After releasing version 1 of MyBit in 2019, we have identified several areas for improvement to make MyBit more user friendly and gain mass adoption. Version 2 focuses on updating functionality and making user experience better.

The following is a list of the changes which are being completed and the reasoning behind them.

1. We are removing third party dependencies so it is easy for anyone to fork the MyBit repo and deploy it themselves. This is important for decentralised applications.
2. Civic is being removed. Civic was used as identity management in version 1. The reason we have decided to remove it is because it did not serve the purpose we needed it to — adding security for investors. Therefore, we plan to re-introduce an identity solution in the future for compliance reasons, but there is currently no decentralised solution that fits our needs.
3. Probably the most important update is that the asset listing process is changing to become extremely less complex. Currently the process has many steps starting with having the asset approved via the MyBit DAO over a 14 day vote, and then having to manually be added to an airtable database. Instead, the new process lets anyone list any asset without any pre-approval. This greatly reduces the complexity to list assets. To mitigate potential spam we are introducing a flat 5 DAI fee which a portion goes to the community fund and the rest is used to burn MYB.
4. The last step of listing an asset is providing asset collateral in the form of MYB. If the asset manager fail to deliver returns for the asset they listed, they will not be able to withdraw your collateral and the MYB will be lost. Under the current model in v1, a typical asset required over 100% of its value in MYB to be approved for listing. This proved to be a bad choice and completely blocked many people from listing assets because if they had to put the full asset value down as collateral, why wouldn’t they just buy the asset themselves? So the model in version 2 is an open system where the asset manager can choose to put down a value between 0% and an unlimited amount. It can be assumed that as asset managers list more assets and build trust with the community, they will be able to have assets funded for a lower asset collateral amount. Vice versa, new asset managers will theoretically have to put down a higher collateral because they have not yet built trust with investors.
5. The Fee structure is changing to the following:

● Charge a Flat Rate of 5 DAI when each asset is Listed

● Charge 5% of Asset Listing Value (once successfully funded)

● Take 5% of all revenue distributions (every time they are paid out)

You can Follow Along with the progress of MyBit v2 on Github here: https://github.com/MyBitFoundation/MyBit-Go.app/issues/545

To learn more about how network fees are used and how the project is governed check out this blog: MyBit Goverance Update

MyBit Version 2 was originally published in MyBit on Medium, where people are continuing the conversation by highlighting and responding to this story.

MyBit completed the transition to being governed by an Aragon powered DAO in August 2019. The overall experience with the DAO was disappointing and in December 2019 work began for a Version 2 of the MyBit Application, which is no longer governed by the original MyBit DAO.

The issues that arose with the original MyBit DAO were a clunky onboarding process, expensive costs for voting which disincentivised users, and a lack of clear leadership. This resulted in not much being completed and no one to hold accountable for it.

We learned through this that overall the biggest driving factor to having a DAO succeed is incentivising people to participate. The KyberDAO showcases a perfect example of how this can be conducted. A portion of their network transaction fees are awarded to people who stake their KNC in the DAO and vote on proposals.

MyBit plans to adapt a DAO model very similar to KyberDAO in the future, where users can actively vote on anything related to the MyBit Ecosystem including how network transaction fees are distributed such as the percentage paid out to DAO members, what percentage is burnt, and how much is used for community development.

Before MyBit can make this transition, application usage needs to rise to a level where enough fees are collected to properly incentivise and operate the DAO. Therefore, our current focus is the development of version 2 and user acquisition once it is released.

Prior to the migration to the new version of the MyBit DAO, all network fees will be collected to a single Ethereum wallet with one owner, a founder of the original MyBit project. All of these fees will be allocated towards marketing and development and will be shared with the community for full transparency.

MyBit Governance Update was originally published in MyBit on Medium, where people are continuing the conversation by highlighting and responding to this story.

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.

MyBit Update from CTO Jose Aguinaga was originally published in MyBit on Medium, where people are continuing the conversation by highlighting and responding to this story.

Dear MyBit Community and Followers,

First and most importantly I want to make it clear that I am not abandoning the MyBit project. I will still play an active role and continuously be involved in driving its success.

My Goal has always been decentralisation. My plan has always been to migrate the MyBit ecosystem into a DAO, driven by its supporters, users, and community.

