What is ByteTrade?
ByteTrade website: Bytetrade.io
ByteTrade is the first distributed cross-chain value exchange network (Lightning Network) which is already online. It is developed with the most advanced concepts and technologies, including but not limited to the most efficient consensus algorithm (BCP), the first cross-chain implementation (BCCP) for commercial applications, industrial-grade extendable side-chain implementation (BSCP) and identity protocol (BIDP).
Let’s take a closer look at these technology highlights：
BCP — A New Generation of Consensus Mechanisms
The BCP Consensus Agreement consists of two major mechanisms: DRPOS (Delegated-Revenue-POS) and CBP (Consensus-before-Packing).
DRPOS aims to address the root of the low participation problem of blockchain communities. Inheriting DPOS’s advantages, it modifies “Economy” so that all users can enjoy the rewards package of the nodes.
The overall speed of a blockchain network is determined not only by the block time, but also by the confirmation speed of each block. Since subsequent block confirmation is not required under the CBP mechanism, a giant leap in network speed is achieved, with the block time rate at 1 block/s.
BCCP Cross-Chain Agreement — Value Circulation Hub
BCCP (ByteTrade Cross-Chain Protocol) is the first cross-chain protocol truly put into operation, which anchors assets on other public chains through smart contracts/scripts.
With this protocol, users can exchange ETH for BTC, or vice versa, directly in the decentralized network. Throughout this process, assets are locked up by smart contracts/scripts which require multiple sign-offs, ensuring the security of assets trading.
In the near future, you would only need a ByteTrade-based wallet to manage most of assets on major public chains at extremely low cost.
BSCP Sidechain Protocol — a Win-Win Symbiotic System
To meet the digital need of billions of people worldwide in their daily life, ByteTrade is bound to extend its functions and improve its performance at the same time. Believing that the semantically-explicit “Operation” is a good solution to address the shortcomings of the smart contract which cannot conduct parallel computing, we introduced the sidechain mechanism based on the Operation system, which makes the blockchain platform much more flexible.
In this way, three-party developers can create more vertical sidechain scenarios, and achieve superb processing capability by sharing the BCP consensus mechanism that can conduct transactions within seconds.
BIDP Identity Protocol — Simpler and More Practical
To be widely applied in real life, ByteTrade must be simple and user-friendly enough. In light of this, we have developed BIDP to authenticate and manage users’ identities within the ByteTrade network. By replacing the “Address” with a more readable “Account”, users are able to conduct KYC (Know Your Customer) surveys, third-party comment, and even “private keys reset” in the decentralized network.
With OpenID, various dApps are easily accessible on the platform. In this way, a truly service-oriented network for an integrated user base is finally built.
What are the application scenarios of ByteTrade?
Thanks to these advanced concepts and technologies, ByteTrade could be used in various scenarios, such as Decentralized Exchange, Global Payment, Issuing a Cryptocurrency, Prediction Machine, Electronic Signature, Voting System, Digital Identity Authentication, Third-Party Comment etc..
Among these, decentralized exchange is the core application scenario:
- Users can enjoy the experience of a near-centralized exchange while ensuring asset security
- The partner can open his own decentralized exchange with just one click
ByteTrade DEX, the first decentralized exchange based on ByteTrade, has been successfully launched for more than 100 days. The exchange supports transactions for ETH and all ERC20 assets. What is more, the BTC assets will be supported soon. ByteTrade will be the world’s first real decentralized exchange which supports cross-chain transactions.
You can learn more about ByteTrade here👇 : https://www.bytetrade.io/trade.html
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