How does the Byte Points system work?
It is a loyalty Point system designed to run on a 100% Blockchain infrastructure: Gobyte; providing all the legal and compliance guarantees to consumers and shops through our platform.
How does the Byte Points system ensure legal compliance?
The Byte Points system generates a closed loop within a public infrastructure. The Byte Points platform only accepts points generated by its consumers so that we can 100% guarantee the origin of these funds.
How does the price of Byte Points work?
The Byte Point system is based on Gobyte technology, with 1000 Byte Points being equivalent to 1 Gobyte.
The price of Gobyte fluctuates in the free market and our system has no control over it.
However, the use of our system favours continuous demand flows for Gobyte over time.
How is Byte point demand is generated ?
The Byte Points system generates buying pressure as we dedicate a part of the revenue of each merchant subscribed to acquire Byte Points; which are then blocked in Masternodes and used to finance Byte Points for the users.
In other words, a continuous monthly purchase demand is generated and, as our volume of subscribers grows, this demand increases.
Is there pressure to sell Byte Points?
Yes; users of the Byte Points system, as they acquire points, can decide to spend them at partner retailers.
However, this sales pressure is more than compensated by the continuous purchasing from our merchants and by the fact that many consumers prefer to accumulate their Byte Points in order to spend them on a one-off basis.
Can the users buy Byte Points directly on the platform?
No. On our platform users acquire Byte Points by providing/selling their consumer information (shopping receipts in shops) to the platform and obtaining a small economic compensation in the form of Byte Points for it. Byte Points is a loyalty system for merchants, not an exchange.
If users wish to purchase Gobyte tokens they can do so on specialised platforms. However, for now and for compliance reasons these tokens cannot be used through our platform. This might change in the future.