AMA Recap Crypto Library with ByteDex


On 28th June 2021, ByteDex conducted an AMA in the Crypto Library Community. Our guest is İsmail Köseoğlu. Lots of questions as usual from the Community about ByteDex progress. The ByteDex team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into ByteDex.

Let’s take a look at the most interesting points of our conversation.

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

İsmail Köseoğlu (ByteDex) : My name is İsmail Köseoğlu i am the CEO of ByteDex Technologies and Byte Finance & Technology companies. I am in Crptocurrencies since 2014. I have got online MBA's and certificates from well known universites in the world.
Crypto Library Team : What is ByteDex? and how your team can create this project?

İsmail Köseoğlu (ByteDex) : To explain briefly ByteDex is a CryptoCurreny Exchange with a hybrid technology combining Central Exchanges and Decentralized exchanges. ByteDex aims to achieve give a full control over crypto assets to users as like DEX while providing comfort of CEX. To achieve our goal we have two main points do not store user funds in the Exchange and keep all transaction on blockchain. At first point in our Exchange users use their own non-custodial wallets to connect to our Exchange. All the funds controlled by users they just trade on our Exchange and when trade finished user simply disconnects the wallet. We never store crypto assets on servers so we can say that we keep users funds hack –proof because simply we don’t have crypto assets at our servers. And the second point we are launching our blockchain named ByteChain in January 2021 which will provide us great features as an Exchange. We are going to strongen decentralization in the Byte Exchange. We will be have Dapps feature, Exchange mining feature and own block Explorer every transaction recorded in Exchange and hosting multiple assets with sidechains. BYTEDEX Token is the main unit of the Byte Exchange as like other Exchange tokens like BNB OKB etc. And it has significant role in the ByteDex Ecosystem.

Crypto Library Team : What features and products does ByteDex want to offer? And why we should choose ByteDex?

İsmail Köseoğlu (ByteDex) : In Bytedex Exchange we are using a different architecture that gives ability us to work Ethereum, Binance Smartchain and Tron Networks at the same time. ByteDex has a Dex wallet named ByteW! ByteW is a multisign wallet like trust wallet that users can connect to our exchange and operate on there 3 blockchain networks at the same time via advanced smart contract operations. Also in Bytedex Exchange, “ByteDex Brokers” is another feature that professional traders would like it very much where they give professional trade services to their customers using customer funds in a determined limit that decided by fund owners. Also we give opportunity to BYTEDEX Token holders to get an income over staking their tokens on ByteDex exchange up to %50 APY according to their staking amount and time. ByteDex has an innovative thinking mind, at the end of this year, all features will be completed as written in white paper. For now our exchange will be opened at 31st of July.

Crypto Library Team : Please tell us about $BYTEDEX token! What are the token use-case, distribution, and where we can buy it?

İsmail Köseoğlu (ByteDex) : BYTEDEX Token is the official trading unit of the Bytedex Exchange. BYTEDEX Token has been produced in cooperation with Tron Network, in total 1 billion units in TRC-10 format only for Presale & ICO stage. At opening of exchange TRC-10 BYTEDEX Tokens will be swapped with TRC-20, ERC-20 And Bep-20 BYTEDEX Tokens. BYTEDEX is the blood of the ByteDex ecosytem. BYTEDEX token hodlers gain %300 discount on commisions according to hodling amount. Also if you stake BYTEDEX token in Byte Exchange we distribute up to %50 of net income of the exchange to BYTEDEX Stakers again this is according to staking amount and period. Also BYTEDEX will be a deflationary token means we will burn some amount of tokens time to time.

Crypto Library Team : Please share some information about your roadmap, your recent progress, and your future plans?

