The tokens have been in existence for a long even before the blockchain came into existence. Tokens have been representing all forms of economic value. Even paper currency and coins are tokens too. Digital tokens are becoming a rage now with the advent of cryptocurrency.
The speed with which the tokens are being deployed in the crypto world indicates that they are set to become the killer application of blockchain. There are over a total of 175,000 Ethereum token contracts into existence on the Ethereum main network (as of April 2019 since the issue of Bitcoin white paper in less than a decade).
The Bytus Token is also backed by Ethereum and functions as the medium of exchange in the Bytus ecosystem. The Bytus utility token will essentially represent the user’s channel width. The number of transactions in a specified time will depend on the higher number of tokens a user has. For example, if the user has 20 tokens then he/she can do 20 transactions in 24 hours.
The Bytus Token can be utilized through the dedicated Bytus Wallet, an all-in-one online multi-cryptocurrency wallet supporting a wide variety of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others. The mining of Bytus Token is done through Bytus Wallet, and it can be used to send and receive funds, as well as make contactless payments for goods and services via QR code.