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MyBit: Invest in the Internet of Things (IoT)

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The IoT connects everyday items such as refrigerators, heating and air systems, home security systems and more to a wireless network via sensors, software, and embedded chips. According to Nasdaq, this market could reach up to $1.7 trillion by the year 2020.

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Webopedia says:

“As far as the reach of the Internet of Things, there are more than 12 billion devices that can currently connect to the Internet, and researchers at IDC estimate that by 2020 there will be 26 times more connected things than people.”

The current way to invest in this technology is a traditional exchange-traded fund (ETF). This way you can invest in many major companies as a whole such as Apple, IBM, Cisco and more. While this is great, using brokers and traditional trading brokers is expensive and cumbersome.

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Intro to MyBit

MyBit is bringing IoT investing to the blockchain by allowing people to invest via an Ethereum smart contract. This cuts out the middleman, brokers, and empowers people to invest directly into IoT driven machines of the future. MyBit is a decentralized IoT crowdfunding investment platform that will produce residual income for MyBit token holders. Also, by crowdfunding IoT items, the owner of the item incurs less financial responsibility and can purchase items they may not have been able to previously. Investors will receive a profit proportionate to their ownership stake. MyBit enables ownership of a specific IoT asset to be easily distributed among several owners (investors). This allows smaller investors to invest in IoT technology.

Examples of How MyBit Works

There are two core methods to apply the MyBit platform to IoT financing. First, there is the option to utilize the platform to fund new assets – meaning IoT devices that are currently not in production and generating revenue – such as equipping a house with solar panels. Second, there is the option of tokenizing existing IoT assets such as a Solar (PV) Farm that is already in production and generating revenue.

Funding New Assets

Solar Example

Alice wants solar panels that cost $20,000 and only has $5,000 to allocate towards them. Traditionally she would have to go to a lending institution (bank) and apply for a debt-based instrument (loan) which results in the bank actually owning the solar panels and Alice owing the bank. Since solar panels generate revenue, there is no need for debt-instruments because investors can profit from this opportunity without Alice having to owe any third-party (financially). Instead, Alice can crowdfund the remaining 75% (or $15,000) from investors all over the world. If the full amount needed ($20,000) is not raised in the set time-interval (typically 30 days) then all funds are returned via the smart contract to investors. If the funding goal is reached then the raised capital is automatically sent to the hardware installer/manufacturer which eliminates the risk of Alice misusing the funds.

Once installed, the Solar panels are connected to the MyBit platform via an oracle that pulls usage and payment data from the hardware so everything is transparent and can easily be tracked and audited by investors and third-parties. When the solar panels generate revenue (in this case, feed-in tariffs or selling back to the grid) investors receive a portion of the profits proportionate to their ownership stake. Operational and maintenance costs can either be priced into the initial funding target or be deducted from revenue as a percentage.

Tokenizing Existing Assets

PV Farm Example

Bob owns a solar farm that has been generating revenue for five years at a constant rate. Now, he wants to have more cash on hand but does not want to sell control of his farm. With MyBit, what he can do now is tokenize his farm and sell a portion of it (and resulting revenue streams) to investors.

This is much easier than traditional methods, entails less headaches and merelt requires verification of revenue. He stays in control by choosing who to sell to (like a crowdfunded acquisition almost). This is better because it is very rare for a private equity or investment group to not buy the entire farm at once, and even if they can be negotiated into a partial acquisition they will almost always want to obtain control over all the decisions. MyBit is better for Bob because he can obtain the cash he wants/needs without losing his business, and investors can invest in a safe asset with proven ROI.

The benefit of management post-acquisition is probably the biggest thing Bob gains from an operational standpoint. MyBit smart contracts enable the automated distribution of revenue, accounting, and is transparent for auditing when needed. This makes Bob’s life insanely easy because he does not have to work with an accountant and investors to aggregate money and then manually send to them.

Right now, MyBit is highly undervalued with a market cap of $5,425,439. The daily volume and overall liquidity for this coin could increase if listed on a larger exchange such as Binance or Bittrex. If and when that happens, MyBit (MYB) could potentially rise 3x – 4x its current value. Getting more traction and listed on a larger exchange will all depend on the implementation of their investment trading platform, which will be released Q1 2018. MyBit will be one of the better micro-cap coins if they can deliver what is stated in their whitepaper and roadmap.

