A few words about MyBit dApp.
Today Thursday 10th, September 2020 the second version of MyBit Go dApp went live on Ethereum’s main network. I have been waiting for some time already for this development. The reason is the concept brought to everyone’s reach. It provides the ability for everyone to become either an investor or an asset manager.
In this case, we are not talking assets in the context of financial instruments. This is about all kinds of tangible and intangible assets that are beyond finance. You still need to make sure to comply with the regulations of the jurisdiction the asset is deployed. However, there are solutions available making it possible to establish a legal vehicle for the asset(s) at minimum costs.
Listing an asset.
As soon as you connect with your Metamask wallet, the process of listing an asset for fundraising goes through the following stages.
- You provide basic information such as the name of the asset, its value, and the location of the venture. This will help potential investors assess the feasibility of the investment, taking into account the risks involved.
- Now, pitch to the investors. Provide relevant information. My advice is, pitch as if you were a traditional startup (co)founder. It certainly increases your chances of a successful fundraising campaign.
- Upload a cover picture. Unleash your creativity.
- Provide all supporting documents. It may be ownership titles, business plan, or anything else necessary to reassure investors regarding your rights on certain kinds of investments that may require e.g. special permissions. It may also be a partnership agreement that you have in place increasing the possibilities for success.
- Then, state the commission rate you will be paid as an asset manager, out of the net revenue.
- Declare the amount of collateral you are willing to deposit. Right now, it is not clear to me what is the minimum rate required, and if the only MYB is to be deposited as collateral. You will be able to get these answers on the community’s forums. Read below for relevant links.
- Next, read some terms and conditions related to the endeavor and the associated risks.
- Check the information you provided in all previous steps is correct and confirm the deposit of the collateral.
This is it. You made it. The process is straightforward and driven by an extremely simple user-friendly interface. You will love it.
Now, investing is even easier, as all you have to do is connect with your Metamask and click a contribution button, input the amount you wish to commit, and confirm the transaction.
MyBit Community forums.
Now, I am excited about this project because it makes micro-investment possible. Meaning, one may invest however small amounts. Currently, it is not yet possible to trade on the secondary market holdings of any given asset. There is already a project listed addressing this aspect. A decentralized secondary market for MyBit asset holdings.
This project also provides the ability to anyone with access to the internet and a collateral deposit, to become an entrepreneur. Until now, one had to go through many stages and bureaucracy, even for the smallest kind of investment. This officially belongs to the past.
Taking into account the explosion of decentralized finance (de.fi.) the last weeks, this project has unlimited potential, especially since it goes beyond the “farming” value use case, which is creating actual wealth.
Book a video call through my website if you would like to explore the possibility of raising funds for your startup or a consultation on any matter related to cryptocurrencies.