[ANN] MyBit Decentralized Asset Management








  • 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.

    Watch Video about mybit:

     

    What is MyBit? 

     MyBit is a decentralized asset management platform designed to add an ownership layer to the internet.  Our goal is to change how ownership is recorded to make the process of registration, transferring, and querying both cost-effective and fast.  By utilizing Blockchain technologies in our core application stack it creates a unique opportunity for managing assets and ownership which is more secure, efficient, and reliable than any other solution for digitalizing assets and ownership.  Similar to how the internet streamlined and secured the transfer of information (communication technologies), Blockchain enables for asset ownership (and transfer) & core business functions.  The Blockchain is often heralded as the world’s first internet-scale open platform for value-exchange.  By utilizing a decentralized model, a single point of failure risk is removed.  Data is governed and maintained by network participants (nodes) and all data is fully replicated across all network peers.  Also, Democratic principles are ingrained in the core (code) of the platform providing all participants with a voice regarding the future of the application.  This results in innovation at the foundational level.  

    Phase 1 (Facilitating p2p transactions and securing personal assets) 

    The phase 1 release facilitates the process of registering physical assets onto the Blockchain so they can securely and easily be managed from one location.  Then MyBit extends that technology by offering Smart Contract powered trusts.  These virtual trust funds enable users to manage to whom ownership of their high-valued physical assets will be transferred in the event of death or other “trigger event.”  This greatly reduces the cost and complexity of setting up trusts to distribute one’s assets.

    Phase 2 (Enabling both financing and revenue streams for AI) 

     The phase 2 release focuses on the emerging AI market.  AI is going to take a lot of jobs away from people and cost companies a large amount of capital to upgrade their systems and acquire expensive AI hardware. MyBit Enterprise is a solution for capital light companies that will need to invest large amounts into AI infrastructure and people whose jobs will be replaced by AI who still need a viable method to generate income.  The platform provides companies with viable financing solutions through tokenized fractional assets, enables new methods of income generation for the average person; and strives towards sustainability by managing this vast amount of data and activity with minimal resource consumption.

    Why MyBit?


    In an increasingly digital age it is imperative that money and assets can flow freely and securely on a global scale transcending borders. This streamlines business functions creating unparalleled efficiencies.

    As Bitcoin (or other Blockchain-derived means of monetary exchange) begins to play a bigger role in the world economy, it further increases one's ability to securely transact quickly and affordably.

    The next piece of the puzzle is enabling the same for the transfer of assets. With the combination of communication, money, and assets flowing freely on a global scale it unlocks further potential of the internet and fundamentally changes economics as we know it.


    Features:

    Register Assets:

    Link any phsyical or digital asset with your Unique Blockchain Identifier (UBI) to embed proof of ownership into the immutable Blockchain in perpetuity.

    Transfer Ownership

    Easily buy, sell, or transfer ownership of any asset without the counterparty risk associated with escrow agents and brokers in traditional transactions.

    Verify Authenticity

    Verify the authenticity of an asset in seconds by querying details via MyBit to avoid relying on third-party verification services that are costly and inefficient.

    Secure Assets

    Govern assets with computer code that is guaranteed to execute exactly as programmed thus reducing overhead costs associated with asset management.

    Trace Lineage

    Easily access production and ownership history in a transparent, linear view which eliminates data gaps in asset history to further secure transactional commerce.

    Reduce Risk

    Greatly reduce the risk of securing assets and conducting business by removing the need for third-parties and intermediaries to govern, secure, and facilitate transactions.

    ICO Details

    Full information coming soon.  Anticipated launch date is the last week of March.  Escrows will be Brave New Coin & Collin Lahay from BitRated.  Early-bird incentives and money mechanics should be finalized very
    soon.  Please stay tuned for finalized details.








