19 12 2021
The Money
Formally defined, money is something that is widely accepted for purchasing goods and services, or repaying debts and taxes. You might think that this is limited to paper bills and minted coins, but the reality is that anything can be money, so long as it fulfills these fundamental use cases: a unit of account, a medium of exchange, and a store of value.
Looking back in history, the items that our ancient ancestors once traded and bartered with were considered their forms of money. This included everything from shells and animals to silver and gold. In modern times, we see a reflection of this in places where government money is of little value, such as in prisons, where cigarettes and instant ramen are well-known units of account.
From the 14th century all the way to the 20th century, cowrie shells were used as currency to barter and trade across Africa and Asia. Durable, divisible, identifiable, and scarce, cowries were the perfect pre-coin era natural currency. Other items like glass beads, stones, and salt were used throughout different cultures as well. Imagine: you might be skipping rocks on the ocean today that were once regarded like the dollars in your bank account. Those ancient currencies are all worthless today because they eventually fell victim to the killer of value: hyperinflation.
Modern Hyperinflation
Taking a look at modern examples of exorbitant money printing in countries like Venezuela and Zimbabwe, we see a similar modern hyper-inflationary story playing out. If we are to learn from history, we must realize workable solutions to the vulnerabilities that previous currencies have fallen victim to. But rather than worrying so much about things we can’t change in fiat, we can look towards real solutions.
Before, we could only dream of such impossible things. Now, we have Bitcoin.
Bitcoin is a new form of money that solves the issues surrounding scarcity and currency debasement. Tomorrow, I’ll go over bitcoin’s fixed supply cap and the case for why bitcoin will never lose its purchasing power the way every other money before it has.
Written by SatoshiSarah (Bitcoin Magazine 21 days)
BEXT is also a new form of creating cash-flow from an existing infrastructre of crypto facilities. Soon or later having a crypto will be no more risky while obtaining sustainable income among all other possiblities e.g real estate.
İsmail Koseoğlu
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19 12 2021
Beyond Bitcoin’s Blockchain
Bitcoin is the original cryptocurrency, and everything that came after was built with the goal of using its technology to serve other purposes. The advent of blockchains that support smart contracts, the first being ethereum and countless others having made an effort on their own, has made the world of crypto richer and more interactive. These blockchains are decentralised spaces that allow for creativity, but due to the nature of the architecture upon which they are built and hosted, they require a special kind of fee in the form of “gas” or “energy”.
What are energy fees?
As a blockchain is mined, blocks are validated that encode the information inherent in every block before it. This process ads new blocks to the chain, and adding to a blockchain means increasing the size of a block. More information, more mining power required, and by extension higher fees.
Whereas bitcoin has only the sending fee, which also serves to reward miners in the same manner, interactive blockchains like ethereum’s, Binance’s Smart Chain and Tron’s network charge fees for other things as well.
Each significant addition, transaction or change to the blockchain, of which there are endless examples and applications, causes a change to the entire development of the network. This is because the entire blockchain has to remain connected, so any new addition to it has to encode the required information for accessing this new area or feature that has been introduced. The fees themselves are paid in the native currency of the blockchain, so on ethereum, you pay fees in ETH, and on Tron you pay fees in Tron.
The way they are calculated is complicated, and depending on what you are doing can fluctuate wildly. Ethereum is the most popular interactive blockchain, but also the most expensive to operate on. Tron and BSC have comparatively lower fees, with tron allowing for some “free energy” in the form of bandwidth, making it fee free to send certain low-energy tokens such as Tron itself, but has since become more expensive than Binance for contract interactions like using swap features. Ethereum has high fees for everything, but is more diverse in applications.
An energy or gas fee, in simple terms that wrap this up neatly, is no different to a sending fee, but can be associated with a wider range of functions than simply sending.
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07 10 2021
ByteDex: Project Progress Updates For Ambitious Hybrid Exchange
The ByteDex team, a forward-thinking initiative creating a “CDEX” hybrid exchange is one that aims to stake their claim to playing a major part in facilitating a whole new way of trading. One led by transparency, decentralisation with functionality remaining, and community engagement. Above all, functionality is the focus, whilst security is a non-compromise area.
