The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Image Provided by ByteDex

The ByteDex team, a forward-thinking initiative creating a “CDEX” hybrid exchange, aims to stake its claim to playing a major part in facilitating a whole new way of trading. ByteDex commits to transparency, decentralization with functionality remaining and community engagement. Above all, functionality is the focus, while 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 through the many benefits of the new model.

In development for several years, the project is almost fully live, meeting or surpassing its first phase goals.

“In the past, many exchanges have been hacked, and many users have had their information publicized. We have a new way to solve this problem,” CEO İsmail Köseoğlu said in a video interview while presenting the project to Benzinga. “There is a simple way to keep users' funds secure.”

The Ecosystem

Byte Exchange

 

With a centralized exchange (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. The exchange allows users to connect their wallets to the hybrid exchange and trade in a CEX-style fashion while 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 standardization 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 ByteW, 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 decentralized exchanges (DEXs) directly spanning 3 blockchains, including Ethereum (ETH), BNB Smart Chain (BNB) and Tron (TRX). ByteW provides access to DEXs such as SushiSwap (SUSHI) and Uniswap (UNI) on the Ethereum network and PancakeSwap (CAKE) on the Binance smart chain, already linked through ByteW.

Adding a Tron DEX to the list, BEXT is now also listed on JustSwap, the most popular of the DEX network. 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 and used to substitute fees. More applications are planned. Users and holders will see staking rewards, trading fee discounts and company dividends further down the line as the project evolves. 

Whether using Byte Exchange, ByteW, 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 aim to put opportunities in the hands of people all around the world. While remaining an international exchange, these communities will be incentivized and rewarded for building local trading communities. The ByteDex team sees this feature as a way to encourage organic growth and accelerate growing interest in its project, which aims to decentralize itself as much as possible while fueling the growth of a central community.

Progress

 

Alongside the list of features unique to ByteDex’s exchange in conjunction with its token and wallet, the team aims to solve issues facing mainstream models by making use of the positive aspects of centralized and decentralized models alike and using them to solve the negative aspects inherent in their models’ counterpart. 

The idea is to standardize the future of crypto trading in such a way that maximizes utility, improves 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 leaves the responsibility to users to hold the private keys to their own trading wallets, ByteW 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,” Köseoğlu 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.

Köseoğlu revealed to media on September 8, 2021 that the much-anticipated launch of Byte Exchange is set to happen in the wake of the world blockchain summit, which he will attend as a featured speaker. ByteDex will be sponsoring this event, and on top of being a great event in general, the summit marks the date of the project’s launch, October 13.

“We will time the launch with this and make a gala of sorts out of the event,” Köseoğlu shared.

ByteDex’s token went through a presale phase, an ICO and an IEO; it has now been trading actively in several ways on multiple platforms for quite some time.

With the token having braved the initial shockwave of being brought to market, it has stabilized; investors who believe in the project, the team and their ideas are holding on to their tokens and waiting for a spike. How big of a spike would turn the tide? That remains to be seen, but a token that is on the market at a stage where its utility is still being developed has not even begun to show the world its full potential.The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.