    Token and Profit Sharing Model

    Registering and transferring assets will incur a cost of 1 MyBit Token (0.01 ETH) This fee will cover the Ether/Gas required to interact with the.
    network.  Any excess will be distributed proportionately to token holders based on their holdings.Smart Contract Trusts will incur
     a small monthly subscription cost to maintain.  This residual revenue  will be distributed proportionately to token holders based on their holdings.










    Funds Allocation

    • 10% Legal and Compliance
    • 50% Salaries, Expenses, Rewards
    • 15% Marketing
    • 5% Crowdsale Expenses
    • 20% Reserves for Unexpected Expenses and/or Delayed Monetization





    Participation

    Anyone can participate during the crowdsale from March 1, 2017 to April 14, 2017.  To join, please register an account on https://mybit.io.  Currencies that will be accepted include BTC, ETH, ETC, Monero, Dash, and more to be added.












    Token Distribution

    -10% to Founders

    -20% to Foundation

    -70% ICO Participants


    Team:

    White Paper:

    Links:

    Website:

    Linkedin:

    Facebook:

    Twitter:

    Reddit:

    Slack:

    Youtube:

    Medium:



  • MyBit Crowdsale Launch is here!

    Thank you for registering for the upcoming MyBit crowdfunding campaign set to officially go live in the next few hours at 00:00 GMT +0 (London) and run for 30 consecutive days.   The first tranche of coins totaling 4,500,000 MyB are set at a 25% discount.  Please review the MyBit Deal Sheet located in the footer of the ICO Dashboard for full details and specifications.  Please note that we cannot guarantee the price you will receive due to the smart contract processing orders as they come in (speed of placing orders is important, but if you are tuned into our Slack channel with orders ready to go when the official launch is announced, you should be fine).   An AMA will be held tonight on our slack channel, https://mybit-dapp.slack.comhttps://slackin.mybit.io.   If you are having issues logging into the platform, please clear your browser’s cache and reload the page.  If after that, you are still encountering any problems, Slack is the best option for fast communication to resolve the issue as quickly as possible.   Below are helpful links and documentation regarding the MyBit platform.

      Please do not hesitate to reach out to us with any questions or for guidance through the crowdfunding process. Cheers, MyBit Team



  • MyBit opens registration for token sale + How To Join Guide

    We have some exciting news for you! Our Journey commenced back in November 2016 when our idea was first conceived. Since then we’ve published our white papers, designed the architecture, nearly finished our Ethereum TestNet Demo…and now we have reached our next milestone.   We are delighted to announce the launch of the Token Sale!   We aim to secure funding to: finalize the development of the MyBit platform, conduct pilot studies, and bring the product to market — this is a community effort, and with your help, this will be made possible.

    What is MyBit?

    MyBit is an innovative platform that levels the playing field of raising and utilizing financial capital by simplifying the traditional financing model, and decentralizing the investment process across several industries.

    The platform eliminates the need for:
     
     -Onerous paperwork required by lending institutions.
     -Large financing fees.
     -Tedious middleman relationships that stand in the way of unleashing the full power of peer-to-peer lending. 
     

    For the first time in the history of finance, MyBit allows users to get
    involved in revenue generating projects of all sizes in a
    crowd-funding-like cryptocurrency environment.

     MyBit is:

    Easy-to-use.   The cryptocurrency framework provided through the public Ethereum platform allows users to fund initiatives and receive funding through the MyBit token.

    By purchasing the MyBit token through our simple user interface, users can invest in various clean energy development projects and receive a fully liquid ownership stake which entitles them to revenue distributions.

    On the other side of the transaction, users can request funds to finance projects through our intuitive project on-boarding platform.     Secure.

    By
    utilizing the power of smart contracts, and decentralized blockchains,
    the MyBit token and the entire financial transaction framework is
    equipped with unparalleled security. Smart contracts are digital files
    that are regulated and executed by computers; they do exactly what they
    are coded to do, and cannot be changed without others knowing as a
    result of the public nature of the blockchain ledger.

    evolutionary.

