What MyBit does is enable ownership of a specific IoT asset to be easily distributed among several owners (investors). With the rise of the upcoming machine economy, our vision is to have machines owned by people all over the world, rather than centralized parties maintaining ownership and the resulting revenue streams.
MyBit enables the crowdfunding of revenue generating machines (IoT Assets). So anyone can buy a percentage stake in a device that generates revenue and in return receive a portion of revenue the machine produces. This inverts the financing model and revenue flow to create a more scalable and democratic model which unlocks hundreds of billions of dollars in investment opportunities previously reserved for large centralized institutions to the average person.
We are starting with solar panels to accelerate the decentralized energy grid. Since the current energy structure is not sustainable (scalable at speed), it will require decentralized energy solutions. Traditional financing models would only enable a small fraction of the population to own / participate in the decentralized solutions.
In 2008, the world relied on renewable sources for around 16% of its total primary energy supply. In 2013, renewables accounted for almost 22% of global electricity generation, and the IEA Medium-Term Renewable Energy Report of 2015 foresees that share reaching a minimum 26% increase in 2020. facilities, will be a critical component of the solution to the increased energy demand.
Solar energy is the fastest growing component within renewables. Today, most solar power is produced by large scale solar farms consisting of thousands of PV solar panels. These farms are primarily owned and operated by municipalities and or large utility companies. Soon (3-5 years), the clear majority of new solar power will come from micro or nanogrids, small solar power systems sitting atop residential and commercial rooftops, owned by active "prosumers" (producers and consumers) who monetize their space to gain progressive independence from the grid and create revenue streams.
Smart Locks can be installed on existing brick and mortar properties or be integrated into the design of new properties so govern rent/lease payment. If payment is not made, then the space is locked and only the owners who control the other keys can open it until payment is made. This enables property both commercial and residential to be crowdfunded and revenue to automatically be distributed to investors without a third-party payment processing/management company involved.
Farming machinery, construction, delivery, etc. can all leverage MyBit. It is beneficial to companies that want to upgrade machinery and infrastructure to utilize MyBit to reduce costs to enter into this market. Simultaneously, it unlocks billions of dollars in stable investment opportunities to investors.
Drones will have a major role in many commercial use cases, but we believe delivery and transport of goods will be one of the core areas that will come to market first. People will be able to purchase stakes in these delivery drones and upon completion of each delivery they will receive revenue sharing. As different models for monetizing drones take shape, MyBit will be flexible to integrate into any that are economical for the network.
This will definitely take time to implement, but we at MyBit predict a disruptive transformation into micro-economies and vast adoption of micro-payments. In this scenario, the financing model is turned upside down. Instead of purchasing a device to use limitlessly (traditional — how it is now for the most part) , devices will be free to the consumer (crowdfunded by investors), and they will pay per usage. A major barrier to entry with this is insurance and accountability for assets.