description
A gentle introduction to the MyBit ecosystem, and how its changing the landscape of the wealth management industry.

Welcome to MyBit

What is MyBit

MyBit AG is a blockchain company working in the redistribution of wealth by developing the MyBit Network, an Ethereum-based platform that powers products like MyBit Go, a decentralised application focused on crowdfunding investment for the Internet of Things (IoT). The MyBit Go platform allows asset owners to post-crowdfunding projects that provide attractive ROIs to investors, while investors can bet on specific projects based on their interests and the asset's owners KPI's. MyBit Go is only an example of a few use cases being worked on through the MyBit ecosystem.

What is the MyBit ecosystem?

• MyBit Go: a decentralised investing platform. It allows direct investment in assets.
• MYDAX: a decentralised exchange. It provides liquidity and trading to digital assets.
• MyBit Network: a protocol that allows the decentralised digital asset creation, funding and trading. It also enables the distribution of revenue generated by assets.

Both MyBit Go and MYDAX are web-hosted applications that connect to the MyBit smart contract platform to function. The MyBit Network is the business layer built under all these applications and on top of the Ethereum blockchain as a suite of Smart Contracts. By relying on the MyBit Network, anyone can build Wealth Management Decentralised Applications easily.

What is a Wealth Management Decentralised Application (WEMDApps)?

In short, they refer to any application that can transfer, manage, fund, and control the representation of digital assets through Ethereum Smart Contracts. These digital assets are represented in the form of tokens and manipulated through the multiple operations within the MyBit Network.

How does the MyBit Network operate?

The MyBit Network protocol compresses a series of actors that interact with each other. The main actors and their roles are composed of:

• Operator: Responsible for producing, delivering, installing and maintaining assets for Asset Managers. In return, the operator receives the funds from asset funding.
• Asset Manager: Responsible for creating the digital asset and initiating the asset crowdfunding period. The asset manager deals with most real-world operations pre and post funding along with the operator, including setting ROI and asset maintenance. An asset manager puts down tokens as collateral (“staking”) to ensure good asset management to investors.
• Investor: Anyone who owns asset tokens purchased via crowdfunding or exchange.
• Stakeholder: Anyone who puts down escrow deposit in place of an asset manager (“staking”) in exchange for a percentage of the asset manager's earning. The stakeholder and the asset manager negotiate this percentage.
• Platform owner: Responsible for high-level upgrades and authorisation changes made in the platform.

Although the MyBit Network provides a Software Development Kit (SDK) to interact with its protocol of digital assets and actors over the network, the agreements, contracts and verifications required to interact with the physical world equivalent of these assets cannot be done through the network and must be performed individually by the representative individual or business entities involved.

What is the MyBit SDK?

To easily interact with the MyBit Network protocol, the MyBit Foundation has developed a Software Development Kit (SDK). The MyBit SDK is composed of a series of Smart Contracts, JavaScript classes and User Interface (UI) libraries allowing developers to build wealth distributing DApps on top of MyBit network. All the Smart Contracts are the open source equivalent of the MyBit Network protocol, allowing anyone to deploy a local instance of the network, which we also have pre-compiled for natural local development.

In total, there are 5 major components of the MyBit SDK:

• UI Kit: A series of UI Web components that allows anyone to build WEMDapps quickly.
• Network.js: The main JavaScript-based web client for interacting with the MyBit Network protocol.
• Contracts: All the Ethereum Solidity Smart Contracts that compress the business logic of the MyBit Network.
• Chain: Our pre-compiled local instance of the MyBit Network for natural development.
• Hello Network: The equivalent of a “Hello World” application using the MyBit Network.

You can access the most up-to-date version of the following components through the popular web package manager repository NPM:

• Contracts: Latest working version is 0.1.9
• Network.js: Latest working version is 0.0.5
• Chain: Latest working version is 0.1.8

Please bear in mind all the components are still under development and should not be considered ready for production.

Why is it valuable?

MyBit SDK empowers developers to build great WEMDApps in an inclusive, diverse and global digital asset wealth ecosystem while abstracting away complicated protocol operations like asset creation and revenue redistribution. MyBit SDK is:

• Easy to setup - simple installations and you are ready to go
• Easy to use - simple API methods to get you started
• Tailored to your needs - anyone with web development knowledge can build WEMDApps now