Analysis of MyBit ICO – Platform for Tokenizing Revenue Streams

Summary

  • Project Name: MyBit
  • Token ticker: MyB
  • Websitehttps://mybit.io/
  • Whitepaper: https://mybit.io/docs/MyBit_Whitepaper_v0.13.pdf
  • Hard cap: 26,875 ETH (ICO contributors own 60% of total token supply if hard cap is reached)
  • Soft Cap: 4,000 ETH
  • Conversion rate: 1 ETH = 100 MyB
  • Maximum market cap at ICO: US$10 million assuming current ETH price of $220
  • Bonus structure: 25% discount for the first 9,375 Ether
  • ERC20 token: Yes
  • Timeline: July 17th at 12:00 GMT +0 for 30 days (please refer to MyBit's website for most up-to-date information)
  • Token distribution date: Instantly for Ether contributions, up to 72 hours for contributions from other cryptocurrencies.

Project Overview

What does the project do?

MyBit is a crowdfunding platform that allows people to raise money from investors to purchase revenue-generating assets, such as solar energy panel or other equipment. Investors would receive a portion of the revenue that the asset produces.

The asset owner would first register the asset on the MyBit platform, and investors would fund the purchase of that asset. An Oracle would be integrated into the Smart Contract which pulls the energy usage/payment data from the asset’s software. The profit generated would then be distributed to the investors proportionally.

In theory, MyBit works for any revenue-generating assets, but it is first focusing on renewable energy equipment. Eventually, MyBit aims to expand into other automatable assets, including assets in the artificial intelligence space.

MyBit is starting out with solar panels in Germany but will eventually expand into other product categories as well as geographic locations. In an interview with MyBit CEO, he said that Austria is a logical country to expand into, after Germany.

Below is a flowchart of how MyBit works.

MyBit flowchart

How advanced is the project?

The white paper was released in February 2017 and a TestNet Demo was released in June. MyBit is also working to finalize a number of partnerships with contractors or manufacturers of revenue-generating assets. They will announce those partnerships once finalized.

Here is the roadmap of the project. It is not detailed but the team is able to accomplish the milestones on time so far:

MyBit roadmap

Here is a video demo of the MyBit TestNet:

What are the tokens used for and how can token holders make money?

MyB can be used for:

  • Investing in energy, AI infrastructure, and other revenue generating assets.
  • Funding and revenue sharing.
  • Peer to peer trading (buying and selling) of decentralized energy.
  • Machine to machine payments.

All transactions on the MyBit platform are assessed a 1% network fee which is distributed to token holders based on their respective stake.

On top of that, tokens can be used to invest in the assets listed on the MyBit platform at the same time.

As MyB is used as to perform different actions on the MyBit platform, token values should appreciate if there is a wide usage of the platform. For example, when many assets are listed and many investors participate in those assets.

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Team

MyBit has a team of 15 – not all of them are on a full-time basis but it is still good to see a project with more than just the co-founders.

Ian Worrall, Founder – involved full-time in the Blockchain industry since early 2013 when he began a mining operation. Since then, he has managed a company that builds custom software for different companies.

Thomas Pollan, Business Development & Partnerships – over 30 years of business consulting and business start-up experience. His previous roles include Senior Director, Client Principal with Hewlett Packard Enterprise, Senior Partner with Accenture, and founder and President of Pollan Enterprises, a holding company for new start-up businesses.

MyBit also partners with other company for the ICO. Brave New Coin is managing the escrow release schedule. Pacatum is helping them on the development side.


Opportunities

  • If this idea works, the upside can be tremendous because it can work on any revenue generating assets, not just renewable energy.
  • If the amount of profits can be independently verified, then the asset can be included in the MyBit platform. You don’t need to rely on the asset owner reporting the data, which minimizes risks of fraud.
  • MyBit has a large team of 15 in place already, which shows the commitment in the project and that the project is not created just to raise money from the ICO.
  • The TestNet demo has been released. It is also open source so the tech savvy investors can check out the quality of the development.
  • There are multiple ways to profit from the token, other than from the appreciation in token value:
    • Token holders receive 1% of the transactions as fees.
    • In addition, the tokens can be used to invest in assets and receive a portion of the profits while receiving the network fee.
    • Therefore, you don’t need to rely on the project growing in value in order to make a profit. For example, the market cap can stay at the ICO level forever but if the network grows substantially, you can still make a lot of money from receiving the 1% network fee.
  • The problem that MyBit is trying to solve genuinely benefits from a decentralized solution to lower costs and automate the process.
  • Network effect is present. The more users and assets are on the platform, the more valuable the platform is.

Concerns


Conclusion

Overall, I like this ICO for its flipping potential and am neutral for its long-term potential. My thoughts on buying the tokens for flipping and investing for the long term are as follows:

For flipping

Good because of its relatively small market cap. The idea of working in the renewable energy and artificial intelligence space is appealing to potential investors.

For long-term holding

Neutral because from the white paper, not too much details about executing the business plan are discussed. This makes it difficult to analyze whether the project is likely to be successful in the long run.


For more information about the ICO, please visit the following links:

Website: https://mybit.io/

Whitepaper: https://mybit.io/docs/MyBit_Whitepaper_v0.13.pdf

MyBit blog: https://medium.com/@MyBit_Blog

BitcoinTalk thread: https://bitcointalk.org/index.php?topic=1931842.0;all

Interview with MyBit CEO: https://medium.com/icotalk/mybit-story-6b0c6acbf04e

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