    We live in an exciting time where the entire financial system is being challenged by the emergence of new digital currency technologies that dwarf traditional monetary models in terms of security, and efficiency. MyBit is on the forefront of this revolution, and we are inviting you to join us.    MyBit is flexible. Despite speaking at large about utilizing MyBit to finance renewable energy projects, MyBit is actually agnostic and can be used to fund revenue generating assets such as -self-driving cars, charging stations, real estate, satellites. You name it. If it generates revenue, MyBit will be standing by to finance it.    Starting on July 17th, MyBit will be beginning its TokenSale, giving you the chance to get in on the ground floor of our financial revolution. MyBit tokens will be available for sale through our website (http://mybit.io) for only 30 days.

     How does a TokenSale work? 
     
    MyBit
    will be offering a percentage of our cryptocurrency through the
    TokenSale. Buying the MyBit token allows you to participate on the
    network. Once our platform is up and running, these tokens will be able
    to be used to invest in renewable energy projects, AI infrastructure,
    peer to peer lending, and machine to machine payments, among other
    things! 
     
    All of the funds raised through the TokenSale will be
    held in a Brave New Coin escrow, and only released to MyBit under the
    condition that it meets the development and fundraising goals laid out
    in the smart contract. Failure to do so on our part means the money is
    returned right back to you! You can read more about the TokenSale and
    our development goals in our WhitePaper, which provides an overview of
    the entire company and everything we hope to achieve in the short and
    medium term. 
     
    Utilizing a TokenSale to finance the next stage of
    development of our company is highly preferable to traditional capital
    models for several reasons:

    Risk: Due to the nature of the smart contract governing the sale, the funds are held in a secure escrow and only released to MyBit if the target capital amount is reached after 30 days. Otherwise, the funds are sent right back to the investor automatically. No hassle. No risk.   Liquidity: The financial asset behind the TokenSale framework is a cryptographic token! Whereas traditional financing models for early stage companies require large venture capital firms to make long term bets, the TokenSale makes it easy to use the coin framework to create a market where users can buy and sell their tokens freely and securely.   Community: Creating and offering a public token allows us to create a vibrant community of early stage users. Our TokenSale is an inclusive process where anyone with a passion for technology, innovation, clean energy, and progressive thinking can get involved. It also doesn’t require a huge financial commitment; the crowd-funding nature of the token structure allows us to raise capital from millions of people around the world.

    Value:
    The MyBit token is subject to the laws of supply and demand. As our
    community grows, and therefore the demand for the token grows, so will
    the value of each outstanding issuance. The earlier you join us, the
    better! 
     
     Ready to get involved? Here’s how to join us:

    Step 1: Buy Ethereum (ETH) or Bitcoin (BTC) if you have not already.
    Using these digital currencies as our primary means of transaction
    allows us to bypass the headache of converting and translating
    traditional national currencies. 
     
    Step 2: Create an account at MyBit.io and log-in!


    Step 3:
    Follow the instructions on your dashboard to send money. Your account
    will be credited with MyBit tokens within seconds of initiating the
    transaction. 
     
    Step 4: Once the TokenSale ends, you will be able
    to withdraw your tokens to any major Ethereum Wallet. (Some of our
    favorites include Mist, and Parity, but you can choose whichever you
    prefer!) 
     
    Thank you for your interest in MyBit and welcome to
    the future! We look forward to welcoming you into the MyBit community as
    we strive to revolutionize the financial system and bring a new type of
    investment opportunity to the general public.

    One that is forward thinking, bold, innovative, and downright exciting!




  • MyBit Web 3.0 Meets Energy

    Intro to Web 3.0

    Although nomenclature for the web continues to be opaque, its development over the years can be generally categorized into three distinct phases — each building on the one before it.