Now that the MyBit DAO is live and governing the MyBit project, I have decided to step down as CEO, as I am no longer needed in that capacity. My personality is that I am fully driven by passion and my vision for how I see projects I work on evolve. I tend to approach achieving my vision aggressively and often do not listen to others during this. My personality directly conflicts with a DAO, and therefore I should not be seen as a higher power in the MyBit Ecosystem than the DAO.

As stated previously, my goal for MyBit has been decentralisation and I have come to the realisation that for true decentralisation to occur, I should not (nor anyone) be in the power position of CEO. A CEO’s job is to make decisions and see that they are followed out. This is exactly what the MyBit DAO does, except it is decentralised whereas the CEO position is centralised.

So what happens to MyBit?

Nothing changes, other than the governance of the project.

A new CEO could be elected via the DAO. But my wishes are for the MyBit DAO to take my place as leader of the MyBit project and greater ecosystem.

I will still play an active, outspoken role where I continuously issue proposals, actively vote, and voice my opinions. The difference is that I will not have supreme power and control of MyBit anymore.

Additionally, the funds held in the MyBit Foundation Treasury will be migrated over to the MyBit DAO over the next several months. In the current structure the MyBit Foundation holds all of the funds and sends payments to MyBit AG to complete work. Going forward, all the funds held in the DAO can be sent to any company, not just MyBit AG, which completes work to strengthen and grow the MyBit Ecosystem.

I am aware that this migration has the potential to cause turbulence within the project ecosystem, so I will continue my role as CEO throughout September 2019 to gradually achieve this transition with minimal negative repercussions.

I truly hope that DAOs are the way forward, but if they prove to not be I will gladly return to MyBit as the CEO to bring MyBit Go and MYDAX to mainstream adoption. These products are about so much more than making money, they are necessary pillars for an inclusive, equitable, and equal world economy, and my goal is to make that happen, in the best way possible (decentralised highly preferred), no matter what.

Thank you all so much for the support you have shown the past few years. I’m confident MyBit will live on in perpetuity and that we can pick the direction it takes together, as a community interested in enabling the average person easy access to the world economy.

Much love,

Ian

Ian Stepping Down as CEO of MyBit, replaced by DAO was originally published in MyBit on Medium, where people are continuing the conversation by highlighting and responding to this story.

Today we are excited to announce we have decided to replace Task.Market with The Planning Suite (TPS)by Autark Labs.

Task.Market was MyBit’s distributed workflow application initially built on OpenBounty by Status.im and then migrated to Bounties Network and Gitcoin. However, due to failing to come to an understanding on a newly proposed fee structure by Gitcoin, MyBit decided to temporarily shut down Task.Market.

This decision came after successfully testing TPS on the ropsten test-network version of the MyBit DAO. It was then enacted via proposal #44 on the MyBit DAO.

Our goal with Task.Market was always to build a decentralised workflow application with the end result of being integrated into the MyBit DAO for truly decentralised and autonomous governance by our stakeholders. Autark Labs has received nearly $500,000 in funding from the Aragon Foundation and has developed a great solution for distributed workflows. We decided it made more sense to work alongside them, rather than to spend unnecessary time and resources developing our own application which would probably end up being quite similar.

The Planning Suite is still currently in development and only stable on testnet; however, we are ready to integrate into the MyBit DAO the second it becomes available on main-net.

Subscribe to the MyBit Channel on Telegram to stay up to date on progress: https://t.me/mybitio

Task.Market replaced with The Planning Suite was originally published in MyBit on Medium, where people are continuing the conversation by highlighting and responding to this story.

The MyBit Token (MYB) is the native token of the MyBit ecosystem. It provides utility to users of the MyBit Network through galvanizing incentive structures, granting voting rights, and serving as the substrate that powers the network. As the MyBit Network grows, and more dApps are developed on it, MYB will provide even more utility to users, but for now, here are the current uses of MYB.

MYB on MyBit Go

MyBit Go is the Internet of things (IoT) investment platform developed by MyBit to bring the machine economy to the everyday person. As machines begin to overtake humans as the primary generators of revenue in the economy, MyBit Go allows for the ownership and revenue of productive machines to be distributed on the blockchain in an intuitive online marketplace.

Burning MYB as a fee
When assets are funded on MyBit Go, a 3% fee is taken from the asset funding pool. 1% goes to the MyBit DAO to sustain operations of the MyBit ecosystem, 1% goes to the MyBit Foundation Treasury, and the other 1% is used to burn MYB. This is done by buying back MYB from exchanges and burning it, which takes it out of the max supply forever. This in theory increases the value of each remaining token because the utility value held within the burned tokens gets transferred to remainder, which now power a more valuable network (as described by Metcalf’s law). This means that as the network grows and more tokens get burned, the overall value of the network increases and remaining tokens should hold more value.

