What is MyBit?
MyBit is an Ethereum-based company that provides the infrastructure for wealth management applications. It focuses on investments related to the Internet of Things (IoT), allowing users to earn on machine labour through a decentralised platform.
How does MyBit work?
MyBit operates on the Ethereum blockchain and uses smart contracts written in Solidity. These contracts automate investment processes, eliminating the need for traditional brokers. The MyBit Network, SDK, and internal tools like MyBit Go and MYDAX facilitate decentralised investments and asset management.
What are the potential use cases for MyBit?
MyBit's potential use cases span various sectors:
- IoT Investments: Facilitating direct investments in IoT devices and assets.
- Decentralised Asset Management: Supporting wealth management applications through decentralised solutions.
- Machine Economy Investments: Engaging in investments within the machine economy, including manufacturing and transportation.
- Green Energy: Promoting investments in renewable energy sources like wind and solar charging stations.
- Transportation: Enabling investments in technologies such as delivery drones and self-driving vehicles.
What is the history of MyBit?
Founded in July 2017 in Zug, Switzerland, MyBit has built a global team of over 15 members. Key milestones include:
- 2017: Foundation and completion of the initial token distribution phase.
- 2019: Launch of the second token distribution phase and planning of an ecosystem fund.
Significant updates involve developing the MyBit Network, SDK, and the Decentralised Development Fund (DDF) to incentivise developer contributions. The platform has carved a niche in IoT investment and decentralised wealth management markets.