In a Nutshell: Bytus is a forthcoming blockchain and cryptocurrency solution that offers its own utility token used to access the Bytus Wallet and Bytus Crypto Bank. Through the Bytus Wallet and Crypto Bank, users can instantly convert crypto to fiat and vice versa, while using the contactless payment features in the mobile application to make purchases at any of the platform’s partnered retailers and service providers.
Even though popular cryptocurrencies such as Bitcoin receive a good amount of media attention, adoption of cryptocurrencies hasn’t spread as fast as many predicted.
Sure, some new speculators hop on and off the bandwagon as the value of various tokens rises to new highs. But, over time, the number of people who actually use their tokens for something other than speculation hasn’t grown as quickly as has the number of fortune-seekers.
Bytus believes that lag has a lot to do with crypto’s lack of acceptance among retailers and service providers. It’s not that retailers aren’t interested in accepting tokens. Most retailers shy away from accepting crypto because transactions can take minutes to process — time that most busy stores can’t spare.
Bytus is in the process of building a large, global network of retailers that make spending crypto as easy as it is to purchase it. Built over a private blockchain network and powered by the platform’s native BYTS ERC20 utility tokens, Bytus will enable over 1 million stores to receive crypto payments for goods and services.
“There are very few platforms out there that accept payment in crypto,” said Adeyanju Matthew, Lead Community Manager at Bytus. “Those who own digital currencies have to convert to fiat before it could be accepted for a transaction.”
That slow process discourages many would-be crypto enthusiasts from diving deeper into digital currency. Bytus aims to change that by making it easy, with the help of a secure digital wallet, to use any crypto token to make a purchase at a partnered retailer using a contactless payment app or QR code scanner.
Most of the service is still in development with plans for a full-scale rollout by August 2020, but there is already a market for the Bytus Token, Bytus Wallet, and Bytus Crypto Bank as the platform expands its retail partnerships.
“Bytus’s services will be available in the United States to start,” Matthew said. “We are opening in the U.S. market with the Bitmart exchange and we will be working on getting a crypto license from the U.S. After that, we plan to expand to Africa and the Middle East.”
BYTS is an Ethereum-backed utility token and is the medium of exchange in the Bytus ecosystem. Once initially offered, the token will represent the user’s channel width within the platform.
The more tokens users have, the more transactions they can make in a specified time. For example, a user who has 10 tokens can make up to 10 transactions within a 24-hour period.
“The Bytus wallet is where you store the token…