Staking collateral
MyBit Go has three main roles: Investor, IoT partner, and Asset manager. The staking of collateral is done by asset managers who wish to manage assets (provided by pre-approved IoT partners) on behalf of investors. They set a percentage of the total asset value to lock as collateral to show investors that they are 1) committed to managing their asset and will not just leave, and 2) have a very strong incentive to maximise the assets revenue generating capacity. This colleterial payment is made with any token supported by Kyber, is switched into MYB, and is then held in a smart contract out of circulation. As the asset begins to generate revenue, the colleterial is retuned incrementally to the asset manager.

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Voting on the DAO

The MyBit DAO was released on main-net recently, and is currently providing an open platform for users and community members to direct the MyBit Network. In order to receive voting power on the MyBit DAO, users are required to lock MYB on the network in the stratification described below:

1 MYB for 1 month = 1 vote

100k MYB for 3 months = 1.5 votes

100k MYB for 6 months = 2 votes

100k MYB for 12 months = 3 votes

100k MYB for 18 months = 5 votes

100k MYB for 24 months = 8 votes

100k MYB for 36 months = 13 votes

It only requires locking 1 MYB to be able to vote on the MyBit DAO, which is to ensure it remains truly decentralised. The 100k Multiplier option provides users with the ability to obtain more voting power though staking 100k MYB on the DAO for set periods of time. This locks the MYB in a smart contract away from circulation and is returned to the user at the end of the locking period.

The effect of combining both burning and locking/staking mechanisms into the MyBit ecosystem creates a deflationary token with greater capacity to hold more utility value over time. This is something that we at MyBit think is the way token economics should work and is why MYB and MyBit powered dApps are and will continue to be designed to create value to holders of MYB. If you are interested in learning more about the theory behind MYB, please visit https://learn.mybit.io/learn/mybit-token-myb-1.

Bonus! — MyBit Token Tracker

The MyBit token tracker is an application being built on the MyBit Network to give users the ability to track transactions and see how MYB is being used. This will include the ability to see how much MYB is being burned via the applications, how much is being staked for voting and used as collateral, and how ever else people are using MYB to create utility for their lives. The MyBit token tracker will be available at tracker.mybit.io soon, so stay tuned!

Until next time!

The MyBit Team

Uses of the MyBit Token (MYB) was originally published in MyBit on Medium, where people are continuing the conversation by highlighting and responding to this story.

Today we are excited to announce that the MyBit Token (MYB) has successfully been integrated with UniSwap.

UniSwap is a new platform gaining a lot of attention for decentralised token swaps. It allows anyone to convert one token to another in a trustless and permissionless manner. It is very similar to Kyber.Network, except it does not have its own native currency.

At MyBit, we do not believe in centralised exchanges (or crypto banks as we like to call them). The act of relinquishing control of one’s crypto to a centralised institution directly undermines our vision of a decentralised, cryptocurrency driven future. This is why we are very excited for MYB to be integrated with UniSwap.

To swap tokens via UniSwap, head over to https://uniswap.exchange/swap. On some of your browsers, MYB may not show up in the dropdown search. If this occurs please just paste the token contract address: 0x5d60d8d7eF6d37E16EBABc324de3bE57f135e0BC and MYB will then appear and be enabled for swaps to and from other tokens once you approve via metamask.

What’s great about UniSwap is that any holders of MYB can also receive transaction fees from those using uniswap by adding liquidity to the MyBit Token (MYB) market. To do this, simple go to https://uniswap.exchange/add-liquidity and add in a proportionate amount of ETH and MYB (based on current exchange rates) and confirm in metamask. That’s it, now sit back and automatically receive fees for transactions on this market, it’s that simple! At any time you can also choose to withdraw the liquidity you provided back to your own wallet, and by doing so you will no longer receive any fees from transactions.

MYB integrated with UniSwap was originally published in MyBit on Medium, where people are continuing the conversation by highlighting and responding to this story.

Version 0.3 of the MyBit DAO has been released. This version enables the management of finances (in crypto) via the MyBit DAO.

This is a major milestone in the migration of finances from the MyBit Foundation’s control to a decentralised set up where MyBit stakeholders can control the finances.

