Bytex crypto exchange has launched on August 22 with exchange token - BYT. BYT price has doubled just in 3 days, with most buyers coming from China and Korea. It seems really hot in Asia, but not yet in the west.
Is it worth buying while it is still early?
Some info found on the web:
Launching announcement:
https://bytexsupport.zendesk.com/hc/en-us/articles/360013528032-Bytex-Token-BYT-Launch-2018-08-22-Bytex white paper.
https://bytexsupport.zendesk.com/hc/en-us/articles/360014124272-BYT-White-PaperBytex features:
1.
Trade reward - total value of transaction fees paid by trader is rewarded in newly issued Bytex token (BYT). It is done daily via transaction mining mechanism.
2.
Profit sharing - 80% of total exchange trading fees are distributed to BYT holders daily as dividends. Dividends are paid in BTC, ETH, BCH and all other currencies traded on Bytex.
3.
BYT allocations - 51% of BYT tokens will be rewarded to community via transaction mining, while remaining 49% goes to Bytex alliance program, promotion, strategic partnerships, and team.
4.
Professional exchange - Bytex is backed up by several VCs including Huobi. Bytex offices in Singapore, China, Korea and US.
To sum up, the more users trade the more BYT every day they will receive. And the more BYT users hold the larger share of exchange profits they will get.It seems that early Bytex users and BYT investors will benefit the most and that hype is likely to happen in coming weeks.
Bytex model incentivizes users to trade actively, creating liquidity in exchange. It appeals to me, even BYT price will drop, it is still better than simply giving away all transaction fees to larger exchanges.
It is time to give back to community.
There website and white paper looks legit, and also backed by Huobi. Any ideas about this?
