It means that BYT offers you a utility that you can make benefit of. In BYT case, it’s the 16-hour access to private cloud server.
For BYT to be certified as Shariah compliant, it has to meet a number of strict terms and conditions. For example, for a transacting asset to be Shariah compliant, it must contain real value (Mal Mutaqawwam concept). BYT does meet this requirement as for each BYT, it contains 16-hour of access to private cloud server.
Another instance is a transacting asset cannot have any doubtful or uncertain elements (gharar) to it to make it Shariah compliant. You can find all information about the owner of BYT at our website. On top of this, all buyers of BYT will have to be whitelisted by filling-in the KYC (know-your-customer) form. These two steps have significantly alleviated any uncertainties regarding BYT.
Having fulfilled all the terms and conditions, BYT has already been certified as Shariah compliant by Elzar Shariah Solutions & Advisory. You can view their Shariah pronouncement in our Whitepaper.
Once BYT is registered at selected exchanges, BYT holders can now trade their tokens freely. When this happens, the price of BYT will be determined by the market, i.e. supply and demand.
This mechanism is very much similar to trading in stock exchange, which has been opined as Shariah compliant by the majority of Shariah scholars.
A private cloud is a particular model of cloud computing that involves a distinct and secure cloud-based environment in which only the specified client can operate.
As with other cloud models, private clouds will provide computing power as a service within a virtualised environment using an underlying pool of physical computing resource. However, under the private cloud model, the cloud (the pool of resource) is only accessible by a single user, therefore providing that user with greater control and privacy.
A private cloud server will allow you to save and access your files, share large files and folders with family, friends and colleagues, setup public direct links so anyone can access the content or create a secure private share that only authorized people are allowed to access them. You can also backup and sync any number of folders.
Not just that, you can enjoy your photos, music and videos from anywhere. You can stream your entire media collection to any of your devices. All you need is just an internet connection. A fast one of course!
The best thing about backing Bayan Token with private cloud server, you can access and redeem it anywhere and anytime, provided you have the internet connection.
Unlike crude palm oil or some metals that many Islamic Banks are basing on for their Shariah compliant instruments, private cloud server is more reliable and deliverable.
To illustrate how private cloud server has significant value and is in constant demand, you can just google ‘private cloud server’ and you will find numerous companies that sell cloud server as their core business.
The ICO price per token is USD$0.80. This price is determined by taking into account a few factors, which include:
- the cost to purchase the private cloud server
- the underlying technology behind BYT
- the shariah compliant status of BYT
- human capital and skills that were invested to materialise BYT
- the forecasted capital needed to run the 3 main projects
We give discounts (US$0.65 and US$0.70 respectively) during the pre-ICO period to encourage people to buy our tokens before the real ICO.
After ICO period, the price of the tokens will be determined purely by supply and demand in the market, which in turn is very much influenced by the progress of the underlying projects.
BYT holders can liquidate the token through:
Exchange listing of Bayan Token will take place in Oct-Nov 2018. Among the exchanges are coinexchange.io and idex (subject to exchanges approval).
To liquidate the token, token holders need to transfer token from BYT dashboard wallet to exchange wallet, then the holders can trade to BTC or alternative coins and later to fiat money via Peer-to-Peer (P2P) exchanges (e.g. Coinexy, Remitano, Luno, Coinmama).
BYT can also be used to purchase goods at selected offline stores or online platforms that we will set-up later.
All underlying projects will be managed and executed by teams of professionals. Two of the projects (AiET and Halal Mart) are already running and have shown positive results. The third project – production and commercialisation of Basella Alba leaf – has already passed the research stage, which was done by experts in the field.
And if we decide to venture into more projects afterwards, it will be thoroughly discussed and researched by our management team, before any decision is made.
Nevertheless, we will always update you on the progress and development of the projects (and future projects) via our Telegram channel and newsletter that will be sent to you periodically.
There are a few arguments to convince you that BYT is not a scam:
Our team consists of professionals and executives from various backgrounds and expertise. They are real people with real experience. Some of them have worked with the government, GLCs, banks, multinational companies, legal firms and many more. You can be rest assured that these people are risking their own reputation if BYT is a scam.
More importantly, our advisors were carefully selected to ensure that only those with credible and relevant credentials are approached. Some of them had advised their respective governments, worked with international banks and involved in many high-profile projects. Again, these people are risking their reputation and profile, should they be advising a scammer.
Just google their names, if you are still in doubt. Go on.
There is no way BYT can be certified as Shariah compliant if it has any element of a scam. Even the slightest sign of uncertainties will make it uncompliant to Shariah rulings. To obtain a certification on Shariah compliance is not an easy feat as it needs to meet a list of strict rules and regulations. And BYT has managed to do just that.
The projects that will be funded via ICO of BYT are running projects. They are not at ideation stage, what more something to be plucked from the thin air. We are happy to share with you the progress and development of each project via our Telegram channel and newsletter that will be sent to you. Make sure you subscribe to our Telegram channel and newsletter.
One prominent feature of a scam is that it will guarantee you the moon and the stars. That it will give you a certain return within a certain period.
We don’t do that simply because we can’t (from Shariah and project-management perspective). But what we can promise you, your monies from the ICO will be handled professionally and all the underlying projects will be managed by teams of experts.
This in turn, will strengthen the value of BYT and that will surely make you happy. Because BYT only offers you REAL value and REAL growth.
I hereby agree to pay advance lease of the amount above for a well described future usufruct of 16 hours per BYT of usage of a private cloud server with specifications of 2 GHz of computing power, 1 GB of memory, 5 GB of SSD disk & 10 GB of bandwidth per month.Choose Coin
Please send the exact amount in one transaction to the wallet address above. Do not include transaction fee in the sent amount otherwise payment system will ignore it. To copy the wallet address, click the QR code image. For any issues with the transfer, please report to [email protected]Back
You will be redirected to www.bytserver.com to complete your payment after clicking Proceed button below. BYTserver is owned by BYT Technologies Pte Ltd, the issuing company of Bayan Token.Proceed