ByteDex Decentralized Crypto Exchange

in #blockchain • 3 years ago

Hello everyone... Here I will inform you by writing a review to introduce a very unique new project called ByteDex, so for that, have a look at the article I created below to give you a very good overview of the project, then Benefits what do they give everyone? Let's go straight to the discussion below.

What is ByteDEX

ByteDex is a Hybrid Decentralized Crypto Exchange that trades on a Dual-Chain Blockchain. All information and crypto assets are locked into the blockchain through smart contracts and distributed throughout the network in ByteDex. Therefore, no one other than the account holder can access this information and crypto assets. It cannot be blocked. Crypto assets cannot be stolen or hacked. No one, including the ByteDex team, can intervene, stop, or limit transactions made on the blockchain.

Why ByteDex Exchange?

ByteDex believes issues of current centralized and decentralized exchanges can be addressed by combining aspects of both models with the resulting hybrid exchange model, or CDEX. Users will hold their own private keys for every trade, and each trade will happen on the blockchain. Any slippage or gas fees will either be included in clearly stated fees or have the liability assumed by ByteDex, not the user.

The ByteDex team will process fiat payments and monitor liquidity, ensuring that no user gets locked out of their financial assets, and allowing people who do not own cryptocurrency to participate in DeFi projects without going through an intermediary mainstream centralized exchange. The platform will serve as a cross-blockchain hub, connecting Uniswap, Pancakeswap, and Justswap initially, to centralized exchanges.

ByteDex tokens will be the native token of the exchange, available on Ethereum’s network, Binance’s Smart Chain, and the Tron blockchain. These tokens will have the ability to be staked for shares of company revenue, referral benefits, trading fee discounts, and equally, will be available to trade in exchange for cryptocurrency or fiat.

ByteDex Exchange Features

  • ByteDex Liquidity Solution: ByteDex can offer all the convenience offered by central exchanges in liquidity on a Dex platform. For a crypto asset pair that is not sufficiently available in ByteDex via the Smart Order Route, it is obtained from the trading pairs of other exchanges and presented to the user in the most appropriate way. All these operations take place in the background in seconds.
  • ByteDex Dapps: You can create a game that works on the ByteDex blockchain as a real-life use, produce your own tokens to be used in this game on the ByteDex exchange, and ultimately list the crypto token for this game on the ByteDex exchange.
  • ByteDex Token Launcher: Different tokens can be generated on the ByteDex blockchain via the ByteDex Exchange. such generated tokens can be listed separately on the main exchange screen. In this listing, each generated token will pair with BYTEDEX and will be opened for trading if they meet the appropriate conditions. The tokens that succeed in this list will gain the right to be published in the ByteDex main list.
  • ByteDex Coin: ByteDexCoin is the main transaction and payment unit of the ByteDex ecosystem. BYTEDEX Coin will be produced by stock exchange mining on the ByteDex blockchain. All payments within the exchange will be made with BYTEDEX and will be used for commissions, staking rewards, and all other transactions.

Ecosystem of ByteDex

  • OTC Platform
    ByteDex offers a kind of escrow service as well as recording the entire transaction on the blockchain. In OTC transactions, money is sent first and then a crypto-asset exchange takes place. In this context, ByteDex checks whether the money has been deposited in the desired amount and records it. Crypto Asset owner sends the requested amount of crypto assets to the buyer. This process is recorded on the blockchain. When the transaction occurs, ByteDex transfers the deposited crypto-asset fee to the seller. In this way, the transaction is carried out securely and at the same time, the validity of the transaction made with the transaction record on the blockchain is proven by both parties.

  • ByteDex Brokers
    ByteDex Brokers enables people specializing in Crypto asset trading to provide broker services to people who do not have sufficient experience in the crypto asset market.In this way, users can better benefit from the crypto-asset market with the experience and knowledge of good brokers. Users can choose between the brokers recorded on ByteDex by mutual negotiation method or traders who already provide broker services can start to serve their customers directly on ByteDex. Under no circumstances Brokers can transfer the funds to other accounts. The profit rates obtained by the brokers are automatically sent to the exchange wallets at the rate they agree with the user at the close of each transaction.

  • Byte Wallet (ByteW)
    Byte Wallet is a type of DEX wallet inherited from the Stellar ecosystem’s decentralized wallet concept. ByteW does not contain crypto assets but displays your information and crypto-assets embedded in the ByteDex blockchain and allows you to perform transactions on the blockchain via ByteW in an integrated manner with the ByteDex exchange.It is not possible to hack or steal crypto assets because they do not contain any crypto assets in the wallet.

  • Payments and Fiat Money
    ByteDex Exchange has 3 different payment points, and you will be able to transfer fiat money from all credit and debit cards to your wallets. Visa and Maestro-enabled cards will be distributed to ByteDex users and you will be able to withdraw your cash assets on the ByteDex Exchange and use them in Turkey.

What is the BYTEDEX token?

BYTEDEX Coin is the main transaction and payment unit of the ByteDex ecosystem. BYTEDEX Token is the official trading unit of the Bytedex Exchange. BYTEDEX Token has been produced in cooperation with Tron Network.

Utility of BYTEDEX Coin

  • All payments within the exchange will be made with BYTEDEX and will be used for commissions, staking rewards, and all other transactions.
  • BYTEDEX will create a trading pair with all the major Crypto assets Holding BYTEDEX Token you will get great rewards and discounts at ByteDex Exchange.
  • Staking BYTEDEX Token gives the ability to stakers getting a piece of exchange net profit as a reward in BYTEDEX Tokens.
  • Total up to %50 of net income of exchange will be distributed to Stakers according to staking amount and period.

Tokonomics

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Contact Information

Author:
Username: nyonygmy
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2750675
TRC20 Address: TWgaD2H1Z7jPXPMsNLS9QST1obzcGSGXXE

#bytedex #bitcointalk #eth #bsc
3 years ago in #blockchain by
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