MyBit allows individuals to use crowdfunding to generate revenue from machines or ‘IoT assets’
One piece of technology on its own can be enough to change the world forever (the printing press) but sometimes an idea or technology needs to collide with another to start a revolution (the internet needed the World Wide Web).
At the time of writing, we are six days away from the initial token sale of MyBit, an Ethereum blockchain-based peer-to-peer (P2P) investment platform. We know from previous stories that anything related to blockchain is of great interest so it was no surprise when the story we ran about its mission to unlock billions in IoT revenue received a huge number of views overnight.
Put simply, MyBit allows individuals to use crowdfunding to generate revenue from machines or ‘IoT assets’. It enables anyone to buy a percentage stake in a device that generates revenue and, in return, receive a portion of revenue that the machine produces.
The company has chosen solar panels and energy generation as the focus for its first initiative because of the increasing need for clean energy across the globe. It believes that in three to five years, the majority of new solar power will come from micro- or nanogrids, the small solar power systems that sit on top of people’s houses owned by prosumers (producers and consumers).
MyBit brings together those who want to invest in such microgrids with those who have an aspiration to generate energy from solar but for whom previously the cost of installation of panels and equipment was beyond them. It uses smart contracts to get over the usual onerous processes, documentation and fees associated with the traditional investment model and means that anyone can invest or raise capital anywhere in the world. An individual can use the platform to register for a revenue generating asset and a small investor to send money to finance an asset.
In theory, the platform will help to accelerate the adoption of the decentralised grid among the masses and democratise the energy industry. And this is just the start. MyBit wants to democratise the ownership of machines and their resulting revenue streams rather than them fall into the control of centralised financing institutions.
The platform is perfectly suited to the machine economy and MyBit believes it will be applicable to all sorts of areas such as drones, smart homes, 3D printers and autonomous machinery.
On their own, microgrids and blockchain are powerful developments but when married up their impact is far more sustainable and beneficial to far more people around the world. That’s true power to the people.
News editor, SmartCitiesWorld