Everybody who has ever dealt with cryptos knows that digital currencies are not ideal, as some problems appear while conducting transactions, and the most important of them is the problem of payments in cryptocurrencies. High and often deregulated commissions, low level of security, a lengthy process of payment confirmation, and poor usability as a result of poor knowledge of blockchain applications — these are just the most common problems users face while conducting transactions. Moreover, a lack of a supportive ecosystem and infrastructure makes it impossible for those having access to digital coins to use them for buying goods and services.
ByTus, a new platform based in New York, has been designed to solve the problems mentioned. ByTus is aimed at enabling users to independently control the security of their funds, simplifying the process of conversion to accelerate buying goods and services, and helping current retail chains easily payment of crypto-currencies who can attract new customers want to pay and receive new markets.
The company’s website reads:
“Bytus has a mission to create a convenient, safe ecosystem so that the user can conveniently pay both through payment terminals and via the internet using a QR code with instant conversion of cryptocurrency into fiat.”
ByTus adheres to the policy of full openness, maximum cooperation, speed and promises the possibility of increasing the number of currencies, all in one application. Its idea is to utilize a large number of tokens at the junction of different types of currencies. The system is the same as Visa and Mastercard payment systems, however, its significant competitive advantage is adding digital currencies.
As ByTus offers good solutions to crypto payments, it may become the new step forward in the development of cryptocurrency.
Blockchain Private Network
The platform is built on Blockchain Private Network, based on the Graphene chains (Bitshares, Steemit, EOS) protocol, known for its good throughput. The network is expected to cover the need for users in micropayments without any commissions. Transactions will be checked by chain managers who will create blocks and include transactions into blockchain.
The company’s whitepaper explains:
“Users have public keys attached to their accounts. All transfers within the network are performed only with the signature of the transfer transaction of funds by a private key of the user. No one except the owner can know it. They are generated on the device from the user, which should be kept confidential so as not to compromise access to their funds in a private lock.”
The process will have no commissions, and data about transactions made by users will be public.
The development of private blockchain network is set to start in December of this year, with first testing in April, 2019.
ByTus has its token treated as a utility token, without which the system cannot exist. One bytus token is equal to one transaction per network per day. The total amount of tokens makes up 66,000,000 BYTS, and 50,000,000 of them (75,8%) are for sale. The company’s plans are as follows: in November of this year, ByTus will prepare for a private ICO and hold a private ITO. The private ITO is set to take place from November, 15 till November, 30.
According to ByTus, each ITO round will have its own bonus system. During private ITO, buyers will be able to get up to 20% of the purchased number of tokens, during pre-ITO — up to 15% of the purchased number of tokens, and in ITO Sale — up to 10% of the purchased number of tokens.
Unspent tokens on previous ITOs will go to POST ITO and will be sold via CryptoBank.
In March 2019, the development of its mobile app will begin.