    Web 1.0, or the “read” phase, was about connecting information and getting on the internet. Web 2.0, or the “write” phase, is about connecting people into a web of social participation and allowing them to publish content. The next stage, Web 3.0, or the “execute” phase is just beginning. It is about dissolving the frameworks of websites, web apps and owned data and replacing it with shared data that can be accessed by services and smart contracts that can present and process that data in meaningful ways to the user. Web 3.0 will be a “read-write-execute” web.

    Energy — The Next Generation

    The next generation of energy will increasingly move away from fossil fuels and be anchored in renewables: solar, wind, hydro and geothermal. It will also move away from its current centralized energy grid in favor of a decentralized and ultimately distributed one that is cleaner, more efficient, more resilient, and lower cost.

    The disaggregation of the current investor owned utility (IOU) monopolies is inevitable. One only needs to look to the breakup of the telecom industry as proof of the benefits gained when entrepreneurial creativity is granted access to a monopolized industry. Competitive business models, product sets and services emerge that drive down costs and expand capabilities. Think landlines to wireless.

    Web 3.0 Meets Next Generation Energy

    The powerful combination of technology and renewables will be explosive — in a positive way! By combining the network technology ingredients of blockchain and smart contracts with smart phones and wireless communications, individuals and small businesses can crowdfund their purchases of renewables and sell excess capacity directly to their neighbors, their communities or to their utility company.

    Startup company, MyBit.io, is developing an opensource, decentralized application platform that connects individuals to investors worldwide for the purpose of purchasing revenue generating assets such as solar panels. No Banks, no attorneys, no middlemen required.

    The platform uses Ethereum based smart contracts to manage the collection and distribution of funds between all parties: investors, asset owners, solar panel manufactures, installers and utility companies. MyBit eliminates financial barriers by providing worldwide access to previously untapped capital from the masses and establishes trust between parties, enabling anyone in the world to participate in the distributed energy revolution.

    For more information on MyBit.io, visit their website at https://mybit.io/.

    Conclusion

    As Web 3.0 connects with a decentralized energy industry, expect massive amounts of creativity from the fringe. Entrepreneurism will flourish yielding new forms of products and services that result in a cleaner, better, cheaper, and more resilient energy grid. The technology is here, and now, and with a cooperative effort, a new electrical energy structure is possible that will not only benefit developed countries but expedite the electrification of 1.2 billion people worldwide who have none. This will be life-changing — changing their lives for the good and providing countless new opportunities where there are few. “The Peoples’ Grid” — energy for the masses by the masses will become a dominant socioeconomic, environmental and political manifesto in the near future. And when it does, everybody wins.

    Written by Thomas Pollan (COO, MyBit.io)



  • MyBit Emerging Markets will Jump Straight into Decentralization

    As emerging markets mature and the need for electricity capacity vastly outweighs supply, officials from these areas are exploring methods to reach demand, and decentralized energy grids appear to be the main topic of discussion.

    In lieu of spending billions of dollars on traditional, centralized utility infrastructure, at home solar generation in these areas (specifically the MENA region) is revered by many as the cost-effective and scalable solution.

    Unlike traditional PUC infrastructure, decentralized grids can be set up for a fraction of upfront and ongoing maintenance costs. Until recently, energy production from at home, renewable sources such as solar was too expensive and the output energy did not meet demand which created a market for PUCs to continue dominating the space. However, developing economies have been largely untouched by Public Utility Companies due to the economics of these regions. Now, thanks to constant innovation, at home solar production solutions have advanced dramatically and the cost has begun dropping significantly, thus making it a viable option to implement.

    So emerging markets may actually adopt solar and decentralization faster than developed economies? How does that make sense? Well, take a look at history — specifically in the telecom sector. The MENA region skipped landlines and jumped right into mobile phones. They also skipped many payment methods that cycled through developed regions and utilized widespread mobile payment solutions before Venmo and Squarecash became popular in “first” world countries.

    Why did they do this? By the time they were ready to implement telecom solutions, it was not cost effective to invest in traditional infrastructure that would soon be outdated by new technologies; therefore, they decided to leverage innovation to their benefit. The same appears to be holding true for decentralized energy.