Featured image courtesy of Shutterstock. 

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Monero Forges Ahead as Prices Cross $290

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Monero shot up again on Tuesday, as the privacy-focused altcoin approached new highs on the promise of lower transaction fees.

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XMR/USD Price Levels

Monero has been on a tear for the past five weeks with prices more than tripling since Nov. 5. At press time, XMR/USD was up 7.5% at $289, where it was not far from session highs. The cryptocurrency recently established new lifetime highs north of $307. A re-test of those highs could be imminent as XMR continues to push north of $290.

With the latest gain, Monero has added 20% over the past five days, and is ranked no. 7 in terms of dollar-denominated market cap. The total value of XMR in circulation is now $4.6 billion, according to CoinMarketCap. That puts it above NEM (XEM), bitcoin gold (BTG) and Stellar Lumens (XLM).

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Monero’s trade volumes remain well below altcoin leaders Ethereum, Litecoin and IOTA. As of Tuesday, XMR turned over $188 million over the previous 24 hours, with South Korea’s Bithumb responsible for about a quarter of total transactions. The XMR/BTC exchange on HitBTC saw nearly 17% of the daily turnover. XMR/USD traded on Bitfinex also saw more than 16% of total transactions.

Although significant, Monero’s gains have occurred in lockstep with the broader cryptocurrency universe, with altcoins benefiting significantly from bitcoin’s record highs.

Bulletproofs Present Cost-Saving Potential

Monero Research Labs is working hard to reduce the network’s transaction fees by up to 80%, a signs of a bright future for the leading altcoin. The implementation of Bulletproofs also appears to be working in favor of lowering transaction sizes on the network.

For the uninitiated, bulletproofs are essentially an improvement in the bandwidth efficiency of Monero’s confidential transactions. Bulletproofs are also capable of lowering both the transaction size and transaction fee of the Monero platform. The implementation of this protocol is expected to benefit Monero in other important ways, such as faster verification times.

Monero developers are implementing bulletproofs in two stages, the first being the single-output proofs. This will be followed by multiple-output proofs at a later stage. As of last week, Monero said bulletproofs are moving into testnet shortly.

“Overall, bulletproofs represent a huge advancement in Monero transactions,” Sarang Noether wrote in a Dec. 7 blog on the Monero website. “We get massive space savings, better verification times, and lower fees.”

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Ethereum Flirts With Record Highs as Buterin Compares Crypto Surge to Salvator Mundi Auction

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Ethereum prices climbed to fresh records on Tuesday, as crypto mania picked up where it left off before the launch of bitcoin futures over the weekend.

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ETH/USD Price Levels

The value of ether touched an intraday high of $522.63, which was the highest level ever recorded for the world’s no. 2 cryptocurrency. Ether’s previous record was set on Saturday when prices crossed $518.

At press time, the coin was valued at around $513 for a gain of more than 8%. That gave ether a total market cap of nearly $50 billion. The cryptocurrency has added more than 4,000% this year, putting it among the world’s top altcoins.

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Trade volumes approached $2 billion over the previous 24 hours, which is equivalent to 118,000 bitcoin. Coinbase’s GDAX exchange had the highest turnover, with ETH/USD accounting for more than 9% of the volume. Bitfinex also processed more than 9% of ether transactions via ETH/USD. Meanwhile, Bithumb’s ETH/KRW cross saw 6% of the daily volume.

In all these cases, more than half a billion in ether was transaction.

Ether has successfully traded above $500 on several occasions, but has struggled to maintain those price levels. The previous record high was partly associated with the latest CryptoKitties craze, which promises frictionless trading of digital assets via blockchain.

Looking ahead, ether could struggle to break free from its recently defined trading range between $450 and $500. Although the market is slowly recovering from a congested network, record highs have been much harder to come by in recent months than other cryptocurrencies. By comparison, bitcoin has set multiple record highs over the same period. Several leading altcoins have also managed to climb to new heights on multiple occasions. Ethereum’s rally continues to be very much off-and-on.

