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
First, navigate to https://app.mybit.io/ and ensure that metamask is installed and enabled.
Then click on “List Asset” located in the menu bar
Connect to Civic for identity management
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.
Provide the location of the asset.
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.
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.
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.
Once you are happy, confirm and list asset with metamask
Listing Confirmed — That’s it! Your listing should now be confirmed and ready for funding.
Investing in an Asset
Navigate to https://app.mybit.io/ and ensure that metamask is installed and enabled. Please ensure that you are connected to Ethereum Ropsten Network.
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 find the details regarding the funding progress as well as an area to add your contributions to the funding of the asset.
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.
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”
In the metamask popup, click confirm to process the transaction.
You will then see a message in the bottom right hand corner showing that your contribution is processing.
- 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/