ByteDex is a company currently undergoing their token ICO, which will end on July 30th. The following day will see the launch of their hybrid exchange, which aims to take aspects of centralised exchanges and decentralised exchanges and fuse together the best of both in order to solve the problems with each.
The main problem with centralised exchanges is that although you can trade freely, your private keys are held by the exchange, not yourself. This leaves your assets vulnerable to hacking and insider theft.
With decentralised exchanges, there is no managing authority to process fiat payments and fees are not set. As such you may end up paying unexpectedly high fees. Decentralised exchanges also have nowhere near the amount of liquidity that their centralised counterparts can provide.
The hybrid exchange model aims to combine these two models, allowing trades to happen on the blockchain in real time and with participants holding their private keys. ByteDex’s model will connect Pancakeswap on Binance Smart Chain, Uniswap on ethereum, and Justswap on Tron to centralised exchanges, as well as providing the services of fiat payment processing and assuming hidden fees themselves, putting no strain on the end user.
Why Should You Buy Into ByteDex’s ICO?
The features stated above, properly implemented, provide a whole new ballgame in crypto trading, and getting in early on an exchange token that will provide true efficient solutions could be far more lucrative as a crypto investment than buying into already established projects at or past their peak.
“Think of it like this, the markets are always going to be a gamble. Give me over 6 figures to play with and I’d join in on trading huge amounts of bitcoin and ethereum, but for a smaller or a first time investment, an ICO at 3 cents is a bargain for an exchange token.”
Michael McVay, Florida based market analyst, programmer and cryptocurrency investor.
What can ByteDex tokens be used for?
When the exchange launches, Bytedex tokens held by the team and it’s advisors will be locked in for 6 months, making an initial dump impossible.
The tokens can be traded for fiat and cryptocurrency, and by staking it users can enjoy a portion of the exchange’s revenue. Token holders will also be privy to large discounts on trading fees and commissions.
To participate in the ICO, you will need a TRC wallet, as the token will initially launch on the Tron network as a TRC – 10 token. It has to be a private wallet, not an exchange wallet. Some wallets that can be used include Trust, Exodus and Tronlink, as well as ByteDex’s own ByteDex Wallet [ByteW] that will launch on July 15th.
Once you have a wallet, simply go to their website, Bytedex.io, and register. Once you have registered your information and provided a private wallet address, you can purchase ByteDex tokens using Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Binance Coin (BNB), Litecoin (LTC) and certain fiat currencies (USD, Euro, TRY) will be accepted too.