An ambitious hybrid exchange project for the maturity of cryptographic approaches

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Image provided by ByteDex

The ByteDex team, a forward-thinking initiative creating a hybrid CDEX exchange, aims to assert its willingness to play a major role in facilitating a whole new way of trading. ByteDex is committed to transparency, decentralization with remaining functionality, and community engagement. Above all, functionality is at the center of our concerns, while security is an area without compromise.

ByteDex sees its project as an ecosystem, made up of several key elements that, when brought together, align to become an idealistic business model offering a range of benefits either in the form of rewards or through the many advantages of the new model.

In development for several years, the project is almost fully operational, meeting or exceeding its first phase objectives.

In the past, many exchanges have been hacked and many users have had their information made public. We have a new way to solve this problem, said CEO smail Kseolu in a video interview when presenting the project to Benzinga. There is an easy way to secure user funds. The Ecosystem Byte Exchange

With a centralized exchange (CEX) style interface planned, Byte Exchange will be the focus of the project, at least initially; any project with a blockchain in its roadmap could see it take on a life of its own. The exchange allows users to connect their wallets to the hybrid exchange and trade CEX-style while their transactions take place directly on the blockchain.

The role of the ByteDex team will be to manage fees on behalf of users, facilitate transactions through standardization, and manage liquidity on the platform by staying connected to CEXs and processing fiat payments. The exchange will also have an OTC service, allowing you to list and sell peer-to-peer crypto assets not directly listed on the exchange.

Already live on Google Play and coming soon to iOS, ByteDex Wallet, abbreviated ByteW, is a multi-coin wallet that provides offline cold storage for crypto assets on a wide variety of blockchains. Users hold their own private keys for the app’s wallets, and the app itself allows users to trade on Decentralized Exchanges (DEX) directly covering 3 blockchains, including Ethereum (ETH), BNB Smart Chain (BNB ) and Tron (TRX). ByteW provides access to DEXs such as SushiSwap (SUSHI) and Uniswap (UNI) on the Ethereum network and PancakeSwap (CAKE) on the Binance smart chain, already linked through ByteW.

The story continues

By adding a Tron DEX to the list, BEXT is now also listed on JustSwap, the most popular on the DEX network. In addition to DEXs, 7 exchanges currently list BEXT.BEXT – ByteDex Token

Available in ERC-20, TRC-20, and BEP-20, this cross-chain token forms the backbone of the project and can be sold, traded, and used to replace fees. Other nominations are planned. Users and holders will see staking rewards, trading fee discounts and company dividends further down as the project progresses.

Whether you use Byte Exchange, ByteW or ByteChain, the intended blockchain, BEXT tokens will have virtually any possible application on an exchange. Staking, use as a trading pair, future use as a native blockchain token, and corporate revenue shares are just a few of the features that BEXT will provide and boost for those who want it. hold and carry out transactions there on the ByteDexs platforms. ByteDex Communities

Community orientation is also a declared part of the ecosystem. ByteDex communities aim to put opportunities in the hands of people around the world. While remaining an international exchange, these communities will be incentivized and rewarded for building local business communities. The ByteDex team sees this feature as a way to encourage organic growth and accelerate growing interest in their project, which aims to decentralize as much as possible while fueling the growth of a central community.

Along with the list of features unique to the ByteDexs exchange in conjunction with its token and wallet, the team aims to address the issues faced by traditional models by taking the positive aspects of centralized and decentralized models and using them to resolve the negative aspects inherent in their counterpart models.

The idea is to standardize the future of crypto trading in a way that maximizes utility, improves functionality, does not face any payment processing limitations inherent in models without a central authority, and puts crypto assets. currency and their security directly in the hands of users. The ByteDex model leaves users with the responsibility of holding the private keys to their own trading wallets, ByteW or otherwise, making it a true hybrid, with all the liquidity and stability of a CEX and the security and privacy it offers. in the DEX model.

We never keep [our users] wallets, we never keep their tokens and we never keep their keys private, Kseolu explained, presenting the project as a safe haven for a new kind of commerce. No more exchanges? Great, your assets are already in your wallet, the transactions having been blockchain based.

These statements were made as part of a speech for the Benzinga Crypto Festival, an event that explores and debates a wide variety of all things crypto and is known to shine a light on smaller projects.

Kseolu revealed to the media on September 8, 2021 that the highly anticipated launch of Byte Exchange is expected to take place following the global blockchain summit, which he will attend as a guest speaker. ByteDex will sponsor this event, and in addition to being a big event in general, the summit marks the launch date of the projects, October 13th.

We’re going to time the launch with that and do some kind of gala of the event, Kseolu explained.

The ByteDexs token went through a pre-sale phase, an ICO and an IEO; it has now been actively trading in multiple ways on multiple platforms for some time.

The token having braved the initial shock wave of its introduction to the market, it stabilized; investors who believe in the project, the team and their ideas hang on to their tokens and wait for a spike. What size of a peak could reverse the trend? It remains to be seen, but a token that’s on the market at a stage where its usefulness is still being developed hasn’t even started showing the world its full potential.

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2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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