ByteDex considers its project to be an ecosystem, consisting of several key parts that when brought together align to become an idealist trading model providing a range of benefits either in the form of rewards, or simply inherent in the benefits of the new model.
In development for several years, the project is almost fully live with regards to its first phase goals, and has even surpassed a few.
“In the past many exchanges have been hacked, and many users have had their information publicised. We have a new way to solve this problem.” CEO İsmail Koseoğlu said in a video interview whilst presenting the project to Benzinga. “There is a simple way to keep users' funds secure.”
The Ecosystem
Byte Exchange
With a CEX-style interface planned, Byte Exchange will be the home of the project, at least at first [any project with a blockchain in its roadmap could see it take on a life of its own], allowing users to connect their wallets to the hybrid exchange and trade in a CEX style fashion whilst their trades happen directly on the blockchain. The role of the ByteDex team will be to manage fees on behalf of users, facilitate trades through standardisation, 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.
ByteDex Wallet - ByteW
Already live on Google Play and soon to come to IOS, ByteDex Wallet, abbreviated to Byte W, 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 to the wallets on the app, and the app itself allows users to trade on DEXs directly spanning three blockchains currently, ETH, BNB Smart Chain and TRX. This is done by providing access to DEXs such as Sushiswap and Uniswap on the ethereum network and Pancakeswap on the binance smart chain already linked through ByteW, ByteDex’s wallet.
Adding a Tron DEX to the list, BEXT is now also listed on JustSwap, the most popular of the network, and aside from 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, used to substitute fees, and much more planned. Users and holders will see staking rewards, trading fee discounts, company dividends and even more further down the line as the project evolves. Whether using Byte Exchange, Byte W, or ByteChain, the planned blockchain, BEXT tokens will have basically every application possible on an exchange. Staking, use as a trading pair, future use as a blockchain’s native token and shares in company revenue are just a few of the features BEXT will provide and boost for those who hold it and transact in it on ByteDex’s platforms.
ByteDex Communities
Community focus is also a stated part of the ecosystem.
ByteDex communities is an initiative that aims to put opportunities in the hands of people all around the world. Whilst remaining an international exchange, these communities will be incentivised and rewarded for building local trading communities. The ByteDex team sees this as a way to encourage organic growth and accelerate growing interest in their project, which aims to decentralise itself as much as possible, whilst fueling the growth of a very central community.
Progress
Alongside the list of features unique to ByteDex’s exchange in conjunction with their token and wallet, the team aims to solve issues facing mainstream models by making use of the positive aspects of centralised and decentralised models alike and using them to solve the negative aspects inherent in their models’ counterpart. The idea is to standardise the future of crypto trading in such a way that maximises utility, functionality, faces no payment processing limitations inherent in models with no central authority and puts cryptocurrency assets and their security directly in the hands of users. The ByteDex model will leave the responsibility to users to hold the private keys to their own trading wallets[Byte W or otherwise], making it a true hybrid, with all of the liquidity and stability of a CEX and security and privacy afforded in the DEX model.
“We never keep [our users’] wallets, we never keep their tokens, and we never keep their private keys.”
CEO İsmail Koseoğlu explained, pitching the project as a safe haven for a new type of trading. Finished trading? Great. Your assets are already in your wallet, with the trades 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 for bringing smaller projects to light.
CEO Ismail Köseoğlu revealed to media on September 8th that the much anticipated launch of Byte Exchange is now set to happen in the wake of the world blockchain summit, which he will attend and give a speech at. ByteDex will be sponsoring this event, and on top of being a great event in general, the summit is now the set date of the project’s launch, which is October 13th.
“We will time the launch with this and make a gala of sorts out of the event.”
ByteDex’s token went through a presale phase, then an ICO, an IEO, and has now been trading actively in multiple ways and on multiple platforms for quite some time.
With the token having braved the initial shockwave of being brought to market, it has stabilised and those with true belief in the project, team and idea in and of itself are holding on to their tokens and waiting for a spike. How big of a spike would turn the tides? That remains to be seen, but a token that is on the market at a stage where it’s utility is still being developed has far from shown the world its full potential.
The above content was paid for by the ByteDex team as part of a marketing campaign to increase project awareness and keep the community up to date on new developments.
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