[ANN] Bytecent - Blockchain Powered Social Rewards Network - Bytecent.com

[Bytecent]

Awesome news!!

Thank you for all your effort and dedication to Bytecent's rejuvenation !


A round of applause for Christopher!!

Thank you for all your support over the years!

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[dkmontague]

Thanks for your hard work! Looking forward to seeing it in action

[Bytecent]

Thanks for your hard work! Looking forward to seeing it in action

Thank you for support!

[Bytecent]

Hello everyone!

Yesterday I announced our new social rewards network, and I laid out what to expect in a few months. I also announced I am launching a new company for Bytecent.

Before I talk about the Bytecent company, I want to take a few minutes and share my thoughts about crypto. As you guys know, there are over 2000 cryptocurrencies, and most cryptocurrencies do the same thing. They might use different algorithms and POW/POS methods, but at the core, they are almost the same. Why use altcoins when you can use BTC and accomplish the same thing as most cryptocurrencies? 

Let’s be honest, most cryptocurrencies are a solution in search of a problem. They might have an innovative algorithm or some other novel technology, but they are not solving anything most other cryptocurrencies haven’t already solved. 

So when I was creating the business plan for the Bytecent social rewards network, I needed to be honest with myself. If the Bytecent cryptocurrency was going to be successful, I needed to have a service that would make the Bytecent cryptocurrency successful and not the other way around. We would need to be laser-focused on being good at one thing, and the Bytecent cryptocurrency would gain traction. 

I decided I needed to launch a new company and build a solid team around the Bytecent service and cryptocurrency. I will hire a dedicated sales team for advertisers, a full-time development team, staff to handle support requests, and several other positions to build a stable company.

After four years, it’s time to take Bytecent to the next level, and the only way I can do that is with a team of professionals and a dedicated community.

Like any startup, I am raising seed capital and also investing my money. Unlike with the recent trend of ICOs, I am raising capital the traditional way. I feel CEOs have a fiduciary responsibility to their investors, and investors should be able to hold CEOs accountable when they are not doing their job well. ICOs do not protect investors, and in most cases, investors don’t have no say in the direction of the company. I watched hundreds of coins raise millions of dollars, and many of their developers underdelivered or just vanished. 

I am not slamming ICOs, but that is not the route I am going with the new Bytecent company. I want to give investors actual shares, a board of directors to help guide the company, and quarterly reports/meetings to update investors on the status of the company.100% transparency and accountability.

We are still working on a realistic valuation and the number of shares, but we will have everything completed next week. I decided I will start the seed round right here in the Bytecent community. I have learned the harshest critics are often the best motivators, and after four years of us taking this journey together, it’s only right to allow the people who supported the project to have an opportunity to be part of the company.

Also, many of you are crypto veterans, and you guys know what makes sense and what doesn’t. Seed investors don’t just invest capital, they also often offer their input and experience, and that is what Bytecent needs. I will give you guys more details sometime next, and then if anyone is interested, they can contact me. 

Have a great weekend!

Best,
Christopher

[Bytecent]

As for the critics of me and Bytecent...

In 2014, you said I would abandon Bytecent after a few months, that didn't happen. I am still here four years later.

In 2015, you said Bytecent would die within a year, that didn't happen. Bytecent is still here with active development.

In 2016, you said the new Bytecent wallet would never be released, it was released that year and it's still one of the best wallets in crypto.

in 2017, you said our partner would never release a new app. Our partner did release the app and several months later the price of Bytecent skyrocketed to $3.21.

In 2018, when Bittrex delisted Bytecent you said the coin was dead. Bytecent is now listed on Stex, and with the help of the community we will list Bytecent on several more exchanges soon.

A few weeks ago, you said the new website will never launch and yet there is a new website and forum as promised. I will argue it's our best website to date.

People have doubted me and Bytecent for four years, and each time they have been wrong. It takes years for a company/project to mature, it doesn't happen overnight. And no company/project is perfect. There are missteps, mediocre ideas, and yes failures. However, you learn from your mistakes and continue moving on.

I have spent the last two years researching machine learning, artificial intelligence, and the nuances of social media. If you follow me on Twitter you know I developed a free service for classifying and tracking political trollbots using machine learning and artificial intelligence. I am using what I have learned and applied it to the new Bytecent social rewards network. I have quietly researched the other services in this space, and I know where they fall short. My area of expertise is not inventing something new but making things better and easier for the average individual. I did that with the Bytecent wallet, I did that with tracking trollbots, and I will do it again with social rewards and influencer marketing.

So while critics criticize me and mock Bytecent, I will continue to push forward and in a few months we will launch our new social rewards service. Bytecent and I will be here another four years, and hopefully the people in this community will continue to take this journey with me. People who are smart and patient enough to hold on to their Bytecent will be rewarded like the people who were patient when Bytecent went to $3.21.

Best,
Christopher

[dkmontague]

Thanks for the update.  Interested in hearing more about the business plan, terms etc.  Is it your opinion that the best way to get investment exposure to your project is direct investment instead of buying coins (considering the 60K USD market cap and scarcity driving price)?

[Bytecent]

Thanks for the update.  Interested in hearing more about the business plan, terms etc.  Is it your opinion that the best way to get investment exposure to your project is direct investment instead of buying coins (considering the 60K USD market cap and scarcity driving price)?

Hello,

I have mixed feelings about ICOs, most projects that raised millions are no longer in development. It reminds me of the dot com boom. I am sure many developers had every intention of delivering on their promises, but for whatever reason their projects failed. Giving someone $7+ million for a project with little business experience will end in tears.

When I first launched Bytecent I categorized it as a crowdfunding project and not an ICO although some called it an ICO. We raised $30,000, and the funds went into development. A low budget forced me to spend the money wisely and not go a spending spree.

