1. Could you please provide a quick self-introduction for the community?
Ans: My name is Ismail Koseoglu and I am Ceo of ByteDex Technologies which is located in Estonia and holding 3 EU aprroved Crypto Currency Trade Licenses. Personally I am active in cryptocurrency sector. And whole team we are working together for years.We started on Bytedex project at 2018 and this year we announced our project at april
Both me and my team members holding online Mba and certificates related to crypto sector taken from various well known universities as well
2. Can you briefly introduce the project ByteDex and what are the some of utlities of $BYTEDEX Token In ByteDex Ecosystem? How do you think you stand out among the competitors if there are any?
Ans: ByteDex is a ecosystem including Byte Exchange + Byte Wallet + BYTEDEX Token + ByteDex Community and ByteChain. This is a general question so i have to write a little bit detailed may take long please be patient :)
Byte Exchange is a hybrid exchange combines some features from centralized exchanges and Decentralized items. We use non custodial wallets to connect to our exchange to keep secure user funds. Byte Exchange do not sote any user funds. Everytime we give control of funds to users. Actually we believe that if the wallet is not belong to you and if the total control of the user funds in not belong to you it means that funds are not bleng to you. This is Byte Exchange
Byte Wallet or shortly Byte W is a DEX wallet which has ability to connect major swap exchanges and Byte Exchange. It can also be used a seperate wallet like other wallets. The major ability is users can withdraw Gem tokens from Swap exchanges and they can trade on Byte Exchange, even if the token’s not listed on our exchange they can still proceed to trade at OTC platform with lowest fees and they can get protected from high DEX slippage costs and unseen costs on swap exchanges
BYTEDEX Token is the main unit of the ecosystem like other exchange tokens eg. BNB OKB GT etc. And in our ecosystem somehow everything has a relation with BYTEDEX Token. We have BYTEDEX Staking gives a part of net income of exchange to stakers. BYTEDEX also pair new projects launched on ByteDex ecosystem.
In the global stage there are really strong competitors and but we have trust to features of our ecosystem. Also we have a community program first in the world. We will create local communities all aroud the world and they elect their own leaders and we will give %20 of net income from that country to community leaders as a community development project. ByteDex gives what earned from community back to community. This is main point what will make us strong at global stage
3. Can you share the achievements the team has made so far ? what are the major achievement target ByteDex is yet to achieve . If possible also share your roadmap.
Ans: Actually we are at the last part part of our project as we say implementation part. Actually most of things has already finished. We didn’t want to come to table with ideas but concrete products. This is the most strong part of this project. Contributors do not have listen about ideas but ideas become real and ready to use in a short time.
We are launching Byte Wallet 15th of July 13 days later
at 31 of July Byte Exchange will be open
15th of august ByteDex reward/referral program will be launched
30th of august ByteDex TokenLauncher, ByteDex Staking and ByteDex Otc Platform will be launched
30th of September ByteDex Brokers feature will be launched
and 30th of January at 2022 ByteChain will be live
Community can find detalied roadmap at bytedex.io and short term development agenda at bytedex.io/exchange page
4) Could you share a bit about security and also what benefits you provide to incentives user’s choosing your Platform?
Ans: Actualy all incentives at Byte Exchange is based on BYTEDEX Token hodling and staking. BYTEDEX Hodlers at their wallets will have %300 discount on regular commisions according to BYTEDEX Token hodling.
We will distribute up to %50 of bytedex net income to BYTEDEX Token stakers according to stake amount and period. BYTEDEX owners will benefit from our rewards programs at advance and also BYTEDEX Token will give a community identity to user while attending community events.
When we come to security there is two type security we have talk
first is the security of transactions
to achieve this users can only connect with non-custodial wallet to Byte Exchange smiliar like swap exchanges. And they just trade and they take their crypto when all finished to the wallets they own. So at any point we do not store user funds. This is a really simple idea but actually the only solution that really works at this stage. When we immigrate all system to ByteChain we will start to register all transactions on blockchain and there will be wallets on blockchain again belongs to users and than we will achieve a second layer of security covered by blockchain itself
the second is the security of the system including byte exchange , blockchain and Byte W . To achieve this we are collaborating with audit companies well known in the world. In this month an internal audit process started. and after Byte Exchange opens there will be a public audit and the reports will be published to the public. last we are thinking to start a bug bounty or hackton at the end of september.
5.Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution
Ans: We created 1B tokens on Tron Network as TRC-10 format. TRC-10 Tokens has no transaction fee up to 20 transactions for each user so we didn’t want users to pay for transactions. These tokens created just only for PreSale and ICO stages. After Private PreSale and Public PreSale rounds we burned nearly 255 M tokens. Now there is nearly 745 M tokens existing. We offered 200 M tokens at ICO stage until 30th of July. Now we have nearly 30.000 contributors in project. Rest of tokens %30 reserve, %10 team %5 rewards and %5 for marketing. BYTEDEX Token designed as a deflationary token means we will continue to burn tokens time to time according to market status. There is no lock period for Contributors so when Byte Exchange open contributors can immediately trade tokens. Team share will be locked for 1 year.
When Byte Exchange opens contributors will swap current tokens with TRC-20, ERC-20 and BEP-20 BYTEDEX Tokens with Byte Wallet.
