ByteDex — Blockchain-based C-DEX Structure

4 min readAug 13, 2021

According to a survey conducted by Statista Global Consumer, Turkey is one of the countries with the most crypto users in the world. The total crypto trade in Turkey reaches 27 billion dollars spread across 14 exchanges. This figure is fantastic considering that only 39% of the total Turkish users trade on these exchanges. Unfortunately, this opportunity is not maximized by Turkish exchanges. Even though they make tens of millions of dollars per day in commission, many Turkish exchanges fail in terms of service quality. As of February 2021, there were 9500 complaints per week such as customer service issues, systemic issues, and withdrawal issues.

This can happen because centralized exchanges leave a lot of loopholes that can be abused by certain entities. An extreme example is the exchange owner taking away the user’s assets or the exchange suddenly shutting down. For that reason, decentralized exchanges are becoming popular nowadays and ByteDex will answer that problem. ByteDex is dedicated to providing the best service to Turkish users with its blockchain-based C-DEX structure. Before discussing the ByteDex exchange, let’s take a look at the ByteDex blockchain which will be the key to the ByteDex exchange.

ByteDex develops its own blockchain with a double-tier architecture. The lower layer allows ByteDex to record incoming and outgoing transactions to the ByteDex ecosystem. Meanwhile, the top layer allows exchanges and transactions within the ecosystem to be processed and recorded quickly. Transactions made at the upper layer are not included in the lower layer, but when a transaction enters or leaves the ByteDex ecosystem, the final status of the upper layer transaction is processed into the lower layer. ByteDex blockchain uses a PoS consensus algorithm with 12 super nodes and on the upper layer, ByteDex uses DR-PoS (Delegated Revenue PoS) and CBP (Consensus Before Packing).

With that architecture, ByteDex blockchain can confirm transactions with a capacity equivalent to the NASDAQ stock exchange in 1–3 seconds. In terms of security, ByteDex is highly secure. ByteDex is equipped with several security protocols such as Anchain AI-powered security protocol, AES 256 multi-cryptography, asset locking by smart contracts, and DDoS protection.

With the architecture of the ByteDex blockchain, ByteDex can launch some great products including:

1. ByteDex exchange

The ByteDex exchange will facilitate Turkish users in carrying out crypto-related activities without experiencing the problems mentioned above. Every transaction made on the ByteDex exchange is recorded on the blockchain. Transactions cannot be interfered with by anyone and no one can access, block, or restrict user accounts. And if users experience issues, customer service will be available 24/7. Following are the main features of the ByteDex exchange:

Liquidity solution

The ByteDex exchange is equipped with a smart route order system that connects ByteDex to the liquidity pools of the world’s major exchanges via an API. Through the API, instant data and prices of dozens of exchanges are integrated into ByteDex. With this system, ByteDex can instantly stream information from all exchanges and can process hundreds of the most traded trading pairs. At launch, more than 120 trading pairs will be available on the ByteDex exchange.

OTC platform

The ByteDex Exchange also supports large volume transactions via the OTC platform. On the OTC platform, transactions are made by agreement of two people and ByteDex will act as an escrow service provider. The entire transaction process is recorded on the blockchain so that transactions can occur safely.

Payment and fiat

ByteDex exchange has 3 payment points that allow users to transfer fiat from all credit and debit cards to their wallets. Additionally, ByteDex will apply for a payment point license to be able to distribute Visa and Maestro enabled cards to users to withdraw cash and use it in Turkey.

2. DApps

ByteDex is also a smart contract platform where developers can build applications that run on the blockchain and generate tokens that can be listed in BytedexAltTokens. The token will be listed separately from the main exchange screen and if it meets the requirements, the token will be listed on the main list of the ByteDex exchange.

3. ByteDex wallet (ByteW)

ByteW is a secure DEX wallet based on the Stellar decentralized wallet concept. ByteW does not contain user assets, it only displays information and assets embedded in the blockchain. ByteW allows users to execute transactions on the blockchain integrated with the ByteDex exchange.

ByteDex coin (BYTEDEX)

BYTEDEX is a TRC-10 token with a total supply of 1 billion. BYTEDEX is the currency used for transactions and payments in the ByteDex ecosystem. ByteDex is committed to sharing 20–50% of the exchange profits to the users who stake BYTEDEX.