    Written by Ian Worrall — Co-founder of MyBit.io an Ethereum p2p investment application for renewable energy and IoT



  • Utility of the MyBit Token

    This is a brief blog post explaining the uses of the MyBit Token (MyB). There are 3 core utilities and monetization structures.

    1. Price of Token Appreciation (and possible depreciation)

    Since there is a fixed supply of MyBit tokens, the law of supply and demand is applicable. It can be theorized that as demand for the MyBit token increases — due to an increasing amount of platform users — price will follow suite and rise. Please note that the inverse of this can also occur if there is a lack of demand.

    2. Passive Network Transaction Fees

    All transactions flowing on the MyBit network are assessed a fee (currently planned to be 1%, but we have been discussing adding a small 0.1–0.25% fee ontop of that to go directly to the MyBit foundation to finance ongoing operations and long-term development). It is important to note that while everyone dislikes fees of any sort, compared to traditional funds that charge 10–20% for these types of investments, MyBit’s fee is highly appealing. Just for holding MyBit tokens, you will be paid a portion of the 1% network transaction fees proportionate to your stake divided by total supply of MyB.

    3. Investing in revenue generating IoT Assets

    For active investors, this is the core utility of the MyBit token. Investors can spread their money across a wide range of revenue generating assets and receive a stable return similar to a fixed-income bond payment, but at a higher percentage than what government and corporate-backed bonds offer. The extra percentages are derived through leveraging technological efficiencies (such as eliminating middle men, brokers, and other forms of intermediaries) to put more money into the pockets of investors.



  • MyBit Strives to bring Blockchain Mainstream

    Over the past year we have seen incredible technological advancements in the Blockchain space. A majority of these technologies are foundational technologies that are needed for the internal health of the network.

    However, we have noticed that other than prediction markets, decentralized storage/computing, and minimal other initiatives there has been a large lack of applications that could be utilized by the average non-technocrat (mainstream) person.

    Ethereum for example is gaining a lot of new users due to media hype and projected future value, but for the long-term growth of the network there needs to be more user-friendly applications which provide value to the non-technologically oriented user.

    As great as technology is, marketing and adoption rates are what really help it continue to grow, attract new interest, and contribute to the overall health of the ecosystem.

    Intro to MyBit:

    Our goal with MyBit is just that. Not only are we creating a user-friendly mainstream application. But we are doing so with socioeconomic well-being in mind. We see a major disruption on the horizon with automation and decentralization that will completely change business models, but if the financing of these automated and decentralized infrastructures is not fundamentally altered before mainstream implementation begins we will see an even larger income disparity between the rich and not rich arise very rapidly.

    So how does MyBit bridge the gap? MyBit takes an industry that is already well-known and largely trusted across the globe, the Internet of Things, and inverts the financing structure and money-flow for these assets. This unlocks hundreds of billions of dollars in investment and financing opportunities to anyone, anywhere.

    If someone wishes to obtain a revenue generating IoT asset such as solar panels, smart property, and in the near-future self-driving vehicles, there is often a financial barrier to entry. Traditionally this would result in centralized financial institutions offering debt-instruments (i.e loans) to prosumers wishing to make the purchase. In reality, this creates an ecosystem where the centralized institutions actually own the assets and people go further into debt. Our goal is to invert this by leveraging crowdfunding and Ethereum smart contracts to automate and secure the process.

    How does it work?

    If Alice wants solar panels at her home that cost 20.000 Euro but only has 5.000 Euro, she can crowdfund the remaining 15.000 Euro (75%) with investors in exchange for ownership and revenue sharing. The smart contract automatically sends the funds to a pre-approved hardware installer/provider to eliminate the risk of the prosumer misusing funds. When the solar panels generate excess electricity that is sold back to the grid (p2p in the future), or receive profit through feed-in tariffs just for producing clean power (such as in Germany), the revenue is distributed via smart contracts automatically based on percent ownership. Ongoing operational expenses are priced into the asset funding cost or can also be deducted as a percentage of revenue. In the event of the asset being decommissioned, the terms outlined in the initial investor agreement are executed by the smart contract such as a liquidation and return of funds or swap to another similar asset (if applicable).

