MyBit logo

MyBit (MYB)


Leaders in Distributing Wealth, Description: MyBit makes it simple for anyone to design, test, develop, and maintain decentralised wealth management applications on Ethereum.

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Project industryFinance Services & Banking
Product typeEcosystem

Technical details

Built on Ethereum

What is MyBit

- Allows to register physical assets onto the Blockchain so they can be securely and easily managed - Smart Contract powered trusts will 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 - MyBit Enterprise will provide companies with viable financing solutions through tokenized fractional assets - Revenue from service`s fees (Smart Contract Trusts and MyBit Enterprise monthly subscription) will be distributed proportionately to token holders based on their holdings

Executive Summary

The global assets under management market is vast and growing at unprecedented levels. According to PWC, the market size is projected to double from $84.9 trillion in 2016 to $145.4 trillion by 2025. Additionally, the World Bank estimates that, by 2025, 10% of all global assets will be stored on the blockchain. That’s a 7,270% increase - up to $14.54 trillion from $200 billion (as of August 2018).

The PWC report, Asset Management 2020: A Brave New World, emphasises that asset management firms must embrace innovative technologies to remain competitive during this stage of rapid market growth. It also states that as the market continues to grow, the distribution of assets will transition to a smaller number of firms managing a much larger value of assets as a result of a select few appropriately implementing new technology and benefiting from the cost-savings and expanded operational capacity derived from increased efficiency.

Despite the opportunity this massive market growth creates, there are two critical problems which must be solved prior to asset management firms being able to truly benefit:

1 Trust: Trust can be broken down into three core components: establishing, maintaining, and transferring. Creating and maintaining trust between an asset manager and client is a time consuming and expensive endeavour. The process involves individual client-manager relationships which is not an efficient use of company resources. Furthermore, trust is not transferable to any measurable extent under current models.

Establishing trust is necessary at the initial stage of the relationship for a client to trust their personal capital with an asset manager. Since trust is most easily quantified by historic actions, it creates an environment where older, well-established asset management firms dominate the market. This makes it very difficult for new firms to be competitive regardless of whether their performance is superior. More often than not, investors settle for asset managers with established levels of trust rather than optimal returns. With alpha, the excess return of an investment relative to the return of a benchmark index, being the most important metric to the majority of investors, it is concerning that the market is dominated by trust.

Once established, maintaining trust is also a costly task which involves dedicated client managers. In addition to keeping clients emotionally trusting, a closed, centralised ledger exposes investors to unnecessary counter-party risk where clients must trust asset managers to 1) manage their capital responsibly and 2) send the correct profits in a timely manner. While this may seem simplistic, fraud is rife within the industry because of limited transparency and inability to effectively verify financial data due to the lack of an open, auditable and decentralised ledger.

Under current asset management models, trust is not transferable - meaning that, once established, it cannot be transferred to a different asset manager. This makes it extremely difficult and time consuming to migrate to a new firm even if it is more aligned with an investor’s interests. There is a rising demand from clients to increase the flexibility of their capital to reach a wider range of investment opportunities, and this can only be achieved if trust is transferable.

2. Increasing Costs: While there is a trend across the asset management industry of lowering fees to increase competitiveness and attract new clients, asset managers struggle with being unable to reduce fees and still remain profitable due to their high fixed overhead costs resulting from bloated back offices.

In addition, asset managers’ current infrastructure is not designed to seamlessly integrate with new technology, specifically the token economy. This new market has grown exponentially from from $10 billion in 2014 to as high as $800 billion in 2018, yet participating in this massive opportunity would result in asset managers offsetting the costs of modernising infrastructure by increasing client fees.

Lastly, time is another cost. Distributions to stakeholders are slow and often only occur on a quarterly or annual basis. Such infrequent distributions - while the industry norm - actually create risk for clients because they are unable to capitalise on new, short-term opportunities. Over long periods of time, the compounded opportunity costs take an irrevocable toll on an investor’s portfolio.

The MyBit Network solves these critical issues present in the asset management industry by providing the infrastructure for the next era of wealth management services. By combining universal trust from the Ethereum blockchain with the resources and tools required for developers to effectively build, maintain and scale decentralised applications, the MyBit Network changes the way the asset management industry operates.

The MyBit Network is comprised of:

1. Universal Trust: By harnessing the Ethereum blockchain, we’re able to securely record all of the information typically needed to ensure trust. From transaction times and addresses, to withdrawal conditions and delivery times. The Ethereum blockchain allows anyone to securely connect with other individuals without having to face any entry barriers. By leveraging in these capabilities, the MyBit Network can provide not only reliable transfers but also seamless access to a series of banking operations that otherwise would require a heavy investment in terms of infrastructure.

