Byether is a new project aiming to create and connect a cross-fork between Bitcoin and Ethereum. Basically, the team behind this idea has copied the BTC blockchain, and implemented it into Ethereum. This coin will be an ERC-20 token, issued without ICO. The team calls it "the new Bitcoin", as it will keep all the characteristics of Bitcoin, while benefiting from all the advantages of Ethereum.
The total supply cap is going to be 21 million distributed in this way : 17.000.000 BTH (80.97%) for cross-fork, 2.000.000 BTH (9.51%) for marketing fees, 1.000.000 BTH (4.76%) for user growth pool and 1.000.000 BTH (4.76%) for developers.
To receive BTH after the cross-fork, you need to verify his Bitcoin address through MyEtherWallet or Byether's website, done through smart contract so it should be pretty safe and transparent. You will then receive BTH on a one-to-one ratio relative to your BTC goods. This is a brand new and unusual scheme, which is pretty cool if you ask me.
1.000.000 BTH will be allocated for the user growth pool, but what is it ? Here is how a definition, pulled right from their website :"User Growth Pool : these tokens will be used to incentivize users to join the Bytether ecosystem. It will be distributed to users who promote BTH (e.g., be active on social channels) and reward users when they make payment via BTH. It is pretty clear, no need to explain it to you.
At this point, I wasn't really convinced, as it is simply a Bitcoin equivalent on the Ethereum network, so I couldn't find any real utility to this coin.
However, Bytether has a really interesting roadmap, with 2 big projects that caught my eyes.
First, the launch of a BTH Pay Plugin scheduled to be released in April 2018. The BTH Pay Plugin is an "easy-to-use plugin for merchants to integrate BTH payment into their website".
The second project is the release of the BTH card, here is the purpose of this card : "debit-card card payment method. Users can authorize a card number and use it for online transactions, without using private keys." So it basically is simpler way to pay online, as you don't need your 64 digit private key. It also means that if you lose your credit card, you should report asap, because your bitcoins are in danger.
Conclusion :
Bytether is a cryptocurrency focusing on payment and payment only, with the objective of becoming "a better Bitcoin", becoming the most popular currency in the process. Wether or not it will succeed is unpredictable, but you can claim your coins and see what happens. If the team stays on scheduled, succeed in delivering their products in time and has a great marketing strategy, we might see a massive adoption and a price increasing in value overtime.
What do you think ?
Have you ever heard of this project ? What do you think ? Where do you think Bytether will go ? What is your overall feeling about this coin ?
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