In this blog, we’ll look at MyBit’s vision for decentralised organisations and the roadmap to achieve our ultimate goal of transforming MyBit into one.
A decentralised autonomous organisation (DAO), sometimes labeled a decentralised autonomous corporation (DAC), is an organisation represented by rules encoded as a computer program that is transparent, controlled by shareholders and not influenced by a central government.
As you probably know, our vision is to grow MyBit into a network that is fully self-sufficient. We envision MyBit as a fully decentralised and fully automated entity that is able to run itself without any input from the MyBit team.
Sounds easy, in principle, right? Well, in reality, it is no easy feat.
Since the notorious DAO fiasco, it is obvious that releasing a pre-built platform that is fully automated out of the gate simply does not work. You must have a working platform before anything else, then build up — step by step — towards full automation.
It is our belief that a staggered approach is the only viable way to evolve MyBit into a DAO as it will minimise risk while building towards the long term vision of decentralisation. Additionally, in theory, once an organisation is fully decentralised and automated, it can run forever as long as an active market and user base exist. It’s unstoppable.
But first, we should explain why we’re so focused on these two things: automation and decentralisation.
To understand our vision, you’ve got to see the world like we do: it’s broken. Centralised organisations and financial institutions have unprecedented power. When you combine a powerless user base with a powerful few who are able to exploit the system, the result is the chaos we see today. Corruption. Self-interest. Fraud.
So what if we could do away with all that?
For a fair, global organisation to exist, it needs to be decentralised and automated. With MyBit, for example, we want to be the global leader for investing capital. That’s a lot of power — and not something that should be centralised or corruptible.
To accomplish this, we have to think differently. Currently, most corporate incentive structures focus on bottom line profits and rewarding those at the top. By contrast, decentralisation creates a model where everyone is rewarded based on their work output. It functions similar to a traditional company, except it’s not controlled by a select few.
Throughout 2019 components of the MyBit Ecosystem will be continuously decentralised via the MyBit DAO. Here is a look at our current roadmap as of April 2019.
v0.1 (Q2) Release DAO on main-net. All actions from passed proposals will be manually executed by the MyBit Team.
v0.2 (Q2) Burn Action implemented. This enables any user to vote to burn the stake of another user for not following guidelines or acting maliciously.
v0.3 (Q2) 1,000,000 MYB and an amount of ETH (TBD) will be deposited into the DAO and its usage is up to the full discretion of DAO participants. This will be the first “action” proposal offered on the MyBit DAO.
v0.4-v0.8(Q3-Q4) The MyBit DAO will be integrated with a decentralised workflow application to manage all work resulting from passed proposals. We are currently exploring 3 options.
- Option 1, turning task.market into this solution.
- Option 2, using an Aragon module for workflow which is currently in development by another team.
- Option 3, building a bridge between Aragon and Colony to leverage Colony’s decentralised workflow and reputation system.
v0.9 (Q4) All processes automated and products managed by the DAO including workflow, finances, MyBit Go, and MYDAX.
v1.0 (2020) Dissolution of the MyBit Foundation and transfer of all remaining funds and responsibilities to the MyBit DAO.
The end result? MyBit becomes the first Tokenised project to make a full migration to a decentralised autonomous organisation.
We hope you’ve found our DAO roadmap inspiring. To follow our progress subscribe to this blog and join our Telegram.
Until next time!
The MyBit Team.
