the guide- once you get to the final screen, it will not allow you to submit the transaction unless you type “0x” (without the quotes) into the “extra data” field.
Where can I find more info on the MyBit project?
You can visit our website at MyBit.io, or join us on Telegram.
I will be updating this post with more information as it becomes available. If you have any other questions, feel free to PM me or find me in the Telegram.
No comments:
Post a Comment