In a world where information and consumer awareness is expanding at a rapid rate, users are demanding more and more control over the products they use. The MyBit DAO is here to facilitate this demand by enabling full user autonomy within the MyBit Network. It allows users to have their say on exactly how they would like to the the MyBit Ecosystem evolve, and in the process, remove unnecessary profit-driven intermediaries from the ecosystem value chain.
In order to harmonise user input into concrete actions, voting is required to articulate users intentions in an objective manner. This runs contrary to a traditional business structures, where the only votes that count are those of the shareholders and the dollars that provide them with profit. The MyBit DAO is here to correct this malalignment of incentives and create a more efficient wealth management environment free from artificially inflated risks, fees, and inefficiencies.
By voting on actions proposed on the DAO, users will have the power to select what actions are best for them and their collective user experience. This can mean creating products they want, lowering fees, hiring people to complete tasks, and anything else that would meet their needs.
“Voting on the MyBit DAO is designed to be easy, secure, and open to participation for everyone.”
The MyBit DAO requires users to lock only 1 MyBit Token (MYB) on the network in order to vote. This allows the MyBit DAO to distribute control of the MyBit Network across the global community and protect it from falling under the control of central wealthy groups.
For those locking 100,000 MYB in the DAO, a multiplier of voting power will be available based on over specified time intervals. This is to provide some recognition of substantial financial risk and time commitment associated with their involvement in the ecosystem.
The power multipliers below describe the degree to which voters can receive greater voting weight for locking and staking MYB on the network.
1 MYB for 1 month = 1 vote
100k MYB for 3 months = 1.5 votes
100k MYB for 6 months = 2 votes
100k MYB for 12 months = 3 votes
100k MYB for 18 months = 5 votes
100k MYB for 24 months = 8 votes
100k MYB for 36 months = 13 votes
Due to the low cost of entry in participating in the DAO, it relies heavily on identity verification. This is why MyBit is n the process of developing MyID, an identity verification application native to the MyBit DAO. This will will ensure the DAO remains robust and protected from spammers and the like.
Aragon is an ethereum-based platform that provides many of the tools needed to design and run DAOs. It will provide an easy and intuitive way for users from all walks of life to access the MyBit DAO and have their say on how they think the direction of the MyBit Network should go.
We believe the MyBit DAO is a groundbreaking innovation in the world of software and decentralisation, and see it as an exciting first step in the direction of a truly decentralised world. We hope it will serve as and example and perhaps even the blueprint for how technology should be developed from this point on; to truly serve the interests of people.
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