In a Nutshell: Tech investment opportunities have traditionally only been available through specialized funds managed by firms. But investor and crypto enthusiast Ian Worrall wanted to provide those opportunities to more people. So he founded MyBit, a decentralized investment ecosystem based on smart contracts and blockchain technology. MyBit enables direct and group investment in revenue-yielding IoT devices, while providing an exchange for buying, selling, and trading. Under its community-run governance system, MyBit empowers individuals to build the future of the blockchain-based investment market.
As an experienced investor, Ian Worrall was always looking for attractive alternative funds. He was an early investor in the cryptocurrency market, and he found what he believes to be the next big opportunity in the internet of things: automated technologies, machines, and the factories that build them.
But putting money into these promising technologies through traditional investment channels was more complicated than Ian believed it should be.
“The only way you can invest in those things is if you’re an accredited investor and go through a specialized hedge fund. It defeats the mentality behind crypto of not giving somebody else your money and paying fees to have them manage it,” he said.
In 2017, Ian realized there was a much more intuitive way to invest in automated technologies: smart contracts on the blockchain. Using smart contracts as the basis of trust and accountability, Ian and his team of industry veterans designed a decentralized, community-controlled investment ecosystem known as MyBit.
“We built a platform that lets you invest without going through a fund — or even a bank account. We plug the smart contract from Ethereum right into the technology,” said Ian, who is also the company’s CEO. “You can put your Ether into a share of a Bitcoin ATM or other robotic tech that generates constant revenue.”
MyBit has designed a four-part investment…