Token Ecosystem

The MyBit Network is powered by the MyBit Token (MYB). MYB is used for everything from executing specific functions with our SDKs to accessing features of applications. Basically, all apps built on MyBit (including MyBitGO) use MYB to function. MYB acts as the fuel for the network and is used to execute functions within the MyBit SDK and to access features of applications.


How to use MYB

MYB is the fuel of the MyBit Network. It is used for interacting with applications, asset collateral, and staking.


Token Utility

  1. Burn tokens to use the MyBit SDK and applications. Much like gas on the Ethereum network, MyBit Tokens power all applications on the network. The key difference is tokens are burnt instead of going to miners.
  2. Stake tokens for asset collateral. Users can lock their MYB, adding a layer of security for investors on the MyBitGo investment platform.
  3. Stake tokens for DAX. Users can stake their MYB tokens, in exchange for DAX tokens which offer a 50% discount on trading fees when using the MYDAX exchange.
  4. Access layers on dApps. Many dApps built using MyBit’s technology stack require a one time burning of MYB to unlock the application.
  5. Investing in funds. Users can lock MYB tokens to help fund promising dApps through MyBit Ventures. Successful applications can then join the DDF to rapidly scale development.

Token Distribution

Phase one

Tokensale (seed round equivalent) was completed on August 17, 2017 with 10,044 ETH contributed.

Phase two

Tokensale (series A equivalent) will begin on January 1, 2019.

Any future phases should be at the discretion of the community due to the governance protocols which are slowly being integrated into the MyBit business model to work towards a fully decentralised autonomous organisation.