MyBIT

MyBit Foundation designs products that open up the world, creating tools that enable financial freedom and wealth generation for everyone.

Their vision is to create a global environment for people to have the opportunity to easily invest in the Machine Economy, where smart machines are replacing humans in the workforce, the emerging Sharing Economy, where ownership is being replaced by shared assets, and other promising industries.

Among many issues that stand before the investment industry are the following:

• Lack of easy-to-use platforms for investors and start-up projects that support a comprehensive UI with advanced UX, while still retaining the advantages of blockchain (public trust and decentralization);
• Human involvement makes it impossible to aggregate and distribute investment assets in real time;
• Lawyers, escrow agents, and brokers are required to establish trust before executing transactions, which is inefficient, insecure, and expensive;
• Maintaining ledgers, processing transactions, sending and receiving capital, managing investments, redemptions and liquidations without a decentralized platform also leads to high expenses.

We worked on the development of core smart contract functionality using Ethereum. Smart contracts allow automating the functionality of hedge funds to enable direct investments without the need of going through brokers. In addition, this creates a fair investment ecosystem for everyone, and pushes more profits back to investors, eliminating additional expenses when an intermediary fund or broker facilitates transactions for a high fee.

PixelPlex team has designed and developed a modern ICO website with user profile, generation of unique account addresses and ability to participate in ICO via various currency (BTC, ETH, DASH, Monero, Ether classic), viewing ICO transaction history, live campaign status updates, and token withdrawal after ICO completion.

Our work resulted in a successful initial token distribution, which led to MyBIT community conducting a second, 2019 campaign to further develop their platform and enable user acquisition, scalability, and full decentralization of MyBit project. Their goals were to transition to a fully decentralized governance structure, becoming one of the first self-governing co-operative tech projects on the web.

PixelPlex also took part in the development of MyBIT SDK. The SDK contains smart contracts, JavaScript classes, and UI libraries that streamline the process of building financial DApps within the MyBit Network without being proficient in blockchain development.

MyBIT SDK is comprised of the following components:

• UI Kit: a bundle of tools and pre-coded frontend components allowing anyone to easily implement financial DApps without having to worry about design limitations;
• Network.js: main JS web client for interacting with MyBit Network protocol. Network.js is the main library that unifies all MyBit Network contracts through a series of JS classes. By importing Network.js package from NPM, developers can access all the network’s smart contract interfaces;
• Contracts: Ethereum Solidity smart contracts containing MyBit Network business logic. Smart contracts are the open-source equivalent to the MyBit Network protocol. Contracts enable deployment of a local instance of the network, pre-compiled for local development;
• Chain: a pre-compiled local instance of the MyBit Network.

We have created mobile wallets both for Android and iOS devices with smooth and fluid UI for users to store and maintain their MYB tokens.

MYB tokens are the fuel of MyBIT Network, powering transactions and other functionality of MyBit SDK. They are burned, similar to gas on the Ethereum network. MYB can also be used for voting, exchanged for other tokens, locked for investment in long-term projects via MyBit Ventures fund, and have a wide variety of other use cases within the platform.