Buterin Weighs In

Ethereum creator Vitalik Buterin recently compared the cryptocurrency market with the Salvator Mundi auction, which raised $450 million in November. The 23-year-old said growing interest in cryptocurrencies was “a reflection of the world at large. Buterin highlighted the growing popularity of CryptoKitties in sending his point across.

“I actually like the digital cat games,” Buterin said in a Dec. 4 tweet about CryptoKitties. “They illustrate very well that the value of a blockchain extends far beyond applications that would literally get shut down by banks or governments if they did not use one.”

Ethereum Use Cases on the Rise

Ethereum’s smart contract capability is being used by Switzerland’s largest banks to prepare for new European financial regulations. UBS announced Monday it has entered into partnership with Barclays, KBC and others to advance the MiFID II data collection initiative. The program will be driven by Ethereum smart contracts and run on the Microsoft Azure platform.

The combination of smart contracts and cloud will ensure banks can meet more stringent regulations on a common platform that will enable industry-wide reconciliation. Presently, these institutions must perform checks independently.

MiFID II will officially launch Jan. 3, 2018, and will replace the current regulatory directive.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

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Ethereum’s Pullback from Record Territory Continues as CryptoKittes Effect Wears Thin

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Ethereum resumed its descent Monday, a mere 24 hours after hitting new highs, a sign that the CryptoKitties bump was beginning to wear down.

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ETH/USD Price Levels

Ether’s dollar-denominated trade value plunged 10% on Monday to reach an intraday low near $429. Prices would later recover near $450 for a loss of nearly 6%. ETH/USD has declined 2.7% over the past five days in what has been a period of relative calm for the world’s second-largest cryptocurrency.

That being said, prices briefly traded at record highs over the weekend, touching $518. That narrowly beat the Nov. 29 high of $514.

At present values, the ether market is capitalized at nearly $44 billion, which is only a fraction of bitcoin’s $260 billion value. Ether’s 24-hour transaction volume came in at nearly $1.5 billion, according to CoinMarketCap.

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Volumes were evenly dispersed across the exchanges. Bitfinex’s ETH/USD pair saw the highest volume at 7.4% of the total market, which was equivalent to $108 million. Poloniex processed nearly 7% of ether’s daily turnover via ETH/BTC.

Ethereum rebounded from record lows against bitcoin, but remains relatively subdued as the world’s no. 1 crypto continues to dominate the market. ETH/BTC plunged 11% to 0.028040.

CryptoKitties

Much of the excitement surrounding Ethereum lately has centered on CryptoKitties, a simple collectibles-based game that was built on the ether blockchain. The game, which was released Nov. 28, allows users to purchase, trade and even breed digital kittens. Some analysts have likened the game to Tamagotchi, a handheld digital pets game launched in 1996.

Transactions on Cryptocurrencies are processed using ether, which is Ethereum’s native token. Industry estimates show that Cryptokitties transactions account for nearly 20% of all computations on the Ethereum platform. This figure appears to be growing continuously.

Although the game was immediately dismissed by members of the cryptocuurrency community,  Ethereum co-founder Vitalik Buterin and Earn.com CEO Balaji Srinivasan said the game had more virtues than some cared to recognize.

“Why is Cryptokitties actually important?” asked Balaji. “It’s one of the first examples of what people have been talking about for years: frictionless international trading of digital assets (not just cash!) on a blockchain. Basically what Fred Wilson saw.”

Earn.com markets itself as the “first token-based social network.”

At the same time, the CryptoKitties phenomenon presents several challenges for the Ethereum ecosystem related to scalability, future growth and ICO risk.

Ethereum continues to be the platform of choice for the budding ICO industry. The amount of money raised through the controversial crowdfunding model is fast approaching $4 billion for the year. The phenomenon doesn’t appear to be dying off anytime soon as more startups look to raise money to fuel their expansion.

That being said, many token raises and the issuers that back them are attempting to circumnavigate securities regulations by building a utility token. It remains to be seen how the regulatory landscape will evolve to keep up with the evolving nature of the industry. Equally important is how the cryptocurrency community will come together to address regulatory issues.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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