Since Byte Exchange operates on Ethereum, Tron and BSC users can find BYTEDEX Token at all of these networks
Twitter Segment
1.I read that Users can directly connect to your exchange with ByteDex wallet(ByteW) and carryout transactions. what security mechanism or measures will be used to protect users ByteW? Will users require a key Phrase or so to protect their wallets?Can you tell us some feautures to?
By @DngGiaPhong2
Ans: Actually Byte W is a non-custodial or self-custody wallet. Not limited to Byte W users can use Metamask and trust wallet to connect to our exchange. Thats why users has responsibility to protect their wallets as like protecting you wallets in real life. You have to keep your private keys, mnnemonics
ByteW has already passed audit process so it is secure to use
but users has to keep secure their own wallets as like all other non-custadial wallets
2.On August 2021,your platform will launch ByteDex Rewards. So,can you elaborate more about this reward program in your platform? What will be the mechanics to be eligible in getting ByteDex Rewards? How will be the implementation and distribution of rewards?
Ans: ByteDex Reward program targets new users on Byte Exchange, Users can be able earn refferal point and they will get these as BYTEDEX Tokens, Also we have a women program for attracting women to the crypto sector. Also we will have give aways, social media activities. Trading competitions, ByteDex viral rewards etc. Each of the rewards has their own condition will be announced at bytedex.io at first week of the august.
3.What is the role of tokens in the ecosystem? Where can people currently buy it? What is the functions of the tokens?
By @TawsifHasan_RK
Ans: If you think ByteDex as a body BYTEDEX Token is the blood. BYTEDEX has several features and tasks on the ByteDex ecosystem. I’ve already told above. As an exchange token it will have reputition everytime among other tokens. ByteDex is not an Token project but an ecosystem project with several features in it. If you want to join ICO just visit bytedex.io and click on "Join ICO" button and you will reach to the user panel and we offer several crypto payment options and USD EURO TRY fiat payment options as well.
4.What kind of partnerships with different projects/platforms/protocols can we expect from Byte Exchange in the future? Could you give us some examples of how other projects can leverage Byte Exchange?
By @Jaki73364096
Ans: ByteDex very open to partnerships with other projects because we offer a platform to launch their projects. Some of projects has already offered partnerships but we are at evaluation and negotiation stage for now. ByteDex strict to blockchain ideology and we will support all reliable projects in the near future. But for now we are focused to complete implemantation stage as we announced at our road map until the end of september step by step
5.What are the highlights of ByteDex's technology and products that you believe will help you succeed? How revenue does ByteDex generate to sustain the project, and what plans do you have to attract more users in the future?
By @LydiaMadeline12
Ans: Actually main revenue will come from Byte Exchange and we will use this to support communities all around the world. As community understands that this project is belong to them they will work to attract users to be part of ByteDex Ecosystem. Also rewards program, ByteDex Academy, Competitions and viral marketing will also attract new users. We wil find a good way to reach audience over people. We believe in marketing done by happy users
ByteDex technology offers a combination of technologies already used in the world. But we innovate the type of usage these technologies. And the tasks we created over these technologies to serve our ecosytem
So each item in ByteDex ecosystem has unique features based a technology inside it.
Live Q&A
1.How will ByteDex set the Volume subject? How many tokens will be on the ByteDex exchange? Will ByteDex be staking?
Ans:This is a good question. Volume depends of exchange users and as they trade we will have a marketcap. More then 120+ tokens will be listed at first stage and then it will rise to 400 in 1 year. There will be 2 staking options. First is the BYTEDEX Staking will give opportunity to users earn from exchange net income up to %50 of exchange income will be distributed. And second staking with major Cryptocurrencies where users get APY from it
2.Can you provide information about the pre-sale, When and on which exchange the BYTEDEX token will be listed?
Ans:Now we are at ICO stage and BYTEDEX Tokens on sale at bytedex.io. No KYC needed at this stage but we will ask you a very detailed KYC process when exchange opens. BYTEDEX Token will be listed firstly at Byte Exchange and then 3 other exchange in 6 months and 5 in 1 year. We are targeting well known exchanges to keep BYTEDEX Token reputation.
3.Please may I know the reason why Bytedex doesn’t store our funds?
What is the reason?
And any plan to move to another block chain??
Ans: The reason is when you store your funds at someone elses servers they also keeps your private keys. When server hacked your private keys are also hacked and hackers get your funds. Also when you dont have your private keys exchange owner also steal your funds happened in Turkey 2 months ago. The second biggest exchange owner fled away with 108 M dollars woth crypto from country and 4 other exchanges has shut down operations. Also 2019 12 top exchange hacked. Also there are several leakings and now you can buy 100K crypto user data as low as 500$ at dark web. W e are creating own blockchain named ByteChain and we will move on this at 2022
4.How will people in ByteDex World Communities manage or have a say in the management of ByteDex?
Ans: Because we want ByteDex as a community driven ecosystem. We will create communities all around the world and they will be at management board of ByteDex and we will use %20 of each countries net income to organize events marketing for local communities. With this way ByteDex can be able move as a local exchange while keeping global presence
5.Can you tell us more about the ByteDex dApps? How its differ to other dApps? Will there be more NFT exchanges and markets on ByteDex Dapps like Trust Wallet Dapps?
Ans: With the ByteChain launc we will step to DeFi area. NFT market places, Dapps , and DeFi can find a new area to deploy. Actually we do not create Dapss but people can be able create Dapps and they can use our chain