MyBit is decentralised and autonomous
This means that no single person, company, nor group owns nor controls MyBit. Instead it is maintained by a strong community of people from all different backgrounds and its rules are enforced by unchangeable computer code.
MyBit launched as an Aragon based DAO in Fall 2019. Since then we have identified that a different DAO model is needed moving forward. While we migrate to our own custom DAO, we will be using Snapshot to manage MyBit.
MyBit DAO v1 (Aragon)
The core problem we faced with this model was user engagement. The onboarding process we designed was very slow and clunky. Most importantly, users had to pay gas costs of several dollars to vote which was removed incentive for voter participation.
MyBit DAO v2
This DAO model will incentivise people to vote because they are paid to do so. In exchange for staking MYB and participating in voting, users will receive a share of the MyBit Network fees.
Tokens can easily be staked and unstaked at any time with no lockup period. Every 1 MYB counts as 1 vote.
Proposals can range from anything from how network fees are distributed, adding in new features, launching marketing campaigns, or anything related to the MyBit Project. Voting periods will last 14 days.
At the end of each voting period network fees will be distributed as rewards to users who had their tokens staked and voted during that period. The exact percentage of network fees will be determined by a vote and can dynamically change each period.
MyBit is an unstoppable application
While the transtion is made to the new DAO model we will be using Snapshot which is off-chain, gas free, and does not require any token lock-ups. Just connect your wallet and you receive 1 vote for each 1 MYB in your metamask account.