    This model is feasible to implement on a global scale due to its benefits for all parties involved. IoT hardware providers can sell more units due to financing being more accessible, prosumers can obtain assets without the traditional friction in obtaining financing, investors have access to new asset classes, and in the case of solar energy, traditional utility companies can leverage their existing infrastructure for a small fee to remain relevant. MyBit has the opportunity to fundamentally disrupt financing for the well being of the average person which is immensely powerful.

    To learn more visit https://mybit.io or join us on SLACK!



  • MyBit - Post Token Sale Summary 

    Token Allocation A total of 10,044 ETH (~$2.7m USD) were contributed during the TokenSale which resulted in 2,812,073 MyB tokens minted.

    • 280,597 went to Founders (9.979%)
    • 28,120 went to Bounties (1.000%)
    • 973,262 are held by the foundation for future development (34.610%)
    • 1,530,094 went to contributors (54.412%)

    You can verify the network supply onEtherscan

    Since the 5 million MyB supply was not reached what we may elect to do is hold another TokenSale in mid-2018 after our product is launched and we have substantial users to cover scaling expenses. We will be fully transparent and keep the community up to date on our plans as they have not yet been finalized.

    Obtaining your Tokens If you contributed with Ether from an ERC20 wallet and have not yet received your coins it is because you need to add the custom token details. Instructions can be found here

    If you accidentally sent from an exchange you will need to contact them directly because they hold your MyB. If you sent to the ETC address you will need to contact Changelly directly because they hold your MyB.

    If you contributed with a non-ether cryptocurrency withdrawals will be enabled in the coming days and instructions will be made available on the dashboard when logged in. We are trying to enable this within the next 48 hours but it may take as long as next week because we want to make sure there are no security holes that hackers can exploit during the withdrawal process. Please log-in periodically to check the status. We appreciate your patience and want to be extremely safe with this process.

    Bounties and Bonuses Within the next 24 hours we will have processed all bounties and bonuses. If you have not received your bounty by 24 hours from now please contact @ShooterXD on Slack or Bitcointalk. If you have not received your bonus within 24 hours from now please send your transaction ID and details to[email protected].

    Media Coverage In case you missed it we received some last minute press coverage by several major outlets.

    Exchanges We will be making announcements (with listing dates) next week on our social channels in regards to exchanges that have committed to list MyBit Tokens (MyB).

    Next Steps Now it is time for us to put our heads down and get to work! Over the next few weeks we have some fresh media coming out on major outlets, will be expanding our team, and launching our pilot program for IoT partners. We are planning to launch pilot testing in Germany (Berlin-area) for Decentralized solar energy grids and Dubai for smart property in early 2018. Pending successful live testing, we are prepping for rapid expansion to more verticals and geographical regions after the completion of these pilots so by next summer the MyBit network is exponentially stronger and valuable.



  • MyBit - Solar Driven PoW Mining

    The pros of Bitcoin are widely discussed. The true power, and I would argue tangible value, created by Bitcoin rests in the revolutionary ability of the cryptocurrency to increase financial efficiency on a global scale by reducing transaction friction. This massive proposition is accomplished in part by the undisputed trust established by the underlying blockchain technology which turns traditional financial models inside out. This mechanism enabled for a new decentralized peer-to-peer approach to “money” that was capable of bypassing the traditional centralized system. That’s all great. However, ironically, while Bitcoin diminishes traditional financial institutional frictions it introduces an entirely new inefficieny — electricity consumption. In fact, according to a study done by Karl O’Dwyer and David Malone in 2014 the bitcoin network consumed about as much energy as the entire nation of Ireland and the ledger has only grown since then. Furthermore, according to VICE Motherboard in 2015 a single Bitcoin transaction consumed about the same amount of energy required to power 1.57 American households for the day. Simply stated, this energy problem hinders the ability of Bitcoin to scale on a truly global level. In an era where reducing energy consumption should be at the forefront of government policy, social consciousness, and technological innovation serious steps need to be taken to address this problem if Bitcoin, or another similar cryptocurrency, is going to have a shot at replacing fiat currency on a global scale one day in the future.