2. SDK and Toolkits: The MyBit SDK is a set of Smart Contracts, JavaScript classes and User Interfaces libraries that increase the development speed of MyBit Network applications. By leveraging on the powerful dependency and package manager NPM, any proficient Web Developer can develop Fintech solutions using our out-of-the-box tooling and MyBit Network system architecture. Not only does this lower the entry requirements for any developer, but it removes the need for any knowledge of backend or infrastructure in order to develop production-ready decentralised applications.

3. White Label Investment Platform (MyBit Go) and Decentralised Exchange (MYDAX):MyBit Go is an investment platform which makes it easy and cost-effective to invest in alternative assets such as Internet of Things (IoT) devices. It enables investors to directly invest in assets and receive profits in realtime from all over the world. The Internet of Things is predicted to produce revenues in excess of US$10 trillion annually by 2025. Through simple integration with the MyBit Network - by using Ethereum smart contracts - any connected device that generates revenue can provide real, automated returns across global markets. Not only is it easy to use, but it’s fundamentally secure and entirely automated. MYDAX is a decentralised exchange which allows anyone to buy and sell crypto-assets without a broker or other third-party involvement.

4. MyBit Ventures: This is designed to support and grow the MyBit Network without relying solely on the core MyBit team. It includes the MyBit Decentralised Development Fund (DDF) and the Ecosystem Fund. The goal is to incentivise developers all over the world to contribute to the development of the MyBit Network through micro-tasks and new concepts. This is essential as Network use cases are expanded, including dApps such as MyBit Payroll, Will and Trusts. The DDF enables Mybit to scale at a much faster rate and in a much more cost effective way - such as by having 1000 Developers working on one task versus 100 working on ten each. The Ecosystem Fund will provide additional support to developers who want to build viable new concepts on top of the MyBit Network.


Public sales: Jul 17, 2017 - Aug 17, 2017
Token supply: 18,000,000,000 MYB
Raised: 2,700,000 USD


Blockchain Platform: Ethereum
Registration country: Switzerland
Office address: Dammstrasse 16 6300, Zug Switzerland

Token info

Ticker: MYB
Type: Utility-token
Token standard: ERC20
Token price in USD: 1 MYB = 3.01 USD
Accepted currencies: BTC, ETH, ETC, Monero, Dash
Token distribution:
44,55% Contributors
5,61% Team
0,57% Bounties
8,40% Active Development Fund
43,87% Treasury (Non-circulating Supply for Future Development)

MyBit Roadmap

Q3 2017

Tokensale August 2017

Tokensale August 2017

First 3 partners November 2017

Q1 2018

Opens office in Zug, Switzerland

Q3 2018

MyBit DApp Inner Alpha

Q3 2018

MYDAX Alpha Release

Q4 2018

Beta Release

Project team

Garrett McDonald
Garrett McDonald
Blockchain Design & Marketing Strategy
Thomas Pollan
Thomas Pollan
Business Development & Partnerships
Ian Worrall
Ian Worrall
Pedro Barros
Pedro Barros
Jacob DeBenedetto
Jacob DeBenedetto
Bogdan Fiedur
Bogdan Fiedur
Solidity Dev
Ching Pong Siu (Kenji)
Ching Pong Siu (Kenji)
Chief Technology Officer
Jake Vartanian
Jake Vartanian
Community Strategy
Fran Strajnar
Fran Strajnar
Escrow Manager
Kyle Dewhurst
Kyle Dewhurst
Solidity Dev
Adina Pascall
Adina Pascall
Public Relations
Jesse Duris
Jesse Duris
React Dev


Peter Kleissner
Peter Kleissner
Hacker, Founder of AV Tracker Stoned Bootkit
Nick Ayton
Nick Ayton
Public Relations, Co-founder of The 21 Million Project
Mitchell Loureiro
Mitchell Loureiro
Marketing Strategy, VP of Marketing at Steemit
Dr. Mihaela Ulieru
Dr. Mihaela Ulieru
Technology, Global Advisor for World Economic Forum
Alvaro Portellano
Alvaro Portellano
Energy, Renewables and Regulatory Affairs Manager
Lion Wang
Lion Wang

Social media

MyBit web-siteMyBit RedditMyBit MediumMyBitYouTubeMyBit TelegramMyBit BTCTalkMyBit LinkedInMyBit TwitterMyBit FacebookMyBit Github

User rating:

5/5 ( 2 )

MyBit rating

Claim admin rights for this project
ICObench3 / 5MyBit (MYB) icobench
ICOholder3.4 / 5MyBit (MYB) icoholder
ICObenchNAMyBit (MYB) icomarks

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