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For Asset Managers

To create a fully inclusive society, it is important to give those without excess financial capital to invest an opportunity to gain ownership. This is simple with MyBit Go because, at this stage, not all IoT assets can manage themselves - they require human oversight.
Therefore, we have created a decentralised network of asset managers which lets anyone own a piece of the asset for managing it and in return receive a percentage of revenue.
Who can become an asset manager?
In the initial mainnet release of MyBit Go, MyBit may choose to handpick asset managers to facilitate a smooth launch; however, moving forward anyone can be an asset manager.
The Process
  1. 1.
    A person must complete KYC and verify their identity.
  2. 2.
    Then they will see a list of assets available in their area.
  3. 3.
    The asset manager then navigates the legal requirements and gets approval for a location.
  4. 4.
    They can now start funding for an asset. To do so they enter the location it will be installed and upload documentation about licenses, approvals, etc.
  5. 5.
    Then they indicate what percentage of revenue they desire
  6. 6.
    Followed by escrow collateral which is deposited in MYB
  7. 7.
    Then the asset is listed for investors to contribute to, if funding is reached the IoT partner installs the asset and the asset manager takes it from there.
What percentage of revenue do asset managers receive and how much collateral is required?
We believe in free market principles so asset managers are free to choose the percentage of revenue they wish to receive and can place asset collateral from 0%-99.99%. Investors will then analyse this and decide if it is worth investing. Percentage of revenue is largely based on how much work an asset will require to maintain. A rule of thumb is that as historical performance and thus trust is established, collateral can be lower. If an asset manager is new then collateral should be higher.
What is asset collateral?
Asset collateral is amount of the value of an asset which is escrowed in MYB when an asset managers goes to list an asset (similar to insurance). This is designed to reduce fraud and encourage asset managers to fulfil their responsibilities because they have a financial stake at risk if they do not. If an asset manager fails to perform their duties then investors can vote to remove them. If this occurs than any MYB held in collateral is burnt. Alternatively, if an asset manager fulfils their duties then they are eligible to withdraw MYB (asset collateral) in phases. For example once the asset produces revenue equating to 25% of value, asset managers can withdraw 25% of the locked MYB. This also has positive effects on the token economics of MYB which will be discussed more in the section (MyBit Token (MYB).