Bytex Exchange Token(BYT) Launch
Recent announcement from Bytex team:
Bytex team is announcing the launch of Bytex exchange token (BYT) and new Bytex features — transaction mining & dividend distribution. Launching date 2018/08/22 09:00 GMT+8.
Through the new model, BYT holders are entitled to the share of exchange profits every day. Users can acquire BYT by purchasing it on Bytex exchange (BYT/USDT) and as a reward for paid transaction fees. It is the first step in our roadmap of building a next-generation crypto exchange.
Exchange token, transaction mining & dividend distribution model summary:
1) Bytex to issue an exchange token, the Bytex token (BYT), and BYT holders share exchange profits every day.
2) 51% of Bytex tokens are allocated to transaction mining pool, and the remaining 49% is allocated to Bytex alliance program, promotion, strategic partnerships, and team.
3) The transaction mining reward is calculated hourly based on average BYT price and rewarded the next day 00.00 GMT.
BYT reward calculation formula:
Number of BYT rewarded to user = trading fees paid by user/average BYT price
4) 80% of exchange trading fees are distributed as dividends to Bytex token (BYT) holders. Only BYT in circulation are entitled to dividends.Dividends are distributed in all tokens traded on Bytex.
Dividends are calculated daily and distributed the next day 00.00 GMT. To enjoy dividend distribution, users must hold BYT for at least 24 hours.
Dividend calculation formula:
Dividend rewarded to user = 24h BYT holdings / total BYT in circulation * total trading fees * 80%
5) 20% of exchange trading fees are kept to cover Bytex operational cost.
For more information about BYT token, please refer to our white paper (link).
Bytex token (BYT) is a backbone of Bytex community. All Bytex future endeavors are structured to benefit BYT holders, especially early Bytex community members and early BYT investors.
Join Bytex and become a part of the cryptocurrency exchange of the future. More updates coming on the way, stay tuned.
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