BERLIN, GERMANY – 4 Apr, 2017 – MyBit will be raising funds to develop their blockchain based asset management platform in a crowdsale starting Late April. Interested parties will be able to purchase $MyB (Ticker symbol) with a variety of different cryptocurrencies, including Ethereum’s fuel, ‘Ether’ ($ETH). One Ether will be the equivalent of 133 MyBit Tokens.
MyBit is a decentralized platform designed with data manipulation in mind. The platform records the ownership, registration, and transfer of assets ranging from property, cars, drones, designer apparel, art and anything else of value.
“MyBit revolutionizes asset management by enabling the secure administration of ownership via a decentralized, golden source ledger. It effectively removes single point of failure risk, reliance on third-party escrow agents, and much of the friction in traditional systems,” state’s Ian Worrall, Co-founder and Managing Director.
The platform leverages various cutting edge blockchain technologies. No one, centralized, party holds blockchain data, it’s distributed through a decentralized network of peers.
At the database level, MyBit intends to use BigchainDB, a scalable blockchain database, supporting a wide range of industries and use cases. The platform also uses the InterPlanetary File System (IPFS), a peer-to-peer protocol designed to replace HTTP.
The Bitcoin blockchain is earmarked as the ledger for storing transactional data, as it’s the oldest, most secure, and trusted blockchain. Ethereum provides the platform’s engine for smart contract logic, the backbone of the platform.
“We extend the functionality of MyBit to enable the transfer of ownership between users to streamline peer to peer commerce and offer Smart Trusts as a flexible tool to secure ownership as you desire,” states Worrall. Smart Trusts are governed by irrefutable computer code, and make the process much cleaner, more affordable, and ultimately manageable. “Smart Trust technology makes it easier and exponentially more cost-effective for people to secure their assets in Trusts and Wills,” the Director explains.
The platform can be extended to use cases across many verticals. Insurance products, back-office management, authenticated marketplaces, universal rating systems, auditing, compliance, and analytics, medical device management, and many more.
Governments have already discovered several use cases for blockchains. Paper land titles are one example. “When Haiti was hit by the 2010 earthquake, the municipal buildings containing paper records such as land titles were destroyed,” Worrall states “This is a prime example of a vulnerable, single-point-of-failure system.”
Moving paper records to decentralized blockchains, and attaching ownership of assets to people’s blockchain-based identities can put governments in a far better position to preserve a citizen’s claim to assets, increasing confidence in those governments and economies.
Worrall adds that raising capital through tokens issued in a crowdsale is a must for a fully decentralized application. “It protects platform users from a centralized investor raising prices or otherwise altering the pricing model to not be in favour of the users. By being decentralized users must all agree through consensus of any major structural change to pricing, or other impactful component. This creates a truly democratized and fair application.”
The token used in the crowdfund will enable access to the platform for registering assets, transferring ownership, generating smart trusts to manage assets, issuing investment vehicles, and token holders receive profit sharing based on their stake percentage for all incoming platform revenues.
Whitepaper here: https://mybit.io/docs/MyBit_Whitepaper_v0.9.pdf
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