MEDICInow! Startup Stories highlights the companies that are shaping the new Financial Technology industry. Keep an eye out each week for new stories!
Company Name: MyBit
Name/Title: Ian M. Worrall, Co-founder
Industry segment: DLT
MEDICI: Tell us a little bit about yourself.
Ian M. Worrall: I was at the University of South Carolina when I discovered Bitcoin and started trading it, then mining it, then dropped out of school to move to Charlotte and start a software development company while also staying deeply involved in blockchain (was the youngest recipient ever of Charlotte’s Top 30 under 30 while I lived there).
I believe 2017 is the tipping point for blockchain where mainstream will truly start to pick up on the innovation of startups going forward. So with my passion for clean energy, innovation and blockchain, it made sense to move to the EU and start MyBit.
MEDICI: Give us a paragraph pitch of your company.
IW: MyBit unlocks hundreds of billions of dollars in investment opportunities for the upcoming machine economy. The MyBit platform (MyBit) connects investors from around the world with businesses and individuals seeking to fund revenue generating assets. No Banks, no attorneys, no middlemen required. MyBit’s platform provides fast, convenient, secure peer-to-peer (P2P) transactions governed by smart contracts running on Ethereum.
For individuals and businesses who wish to obtain revenue generating assets but face financial or geographical restraints, MyBit unleashes a world of opportunities through cost-effective access to global capital. The result is a far more scalable and efficient funding model than provided by traditional financing. The use cases are limitless, ranging from solar energy micro-grids to rental equipment to autonomous machinery and vehicles. Any asset whose usage can be automatically monitored is a potential use case. The proliferation of microprocessors in everyday items (think IoT) will enable the explosion of revenue generating assets and the explosion of growth of the MyBit platform.
MEDICI: In a sentence or two, what problem are you solving today?
IW: With the forthcoming increase in electricity demand resulting from the proliferation of IoT, utility companies are exploring ways to scale the production of electricity outside their high-cost traditional power generation facilities. Microgrids – small, decentralized solar energy production units – are a key component of this and MyBit helps increase accessibility and drive adoption.
MEDICI: Who are you selling to?
IW: It’s free and open source like all DApps, network value increases by growth in the user base.
MEDICI: Why did you start the company?
IW: I have been wanting to do this for a while, but Ethereum is finally starting to become stable enough to build on for advanced pilot testing, decentralized energy in Europe is a major topic, and other than the timing being right – I am extremely passionate about making this a reality.
MEDICI: What’s the most important change coming to your segment in the next 3-5 years?
IW: Self-driving cars, going to be a HUGE market and potentially difficult to capture a large market share so that is going to be a big change. Also, regulation – right now, what we are doing is legal in many jurisdictions but in most, it is unregulated currently but it won’t be for long. So we are curious how those changes affect what markets we can enter.
MEDICI: What’s your next milestone?
IW: Major milestone is our Beta Release in January 2018 and conducting advanced pilot studies in Germany (Berlin-area) and Dubai.
Bonus – User’s Choice Question!
MEDICI: If you could change one thing that financial services people do incorrectly, what would that be?
IW: Their job is to sell you on services you usually don’t need when in fact they should be helping you put that money towards better use rather than in their own pockets.
MEDICI: What keeps you awake at night?
IW: Startup life – wouldn’t change it for anything, but I always have trouble sleeping because something is always going through my head about how to solve an issue or innovate to make something better.
MEDICI: Thank you, Ian!