MyBit is a decentralized asset management platform
Smart contract blockchain
Garrett MacDonald - CIO
Thomas Pollan - COO
Ian Worrall - CEO
MyBit is a platform or even better to say a decentralized application that allows you to conveniently manage investments in digital assets - mainly in the company's blockchain and ICO. In all these projects, the most important thing is what has already been realized. So far there is not even an alpha version, only parts of the code on GitHub. This is not good. On the other hand, the project has a fairly large team, in which there are many developers. The White Paper of the project contains only 16 pages, which quite broadly describes the technical component. Very little information is available both on the project website and in its social networks. In general, all this does not look very promising.
User ReviewWrite review 2 reviews
This good project, their concept is one a very apt use case for a business network where Blockchain solution can be very helpful. In the short to medium term the scope of growth of Blockchain in either permission-ed or permission less are high valued and low volume transaction use cases where real-time processing is not a priority. The main attraction of this solution lies in the de-centralized nature of the transaction which is automated via smart contracts and have a great value to the industry and the participants alike. As an immediate benefactor can be the clean energy industry like solar and wind energy as these are still growing and there are many small to medium scale players and if this application materializes then it will be good contender to disrupt this industry.
The disadvantages Mybit, at the technological/business level the biggest challenge for the team will be to look at the fact that how pluggable their platform as a generic asset management can be made as many players are entering this space (e.g DIMCOIN, DENT) though with different use cases and different value propositions.
MyBit is a decentralized asset management platform that helps to securely create a decentralized digital footprint of asset ownership, authentication and transfer of revenue streams based on ownership and tokenize energy and supported by AI based infrastructure in an immutable transparent, cryptographically secured and highly auditable Blockchain Ledger application.
After reviewing their whitepaper, I am happy that they have chosen a industrial use case which is a major issue right now. Energy infrastructure be it solar energy, coal or hydro power are highly centralized and very opaque. In developing countries, much of this trade in energy transfer and grid is done by a governmental nodal agency or parties who have substantial capital and vested interest. Hence breaking this nexus and making this whole process transparent though very difficult but is very important. The team has highlighted though at a very high level.
some key issues with centrally controlled authorities in general and energy industry.
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