Currently the MyBit Foundation has sole discretion and control over MyBit funds. Additionally, the recipient of nearly all of the funds is MyBit AG, which is contracted by the Foundation to develop products and other mybit-network related tasks.

Our vision is for this to change throughout 2019 to migrate away from a centralised structure that relies too much on just a few individuals and one entity. Where funds transfer from the Foundation’s control the the MyBit DAO. Additionally, we hope that MyBit AG is only one of many companies receiving funding from the DAO to help develop the overall MyBit ecosystem.

To begin this transformation, 50 ETH (approximately worth $10,000 at the time of writing this article) and 1,000,000 MYB have been deposited into the DAO. Over the next several months, more funds will be migrated over to the DAO in stages to help ensure a safe transition.

How does managing funds via the DAO work?

It’s relatively simple. All funds deposited with the DAO can only be withdrawn and distributed through a proposal which is then passed by a community vote.

Currently the flow would most likely look as follows:

1. Issue a proposal to have work completed. i.e Pay Peter $500 worth of ETH to implement the asset manager page designed by Konstantin (here).

This could be broken into multiple proposals. i.e 1. Should we add in a new asset manager page on Go? if passed -> 2. Should we pay Peter $500 to complete the work? if passed -> 3. Once finished, Peter posts a link to the work and issues a proposal to receive the $500.

Since Peter is known by the MyBit community and has always delivered quality work, it may make sense for efficiency to package this all into one vote. If the circumstances are different then the process can be adjusted, but at the end of the day, it is fully up to the community to decide this process by approving/rejecting proposals until a sort of standard is created.

In the future this process will change. Once we have integrated a workflow application into the MyBit DAO, one proposal will be initiated such as, “pay someone $500 to implement this design.” This will then automatically move $500 from the DAO treasury to the specific smart contract for this task. Once work has been completed then the individual who completed the task, can ask to receive the funds. This can either be done via a community vote, or through a person in an elected position to specifically approve or reject the work. We think having a person in an elected position makes the most sense, because not everyone has expertise in every field, as well as having everyone vote on everything may lead to severe inefficiencies.

To join the MyBit DAO and begin participating please follow this tutorial.

MyBit DAO v0.3 Released was originally published in MyBit on Medium, where people are continuing the conversation by highlighting and responding to this story.

MyBit Go(often referred to simply as “Go”) gives anyone the opportunity to invest in productive machine assets and receive income as they generate revenue. For a more detailed understanding of the MyBit Go platform please click here.

What’s new in v0.9?

The fee structure is finalised. There will be no one time or subscription based costs to use Go. Instead a 3% fee will be taken from all funding of assets. This fee will be distributed as follows:

• 1% to the MyBit Foundation
• 1% to the MyBit DAO
• 1% to buy back MYB and burn the tokens

Next up, we have changed all aspects of funding from ETH to DAI to remove the risk of price volatility during asset funding.

Additionally, the minimum investment requirement of 100 DAI has been removed in an effort to maintain our principles of inclusiveness for all. It has been reduced to 0.01 DAI.

Staking MYB as asset collateral during the funding process has been integrated into the MyBit SDK.

Kyber.Network has been integrated to increase token usability. This is something the team is very excited about. This integration enables users to spend any token they hold in their wallet and it will automatically be converted to DAI (for asset funding) or MYB (asset collateral), meaning users never actually have to hold DAI nor MYB to use the platform. Although, we have integrated Kyber and have been collaborating with their team, the ultimate decision to list MYB on Kyber’s DEX relies on their lawyers who we are still waiting to hear a response from. IF the listing falls through, we have a fallback plan to migrate to Uniswap, where we have already successfully created the MYB market.

Finally, we have introduced a new, advanced UI for asset managers to view their investment progress and interact with asset collateral.

How It Works

While the tutorial below goes into detail on Listing an Asset and Investing in an Asset, you can find a high level view of how the overall process works as we all the roles involved here.

Listing An Asset

1. Navigate to https://app.mybit.io/ and ensure that metamask is installed and enabled.

2. Click on “List Asset” located in the menu bar

3. Connect to Civic for identity management

4. Select your location and then choose which type of asset you would like to list from those that are available to you based on your location.

5. Provide the location of the asset.

6. Upload supporting documentation — This includes any documentation related to your asset that further validates your asset and demonstrates that you have the necessary legal documentation required to install this asset i.e lease agreements, regulatory approvals etc. It is also recommended to include any due diligence you have conducted including market research, location data, foot traffic, financial projections, etc.

