MyBit Network

Last updated 2 months ago

What is the MyBit Network?

The MyBit Network is a protocol that compresses a series of actors that interact with each other. The main actors and their roles are composed of:

  • Operator: Responsible for producing, delivering, installing and maintaining assets for Asset Managers. In return, the operator receives a portion of the assets revenue.

  • Asset Manager: Responsible for creating the digital asset and initiating the asset crowdfunding period. The asset manager deals with most real-world operations pre and post funding along with the operator, including asset maintenance. An asset manager puts down tokens as collateral (“staking”) to ensure good asset management to investors.

  • Investor: Anyone who owns asset tokens purchased via crowdfunding or exchange.

  • Stakeholder: Anyone who puts down escrow deposit in place of an asset manager (“staking”) in exchange for a percentage of the asset manager's earning. The stakeholder and the asset manager negotiate this percentage.

  • Platform owner: Responsible for high-level upgrades and authorisation changes made in the platform.

Although the MyBit Network provides a Software Development Kit (SDK) to interact with its protocol of digital assets and actors over the network, the agreements, contracts and verifications required to interact with the physical world equivalent of these assets cannot be done through the network and must be performed individually by the representative individual or business entities involved.