Bytus Aims to Build a Worldwide Network of Retailers that Makes it Easy to Spend Crypto for Everyday Purchases — CardRates.com
In a Nutshell: Bytus is a forthcoming blockchain and cryptocurrency solution that offers its own utility token used to access the Bytus Wallet and Bytus Crypto Bank. Through the Bytus Wallet and Crypto Bank, users can instantly convert crypto to fiat and vice versa, while using the contactless payment features in the mobile application to make purchases at any of the platform’s partnered retailers and service providers.
Even though popular cryptocurrencies such as Bitcoin receive a good amount of media attention, adoption of cryptocurrencies hasn’t spread as fast as many predicted.
Sure, some new speculators hop on and off the bandwagon as the value of various tokens rises to new highs. But, over time, the number of people who actually use their tokens for something other than speculation hasn’t grown as quickly as has the number of fortune-seekers.
Bytus believes that lag has a lot to do with crypto’s lack of acceptance among retailers and service providers. It’s not that retailers aren’t interested in accepting tokens. Most retailers shy away from accepting crypto because transactions can take minutes to process — time that most busy stores can’t spare.
Bytus is in the process of building a large, global network of retailers that make spending crypto as easy as it is to purchase it. Built over a private blockchain network and powered by the platform’s native BYTS ERC20 utility tokens, Bytus will enable over 1 million stores to receive crypto payments for goods and services.
“There are very few platforms out there that accept payment in crypto,” said Adeyanju Matthew, Lead Community Manager at Bytus. “Those who own digital currencies have to convert to fiat before it could be accepted for a transaction.”
That slow process discourages many would-be crypto enthusiasts from diving deeper into digital currency. Bytus aims to change that by making it easy, with the help of a secure digital wallet, to use any crypto token to make a purchase at a partnered retailer using a contactless payment app or QR code scanner.
Most of the service is still in development with plans for a full-scale rollout by August 2020, but there is already a market for the Bytus Token, Bytus Wallet, and Bytus Crypto Bank as the platform expands its retail partnerships.
“Bytus’s services will be available in the United States to start,” Matthew said. “We are opening in the U.S. market with the Bitmart exchange and we will be working on getting a crypto license from the U.S. After that, we plan to expand to Africa and the Middle East.”
BYTS is an Ethereum-backed utility token and is the medium of exchange in the Bytus ecosystem. Once initially offered, the token will represent the user’s channel width within the platform.
The more tokens users have, the more transactions they can make in a specified time. For example, a user who has 10 tokens can make up to 10 transactions within a 24-hour period.
“The Bytus wallet is where you store the token securely for spending and for other transactional activities,” Matthew said. “The main value it introduces is the ease of making contactless payments through payment terminals or by using QR codes.”
The Bytus wallet will connect to the Bytus Crypto Bank mobile application. That’s where users can perform various banking functions on the platform and receive insurance protection for their deposited crypto. Users can also mine for more BYTS via the wallet.
The blockchain-based institution will allow exchange services and credit card use while letting users move fiat and digital currencies to and from their multicurrency wallet.
By linking bank and wallet accounts, users can also take advantage of low-cost instant conversions that can exchange digital currency for fiat, or vice versa, when paying for goods or services.
“The Bytus Crypto bank works like most Crypto exchange platforms by allowing conversion of crypto and Fiat currencies through interaction with the user’s Bytus wallet,” Matthew said.
The beauty of the Bytus Crypto Bank and Wallet is its ability to hold and convert crypto tokens on the market. While token holders certainly have no shortage of wallets to choose from, there aren’t many that provide virtually limitless potential for holding past, current, and future tokens.
“There is no limit to the number of cryptocurrencies Bytus will support,” Matthew said. “The aim is to encourage and increase the level of crypto acceptance and adoption, and to create an easy, secure, and fast payment system.”
When it comes time to make a purchase, the mobile wallet instantly calculates the amount of crypto needed to complete a transaction and converts it into fiat. Users can then use the wallet’s contactless payment feature or QR Code scanning capabilities to complete the transaction.
Instead of waiting minutes — or longer — for the conversion to take place, users can make their purchase and be on their way in the same time it would take to swipe a debit or credit card. But that’s not the only function the wallet performs.
Users can freeze their private-key enabled wallet from incoming or outgoing transactions depending on their needs — which essentially makes the tokens inactive for 24 hours before they’re returned to the account. This feature enhances account security.
The Bytus private blockchain works on the Graphene chain protocol and uses cutting edge security to protect its users’ holdings. This open-source code significantly reduces bandwidth in the block propagation process. Graphene is modular in nature, making it adaptable to various uses and scalable to potentially support hundreds or thousands of transactions per second.
The blockchain’s high level of security has already attracted more than 1 million global retailers to the growing platform — with many more expected as new features and partnerships develop.
While the Bytus team works to finalize the first iteration of the project’s token, wallet, and bank, it already has its eyes set on the next set of innovations it plans to tackle.
“We are looking at more expansion and enlargement of our retail network that will accept payment for goods and services in crypto,” Matthew said. “That is a very important part of our solution which promises to lead into a wider acceptance and adoption of cryptocurrency for payments.”
Those announcements should start within the coming months, as Bytus completely unveils its suite of solutions and begins a large-scale push to attract new users and retailers.
“We will launch the Bytus mobile app and Bytus Crypto Bank into the mainstream by August 2020,” Matthew said. “We are also going to engage in marketing and advertising as well as partnering with a few exchanges to launch the program.”
In the meantime, Matthew said the Bytus team will continue to focus on current innovations that it hopes will lead to a future financial revolution.
“Cryptocurrency will sooner or later become the prominent means of exchange, and Bytus is here to make the transition faster and easier for everyone,” he said. “We aim to grow people’s trust in this decentralized solution through an ecosystem that allows for direct crypto spending and fast crypto to fiat currency conversion with no and low service rates.”
Originally published at https://www.cardrates.com on June 15, 2020.