7. Set your management fee — This is the fee that asset managers take for managing the asset. It should include any financial costs you expect to incur in order to keep the asset maintained and in full working order. You are able to set any fee you like as a percentage of revenue. Note: this fee is set in the context of a competitive landscape where asset managers compete for investor interest.

8. Provide asset collateral amount — This is the amount an asset manager will put up as collateral. It is a percentage of the total value of the investment and is similar to a deposit. It’s there to protect investor funds and ensure proper behaviour. This is paid back to the asset manager incrementally as the asset begins generating revenue. Note: If an asset manager fails to manage the asset this amount can be burned.

9. Confirm and list asset with metamask

10. Listing Confirmed — That’s it! Your listing should now be confirmed and ready for funding.

Investing in an Asset

1. Navigate to https://app.mybit.io/ and ensure that metamask is installed and enabled. Please ensure that you are connected to Ethereum Ropsten Network.

2. Select an asset that you are interested in. On the left you will find details about the asset such as: location of the asset, details about the asset, supporting documentation for the asset, etc. On the right you will fine the details regarding the funding progress as well as an area to add your contributions to the funding of the asset.

3. Enter the funding amount you wish to contribute. This is calculated in DAI, but on the next screen you will be able to choose which currency you would like to pay in. Once you are ready to contribute, click “Contribute” to review your investment details.

4. Review your investment details, and select the currency you wish to pay from the “pay with” dropdown. If everything is correct, click “Confirm & Pay with metamask”

5. In the metamask popup, click confirm to process the transaction.

6. You will then see a message in the bottom right hand corner showing that your contribution is processing.

7. On the main asset page you should now see your contribution percentage for the asset

That’s it! You have successfully contributed to the asset. If the asset reaches it funding goal by the end of the listing period the funds will be sent to the IoT partner who will ship and install the asset at the asset location. The asset manager will then be overseeing the asset as it generates revenue. If the goal is not met, funds will be returned to asset managers via smart contract.

Please reach out to us on Reddit https://www.reddit.com/r/MyBitToken/ if you have any questions, suggestions, etc. and stay tuned for future tutorials related to MyBit Go!

For a video guide on listing an asset click here.

For a video guide on investing with Go click here.

To get started visit https://go.mybit.io/

MyBit Go Tutorial (v0.9) was originally published in MyBit on Medium, where people are continuing the conversation by highlighting and responding to this story.

We are very proud as a team to announce that developments at MyBit in 2019 have been extraordinary. We feel we are on the verge of bringing together a highly effective system for equitably distributing wealth in a technology driven future and have made exponential progress in achieving our vision of decentralised governance.

MyBit GO

Our flagship project, MyBit Go, is currently nearing the end of a successful beta testing stage and will be released on main net in the upcoming weeks once approved by the community via the MyBit DAO. This will mark a huge milestone for our company as we have been working tirelessly to create the most advanced IoT investment experience that we can imagine. Our developers have made great additions to the functionality of the platform in 2019 and we expect that MyBit Go will provide an imperative function in the emerging machine economy in the years to come.

New websites

We have worked hard on developing a series of more advanced websites to showcase our products and provide more functionality to users of the MyBit Network.

mybit.io is our main website that serves as the home base for MyBit. It provides a significantly improved functional overview of the company vision and the various products that are available to users of the network.

We will soon be releasing a new dedicated website for MyBit Go. This website will provide a beautifully modern experience for visitors and an in-depth look at all the opportunities that MyBit Go makes available.

As a team we are very excited by the release of the site as it does a great job of bringing the vision to life and showcasing the economic value made available by harnessing machine labor through MyBit Go.

Transparency Portal

At the beginning of 2019 we released our Transparency portal at hq.mybit.io. This created a vantage point where anyone can view the internal operations that take place at MyBit. The goal of creating the transparency portal was to allow anyone to construct an informed opinion about operations within our company, and use that information in any way they choose, including to assist users in making decisions on the MyBit DAO.

MYDAX

With development moving along at an astonishing pace, we are beginning to focus aggressively on MYDAX (decentralised asset exchange). MYDAX will give users the ability to tokenise and transact the value of both physical and digital assets on a secure and easy-to-use decentralised exchange. We hope to have it released in Q4 of 2019.