    The root of the Bitcoin energy consumption problem rests in the proof-of-work protocol for rewarding computers, or nodes, on the network for successfully creating a new block on the chain to store the most recent Bitcoin transactions. Essentially, every computer on the network competes to solve incredibly difficult “math problems” to find a number, called a nonce, that results in creating the correct unique cryptographic hash for the block. The issue is that this nonce is extremely difficult to find and as a result requires a ton of computation power which in turn consumes a ton of traditional energy. Once a node finds a correct nonce it broadcasts this information to the rest of the network. The other nodes validate the nonce is correct (a process that requires significantly less computational power) and once it is verified the original node is rewarded with Bitcoin for the computational power it employed in the process.

    All of the transaction information for the new block, the nonce, and the previous block’s hash are then hashed and put into the next block that is mined creating a cryptographically secured chain effect that links all of the blocks since the genesis block, or first ever block, together.

    So how do we tackle this problem? The current solution rests in the emergence of new protocols that replace bitcoins original proof-of-work protocol such as the proof-of-stake protocol. In this version of achieving distributed consensus rewards for block generation are given to nodes in a quasi-deterministic manner in which the nodes with the most stake in the cryptocurrency are given higher chances to create the block and reap the ensuing reward (more units of said cryptocurrency). Yet, proof-of-stake introduces an irony that counters the very core theme of the blockchain movement — decentralization. Think about it. Individuals with more wealth on the network by default have a higher chance to increase their wealth with each new block. This mechanism inevitably gravitates wealth overtime towards more central, more powerful players on the network.

    A potential solution rests in combining a proof-of-work protocol with solar energy. A proposed solar chain. If all nodes were restricted to just consuming solar generated power the environmental footprint of the network would drastically decrease. While it might be argued that removing the cost of consuming energy increases security issues in the form of a malicious player hijacking consensus of the solar chain (controlling a majority of the nodes) it should be noted that the cost of computation hardware itself creates significant initial financial barriers to entry to setting up nodes on a proof-of-work blockchain. Barriers that still remain on the solar chain.

    Furthermore, employing the MyBit platform to democratize the ownership of solar powered miners would decentralize the process even further. Mybit is an Ethereum based platform for democratizing the ownership of machines that autonomously generate revenue (such as Bitcoin miners). Well, that sounds fancy — but what does it really mean? It means that any individual that wants to set up a mining rig on the solar chain but can’t afford the fixed cost of solar panel installation now has the ability to crowdsource the resources to do so. It also means that individuals across the globe who want to invest in the revenue stream created by nodes (machines) earning revenue in the form of block rewards on the proposed solar chain now have the ability to contribute to that very crowdsourcing on a micro financial level. But what it really means is more solar panels and a step in the right direction towards solving the energy inefficiency problem that proof-of-work protocols today face.

    https://blockgeeks.com/bitcoins-energy-consumption/



  • MyBit Q&A Session on YouTube is 1 week away!

    We
    wanted to remind everyone that our Q&A session on YouTube is coming
    up!  The MyBit team will be available for a live interview from Prague,
    Czech Republic. Make sure to have this time set apart, as the best question wins 290 MyBit!

    LIVE September 29

    12:00 PM PST (7:00 PM GMT)

    Click the link below to be directed to the Q&A

    YouTube Q&A

    Make sure to set a reminder and add this to
    your calendar.  Our last event was great, and we look forward to seeing
    more of you this time!



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