Bytus Wallet Disrupting the Payment System
By Altug Tatlisu
Cryptocurrency has within a short span of time taken over more space in our lives than we can imagine. Every day that comes and goes, digital currency companies are developing solutions that help to make the digital payment ecosystem more friendly, convenient, and effective. Most people are increasingly finding cryptocurrencies flexible in enabling them to pay for their purchases online. That said, cryptocurrency is yet to be received fully in most financial jurisdictions around the world. The disruptive nature of this payment solution has made traditional financial systems a little bit reluctant and inflexible in their legal provisions. There are a number of challenges cryptocurrency users face both in the access and use of digital coins. Since commission rates for payments are not regulated, it becomes difficult for users to predict with accuracy how much they will pay in a particular transaction. The result of this is unexpected increases in commissions. Online marketplaces are now awash with digital wallets. Unfortunately, few of them address the specific vulnerabilities of the platforms they are in. This brings about the issue of questionable security. For a single cryptocurrency transaction to be confirmed, it may take up to 30 minutes. This is not welcome by most buyers and sellers because people are looking for instantaneous results when exchanging economic values. Cryptocurrencies face another challenge in conversion to FIAT. Users are forced to go through lengthy exchange processes that make it difficult to use these digital assets on stock exchanges. The special services involved in the conversion process are marred with irregularities and fraudulent tendencies. What the world needs right now is a foolproof blockchain infrastructure on which they can exchange assets, store their private keys safely, and connect conveniently to their payment terminals. This is what Global Digital Payment through the Bytus project seeks to achieve by creating a private network ecosystem where users and crypto owners can exchange their tokens for Bytus tokens. The tokens are then stored in the Bytus wallet ready for transactions. The main value that Bytus has introduced into the marketplace is the fact that you can use contactless payment through various payment terminals. Also, Bytus overcomes the conversion hurdle by enabling you to instantly convert your Bytus tokens to FIAT. The infrastructure and ecosystem of the Bytus project by Global Digital Payment consists of several components. These are the user, the validator, crypto bank, Oracle which is the program allowing users to provide data from outside chains to the locker, and the various crypto and FIAT currencies. By adding cryptocurrencies into the payment system, Bytus effectively replaces Mastercard and Visa payment systems. Bytus will ensure a transparent ecosystem that is scalable and fast in executing transactions. Through the blockchain, users will be able to convert Bytus tokens into other economic resources via the send and receive channels. The send channel enables the user to complete a number of transactions from his Bytus account to the block. The receive channel is the opposite and indicates the number of transactions a Bytus user can receive. With a mobile app still under development, the Bytus system will certainly revolutionize the crypto world making it easier and convenient to send and receive digital currencies.