MyBit
Crypto Overview
Overview
MyBit was launched in 2017 as a decentralized investment platform built on Ethereum, designed to enable users to invest in IoT (Internet of Things) devices and receive revenue from their operation. The MYB token was intended to be used for platform fees, staking, and governance.
Purpose and Utility
The intended purpose was to democratize the investment and ownership of IoT devices like cryptocurrency miners, smart vehicles, autonomous machinery, and other revenue-generating devices. Users could invest in these devices using the platform and receive proportional returns from their operation.
Current Status
As of 2023, the MyBit project appears to be inactive. The official website is no longer accessible, development activity on GitHub has ceased, and there is minimal to no recent social media presence. The token exists but shows virtually no trading activity on decentralized exchanges.
Business Model Assessment
The original business model aligned with halal principles as it involved actual asset ownership and revenue sharing from legitimate business activities. The platform did not involve interest-based lending or gambling mechanisms.
Development and Adoption
Development activity appears to have stopped, with the last significant GitHub commits dating back several years. There is no evidence of current real-world adoption or active usage of the platform.
Crypto Impact
To assign a comfort level investing in MyBit from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to MyBit.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.