At this stage a new ICO would just cause confusion and it’s unnecessary to raise funds. We are still working on the valuation, but it will make sense to investors. Also, the seed round will be capped around $400,000 and I am also investing my personal money. A project like this doesn‘t need millions to start, and as we grow, we will consider additional funding.

As for the Bytecent market cap, it’s a non-factor. I know for most coins we use the market cap to determine the ”popularity” of the coin, but it is not an indicator of the success of the project. A coin can have a market cap of $10,000,000 and development is nonexistent. I can buy $5000 worth of Bytecent and make the market cap increase to $210,000. If I purchase $23,000 worth of Bytecent the market cap would increase to $1,000,000. Does that mean Bytecent is now more popular today than it was yesterday? No, it means someone bought a bunch of Bytecent.

That is why when we had the rewards apps running Bytecent was stable. Little supply and enough demand kept the market stable. Once we launch the new social rewards network the demand will be much higher and the market cap will be in the millions.

I read somewhere on Twitter we don’t have a business plan, of course we do, that is ridiculous. Once we complete everything, I will share the plan with anyone serious about joining us. A lot of time and research has gone into putting this together. Bytecent was never about a big payday for me, I enjoy building something people can use. When Bytecent went to $3+, I could’ve taken the profit from my coins and find something else to do. But I remained here because I believe in Bytecent and I want to see it succeed beyond just the value of the coin.

Lastly, anyone interested can buy Bytecent and also invest in the company, they don’t have to do either or. As the value of Bytecent goes up, they can sell their Bytecent anytime they like. However, they will also own shares in the company and benefit financially as the company grows. But they will also have a voice in the company and they will have some say on what happens, instead of just hoping the dev in the forum will listen.

Best,
Christopher

[dkmontague]

Sounds good.  Do we have many competitors that provide the same service? Cant really find tracking for social media that isnt Twitter/FBs own architecture?

[Bytecent]

Sounds good.  Do we have many competitors that provide the same service? Cant really find tracking for social media that isnt Twitter/FBs own architecture?

Hi,

There are several services but most are not user-friendly or self-serve. Most also cater to influencers with a large following, and they ignore the influencers with smaller followings but with high engagement. Our network is different, we cater to everyone. Once you create an account, you then link one or more of your social media accounts. For example, if you link your Twitter account, the system will analyze your tweets and it will determine your average engagement and reach. It then assigns you a rate for each tweet. That can range from $1 - $500+ a tweet depending on your followers, engagement, and reach. We also use machine learning and AI to protect our sponsors. So if you buy 1 million followers and they are fake accounts and bots, our system will know and your rate will be much lower than someone with real engaged followers. Your rate also changes with time. So as your stats increase, so does your rate.
 
I didn‘t understand your last question.

Best,
Christopher

[dkmontague]

Sounds great.  Do you have any timeline on when it will be available for use?

[Bytecent]

Sounds great.  Do you have any timeline on when it will be available for use?

We plan to go live with the beta in 59 days https://bytecent.com/coming-soon/

[Bytecent]

Hello everyone!

Within the next few days I will reach out to YoBit to get Bytecent listed.

Also, I am redoing our BitcoinTalk announcement to reflect the changes we made.

Best,
Christopher

[Bytecent]

Hello everyone!

I updated the announcement page as promised: https://bitcointalk.org/index.php?topic=999498

I also contacted YoBit twice to list Bytecent and I am waiting for a reply. I will post an update as soon as I hear back from them.

Best,
Christopher

[Bytecent]

One more thing guys.

I understand some of you already own Bytecent, but the last thing we want to do is get delisted from Stex. You don't need to buy more Bytecent but please help add buy support on the exchange, every little bit helps. As long as we have decent buy support and some trading we should be fine.

Best,
Christopher

[Bytecent]

Hello everyone,

I have tried to contact YoBit 3 times to no avail. If someone has a direct contact please send me a private message. Later today I will reach out to several other exchanges so we are not putting all of our eggs in one basket.

On Saturday, I asked if you guys could help with buy support on Stex, our buy support is still low. We all worked hard to get Bytecent listed on Stex, and the last thing we want is to be delisted. So if you can, please add a few BTC to the buy side. Also, it will help when other exchanges review our coin.

Best,
Christopher

[step_mike]

Hello everyone,

I have tried to contact YoBit 3 times to no avail. If someone has a direct contact please send me a private message. Later today I will reach out to several other exchanges so we are not putting all of our eggs in one basket.

On Saturday, I asked if you guys could help with buy support on Stex, our buy support is still low. We all worked hard to get Bytecent listed on Stex, and the last thing we want is to be delisted. So if you can, please add a few BTC to the buy side. Also, it will help when other exchanges review our coin.

Best,
Christopher

Nah, Yobit is scam exchange!!! Better contact txbit.io exchange

[dkmontague]

Thanks for your efforts Chris.  No worries on Yobit.  I personally feel new exchanges dont really matter as long as we dont get delisted from STEX.  When people see the money-making utility of the BYC product, I think that problem will somewhat solve itself.

[Bytecent]

Thanks for your efforts Chris.  No worries on Yobit.  I personally feel new exchanges dont really matter as long as we dont get delisted from STEX.  When people see the money-making utility of the BYC product, I think that problem will somewhat solve itself.

Hi,

We still need to have Bytecent listed on other exchanges to prevent another Bittrex incident and also get us back on CoinMarketCap.

Best,
Christopher

[dkmontague]

Good point.  After bonus will try and get more BTC and help with bid support...

[BitGrinder]

I know were a long way from the necessary volume, but.. 
For future knowledge..

What would it take to return to Bittrex?