The MyBit DAO

Last week we launched the MyBit DAO on main-net. The DAO allows anyone to directly influence the direction of the MyBit Network by proposing ideas and voting on propositions pertaining to the network infrastructure. This is a culturally historic event as it marks the creation of the first ever DAO powered financial services ecosystem in the history of the world. The DAO contains comprehensive identity management, token staking functionality, and intuitive usability that make contributing to the direction of MyBit a simple and easy process. Learn more about the MyBit DAO here

MyID: is the DAO’s native identity verification app. It is a unique solution using social verification that we think will serve as the best method of identity management for the MyBit DAO and perhaps contribute a blueprint for other organisations that wish to manage identity in a decentralised way. You can learn more about MyID here.

MyTokens: is where users stake MYB on their MyID verified Ethereum address to achieve voting power on the DAO. Voting power is distributed according to the choice of a variety of voting multipliers that users can select from.

Voting and Proposing: is a very simple process that consists of proposing and voting on decisions that direct the future of the MyBit Network.

For a comprehensive tutorial for getting involved on the MyBit DAO view this tutorial.

What’s Next? (HIGHLY IMPORTANT — PLEASE READ)

With the release of the MyBit DAO, we have some major shifts in the governance of MyBit products and the Ecosystem as a whole. The MyBit Ecosystem is not anticipated to be fully self-governing and automated until the end of this year at the earliest. However, we will be introducing some radical changes to begin the migration to decentralised governance starting today.

First, we will honour the DAO. Any proposal that passes, we will implement or otherwise complete the required action. This is unless we suspect there has been a vulnerability. For example if a vote passes to send all of the Foundation’s ETH to one address for no reason, we know something went wrong.

Second, we will complete certain projects and tasks, but ownership of some will be distributed to the MyBit DAO. For this transition to be effective it requires an active community of proposers and voters on the DAO.

Our team will focus on completing the following throughout 2019:
1. Develop and release MYDAX
2. Integrate a workflow component with the MyBit DAO
3. Decentralise remaining infrastructure of Go including the onboarding of IoT partners, dispute resolution, non-crypto payment channels, database, servers, and code repositories. It is important to note that for some of these milestones to be achieved we are relying on other projects working on solutions, such as decentralised github as an Aragon app.
4. Further Automate the DAO so the ecosystem can run autonomously by year end.

Additionally, we will finish the MyBit Token Tracker because development is already well underway.

The biggest shift is that MyBit Go will now be community run and managed by the MyBit DAO.

This means that any changes, feature additions, resolving bugs, add-ons, business decisions, and so forth will be done via proposals and voting on the MyBit DAO. Funding for completing these tasks, will as well come from the MyBit DAO. Most notably, MyBit Go will not be deployed on main-net until the community passes a vote through the MyBit DAO.

How this affects our Team

Until a workflow component is implemented into the DAO, our team will handle implementing any passed proposals. Any money awarded to a MyBit team member via the DAO will be deducted from their salary. This is unless a vote passes indicating an alternative workflow model. However, we do not believe a voting event such as this will occur. It takes time for any replacements to our core team to understand our codebase and project vision, and thus would most likely have negative repercussions if this workflow model was changed. Over time, we believe this transition of relying less on our core team will occur naturally; however, after a decentralised workflow component is integrated with the MyBit DAO, we believe all of our current team members will still continue playing an active role in the MyBit Ecosystem for years to come.

Financials

50% of contributions from the token distribution are allocated to the DAO

50% go to the Foundation

1% of DAI from assets funded on MyBit Go is distributed to the DAO

Additional revenue streams can be put into effect to further fund the DAO via other products such as MYDAX, and other product/service monetisation proposals.

When the foundation is dissolved, the remaining funds will be transferred into the DAO.

Since the DAO has just recently been released we will slowly migrate funds into it, not all at once. This is to make sure everything runs smoothly and securely.

Key Takeaways

• 2019 has been crazy in terms of development and it’s about to get even more! In a good way that is. By year end we plan to have the entire ecosystem fully self-governing, self-sustaining, and self-managed by stakeholders through the MyBit DAO.
• The MyBit Foundation plans to dissolve in 2020. Until then, they will continue developing the products and completing the tasks outlined above.
• MyBit Go is now officially managed by the MyBit DAO.

If you have not yet joined the MyBit DAO it is of vital importance to get involved immediately. It is your voice, actions, and decisions which will drive MyBit Go and the greater MyBit Ecosystem. START HERE

2019 Update and Vision Forward was originally published in MyBit on Medium, where people are continuing the conversation by highlighting and responding to this story.