MyBit is now managed by the MyBit DAOMyBit 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.
Participate
Propose
If someone has a vision for a new feature, change to the business model, or anything at all related to MyBit, they can propose it to the community and a vote to approve or reject the proposal is opened.
Vote
Anyone who owns 1 MYB is eligible to vote. 1 MYB = 1 vote and we use identity verification to ensure each individual only gets 1 vote. The only way to receive more voting power is to stake 100,000 MYB for extended intervals of time. The longer the stake period, the higher the multiplier.
Enforce
Individuals can be voted into a curator position where they are in charge of reviewing the completion of tasks voted on via the DAO. At any point in time they can be impeached if they do not fulfil their duties.
DAO Structure
Components
Consensus
All votes must achieve consensus, which means a majority, or greater than 50% of the community agrees to either approve or reject it.
Quorum
Voter turnout must reach a minimum amount. It is not reasonable to expect that 100% of eligible voters will participate for each vote. But there needs to be a minimum requirement for participation to preserve the security of the network so one person or a small group cannot initiate a vote and pass it through if no one else votes. This is where quorum comes into effect. For example 25% of eligible voters may be required to vote for a proposal to officially be approved.
Self-Sustaining Revenue Model
Since MyBit is not owned by any company, all revenue goes back into the community. The 3% fee assessed to the funding of every new asset is distributed into the MyBit DAO to be reallocated towards maintaining and growing the ecosystem and can be applied for anything from development, to marketing, to business uses.
MyBit is an unstoppable application