İsmail Köseoğlu (ByteDex) : Actually we are at the last part of our roadmap as we call it implementation part. We put the table solid products for people. In this scope 15th of July our Dex Wallet will be released in Android and IOS markets. AT the 31st of July Byte Exchange Opens!! until end of august we launch ByteDex rewards program, ByteDex Staking, ByteDex Brokers. At the begining of the 2022 we will launch own dual chain named Byte Chain which will give us great power for new features. 
Crypto Library Team : Your project name seems very catchy. Is there a story behind it? Can you share with us some inspiration for approaching this name?

İsmail Köseoğlu (ByteDex) : ByteDex is a community based project according to Blockchain ideology and we are very strict to blockchain ideology as well. And community becomes person by person. People become together and creates the community which is a major part in ByteDex ecosystem. As you know Byte is the smallest unit of the softwares and each software become with bytes in it. The allegory of the byteDex is this. Persons creating our community as like bytes creates the software. ByteDex comes from this origin.

Crypto Library Team : I want to join with ByteDex exchange ICO which will last an one month from 28th of June. What is the procedure, I should follow to join ByteDex ICO? How much should I have minimum value to participate ByteDex ICO?

İsmail Köseoğlu (ByteDex) : Everyone can join ICO at website by clicking "Join ICO" buton on the website and then just follow instructions. There is no KYC is needed at this phase. We will ask KYC when users register to the Byte Exchange. Minimum value to participate to ICO is 1000 BYTEDEX Tokens. BYTEDEX =0.03$ for now. If you bother to invest in tokens you can try to invest in an exchange actually. BYTEDEX Token has nearly same functionalities with other exchange tokens. And you can clearly understand what will BYTEDEX Token be just looking to the history of other exchange tokens.

Crypto Library Team : I read that Users can directly connect to your exchange with ByteDex wallet(ByteW) and carryout transactions. what security mechanism or measures will be used to protect users ByteW? Will users require a key Phrase or so to protect their wallets?Can you tell us some feautures to?

İsmail Köseoğlu (ByteDex) : ByteW is a multisign DEX wallet and has ability to connec to byte exchange. But not limited this ByteW has ability to connect major swap exchanges as well on ethereum, BSC and Tron networks. This means you can swap any token on swap exchanges ,you can withdraw them to ByteW and you can trade with them on Byte Exchange. Even the token/Coin in not listed on Byte Exchange you can still procced to trade on OTC platform (peer to peer) to avoid high slippage costs on swap exchanges. You have to understand that it is the most secure way to trade using non-custodial wallets like ByteW or Trust etc. Your funds are controlled by you and noone else hack them steal them and intervene your transactions. 

Crypto Library Team : I see that some of the features/products of your project are:
  • ByteDex wallet
  • Byte Exchange
  • ByteDex Staking
  • ByteDex Brokers
  • ByteDex Rewards
To better understand can you please explain in details about each of these features? How will they be used in Byte Ecosystem?

İsmail Köseoğlu (ByteDex) : First of all Bytedex offers ByteDex Staking where users can stake ByteDex. We are going to distribute up to %50 net income of Exchange to ByteDex stakers according to stake amount and period. The second is Byte Wallet as we call ByteW is a multisign decentralized wallet that can operate on different blockchains at the same time.ByteW is a bridge between swap exchages and ByteDex. With multisign feature you can connect biggest DEX exchanges on Ethereum, Binance and Tron networks while doing this you can trade that coin in ByteDex, even if that coin is not listed at Exchange you can go on trading over OTC platform. So we are offereing an OTC platform for P2P trade as well with ByteDex Escrow. Upon this we are going to launch ByteDex Token Launcher where new projects kick start their ICO or pre-sales. Also another important feature is ByteDex Brokers. ByteDex supports trading over crypto but we noticed that most of the people want to trade with minimum information. We thought that Professional trader would help their trade in return of a peice of profit generated with trading. ByteDex Reward program is special reward program including referral program, trade reward program, women participation program and BYTEDEX Token hodlers program. And finally Byte Exchange is another main part of ByteDex ecosystem which is a hybrid crypto exchange.

