MyBit Known As Decentralized Asset Management With AI & Smart Financing
MyBit is a decentralized asset management platform designed to add an ownership layer to the internet. The goal is to change how ownership is recorded to make the process of registration, transferring, and querying both cost-effective and fast. By utilizing Blockchain technologies in The core application stack it creates a unique opportunity for managing assets and ownership which is more secure, efficient, and reliable than any other solution for digitalizing assets and ownership. Similar to how the internet streamlined and secured the transfer of information (communication technologies), Blockchain enables for asset ownership (and transfer) & core business functions. The Blockchain is often heralded as the world’s first internet-scale open platform for value-exchange. By utilizing a decentralized model, a single point of failure risk is removed. Data is governed and maintained by network participants (nodes) and all data is fully replicated across all network peers. Also, Democratic principles are ingrained in the core (code) of the platform providing all participants with a voice regarding the future of the application. This results in innovation at the foundational level.
Phase 1 (Facilitating p2p transactions and securing personal assets)
The phase 1 release facilitates the process of registering physical assets onto the Blockchain so they can securely and easily be managed from one location. Then MyBit extends that technology by offering Smart Contract powered trusts. These virtual trust funds enable users to manage to whom ownership of their high-valued physical assets will be transferred in the event of death or other “trigger event.” This greatly reduces the cost and complexity of setting up trusts to distribute one’s assets.
Phase 2 (Enabling both financing and revenue streams for AI)
The phase 2 release focuses on the emerging AI market. AI is going to take a lot of jobs away from people and cost companies a large amount of capital to upgrade their systems and acquire expensive AI hardware. MyBit Enterprise is a solution for capital light companies that will need to invest large amounts into AI infrastructure and people whose jobs will be replaced by AI who still need a viable method to generate income. The platform provides companies with viable financing solutions through tokenized fractional assets, enables new methods of income generation for the average person; and strives towards sustainability by managing this vast amount of data and activity with minimal resource consumption.
MyBit set off to develop because of many inefficiencies in current systems that could be resolved with a decentralized blockchain solution. It all started with p2p commerce.how annoying it was to have to manually keep records and write up basic contracts that included the names of participating buyers/sellers, asset identification numbers (such as VIN of a car, drone, etc.), date of transaction, value, and so on. this was something that needed to be made much simpler and easier for people to streamline p2p transactions.
Mybit can be identified the need to extend this functionality to manage the assets due to how expensive and inefficient the current model for governing Trusts and Wills is. Why pay exorbitant fees and spend countless hours with lawyers to govern your assets when the clearly defined terms can be executed by irrefutable computer code that is guaranteed to execute exactly as programmed without reliance on a third-party prone to human error?
The Enterprise release is phase 2 of the platform and the idea came to be when one of MyBit's founders, Ian, was visiting Trent from BigchainDB in Berlin and heard him say AI DAOs no less than 100 times over the course of just a few days. The elimination of human jobs as AI systems come to market has disruptive (not in a good way) impact on the average worker and companies alike. We quickly identified Blockchain as a sustainable socioeconomic solution that gave companies a viable financing option and the average person a way to still generate income to supplement their replaced job.
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