MyBit Ventures

The MyBit Network is powered by the community. With that in mind, we want to reward anyone who contributes to the growth of the MyBit Network around the world.

Whether it's developing your own use case, supporting existing projects like MyBitGo or hunting for bugs through the DDF (Decentralised Development Fund), you’ll be rewarded.

MyBit Ventures

Ecosystem Fund

The goal of the ecosystem fund is to stimulate new growth. It lets anyone contribute (“lock”) MYB to the fund and award it to development teams which have been chosen to join the fund and have achieved certain milestones.

All contributors to the fund will have a voting right to select new projects. In return for funding a project, a portion of the applications future revenue will be returned to the fund.

Coming soon in 2019

How does it Work?

  1. Holders of MYB contribute tokens to the fund.
  2. Development teams follow the application process with their idea.
  3. Investors of the fund vote to accept or reject a proposal using Blockchain governance protocols.
  4. If accepted, MYB is escrowed in a smart contract and released to the development team in increments after set milestones are achieved.
  5. Upon approval, funds are distributed from the smart contract.

Successful applications can then join the DDF to rapidly scale development.

Decentralised Development Fund

The DDF is designed to advance existing projects built on top of MyBit by paying people to complete specific microtasks. These tasks can consist of new functionality development, security, design, marketing or anything else that adds value to a specific application built on the MyBit Network.

Initially, five million MYB (roughly 2.8% of supply) will be allocated as rewards for tasks. Following the second phase of the tokensale 50% of raised funds (in ETH) will be added to the DDF.

How does it Work?

Once governance is added in 2019 it will look like this.

  1. Propose feature or task.
  2. Community votes on feature and allocates funds (in MYB or ETH).
  3. Task published on the DDF portal and available to contributors.
  4. Once completed it is reviewed and voted on by community.
  5. Upon approval, funds are distributed to the contributor.

Community Initiatives

In addition to organised funds, MyBit Ventures strives to support the community. We host a range of events and hackathons worldwide to promote user engagement and the growth of the MyBit Network.