Crypto Library Team : To be honest i want to say that I am very much comfortable with using Centralized Exchanges, but am ready to give Byte Exchange a try. What are the comparative advantages your trading platform has compared with CEXes?

İsmail Köseoğlu (ByteDex) : CEX are not safe because they keep your wallet data in their servers thats why you lose your crypto funds incase of hacking or the owner of the exchange shut down services. They are very open to leaking for hacker they get your informations including your IDs. And you are giving all control of your funds to these exchanges. Just in 2019 12 biggest exchange hacked. And news are beng hacked every year. And I am sad that 100K hacked information is on sale at dark web at a cost of 500 dollars. Not limited this, they are using their funds at the backside to make more money. Thats why they limit you when you want to wthdraw all your money back. Even to all comfort this is the reality. And anything centralized in Blockchain world means it is not approriate to blockchain itself. So they borned with these defects geneticaly and we will face with this problems every year. ByteDex is a hybrid exchange with you own walles. Your wallet Your funds your exchange.
Crypto Library Team : Your project represents a new generation of exchanges but large platforms such as Binance are also developing similar, so, I would like to know how the ByteDex project will manage to quickly enter the hybrid exchange race and position itself as a strong competitor?

İsmail Köseoğlu (ByteDex) : The biggest exchanges like Binanace Gate or Coinbase has awareness of the problem with CEXes. They are transforming themselves into a hybrid way. But they are to big to make the change in a short time. Our advantage is we start directly as like a hybrid exchange. Hybrid technology is developing and none of the projects has a major place because they still try to complete all development process. ByteDex is ready to serve with unique features this will make us Top 1 in the hybrid exchanges league. With the our community program we can be able to behave like local exchange in every country while we are keeping global presence. We want to be at top 10 list in the world in next 5 years.

Crypto Library Team : Security is always most important for a users. Can you tell us about your platform security? Have you done any audit via any audit platform?

İsmail Köseoğlu (ByteDex) : Yes we are conducting an internal audit process for now. After Byte Exchange open we will conduct a public audit. When it is finished we will announce a bug bounty competition some how at the end of september.

Crypto Library Team : What do you see about the future of blockchain? is ByteDex able to give a new color in the crypto world? What is the measure of success in your opinion? Can cryptocurrencies become digital currencies in the future? and replace conventional money?

İsmail Köseoğlu (ByteDex) : Blockchain in now like internet at the 90s now. At that time i was a child and i have had the second computer at whole town i live. I connect to internet and it was a brilliant new world. People was talking about the the internet will be the everything in the future. I got and domain and i create a Queen fan page. To download 1 song was taking about 45 minutes. Now internet is everywhere. Blockchain is the same. Blockchain is the future anyone who aware of this do something blockchain related.

Crypto Library Team : In many cases of cryptos, some of which is very difficult for the project to turn a profit. Some projects have a debt share of 10% (10% of the transaction fee received from the project), how do you explain to us, whether your project can generate profits?

İsmail Köseoğlu (ByteDex) : Just to mention to make a maths on what exchanges earn you have to take look about marcetcap of the exchanges daily. minimumm commission is %0.007 just calculate and you will find the general income of an exchange. If you give good service as an exchange you can not get in debt. Only way to get in debt to ue user funds for different things and you lose them. Most of CEX in debt because of this. ByteDex is a hybrid exchange and we do not store funds and noone can use your funds. We are just getting normal exchange commissions and other earnings. This will be enough even we share our net income up to %50 to BYTEDEX Token stakers and %20 to cummunity support in diffenrent countries.

Crypto Library Team : Can you provide information about the pre-sale, When and on which exchange the BYTEDEX token will be listed?

İsmail Köseoğlu (ByteDex) : BYTEDEX Token is an exchange token and will be listed at Byte Exchange at 31st of July. Then it will be listed 3 other exchanges in next 6 months and 5 in one year.