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 Nov-Mar 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.
Ethereum is the network, also known as the blockchain. Ether (ETH) is the fuel for that network. When you send tokens, interact with a contract, send ETH, or do anything else on the blockchain, you must pay for that computation. That payment is calculated in Gas and gas is paid in ETH.
You are paying for the computation, regardless of whether your transaction succeeds or fails. Even if it fails, the miners must validate and execute your transaction (compute) and therefore you must pay for that computation just like you would pay for a successful transaction.
You can see your TX fee (gas limit * gas price) in ETH & USD when you search for your transaction on etherscan.io. This is not a TX fee that BayanToken.com, or any other service provider, receives. This fee is paid to miners for mining transactions, putting them into blocks, and securing the blockchain.
When you hear gas, the person is either talking about:
- Gas Limit
- Gas Price
The total cost of a transaction (the "TX fee") is the Gas Limit * Gas Price.
You can think of the gas limit like the amount of liters/gallons/units of gas for a car. You can think of the gas price as the cost of that liter/gallon/unit of gas.
With a car, it's $2.50 (price) per gallon (unit).
With Ethereum, it's 20 GWEI (price) per gas (unit).
To fill up your "tank", it takes...
10 gallons at $2.50 = $25
21000 units of gas at 20 GWEI = 0.00042 ETH.
Therefore, the total TX fee will be 0.00042 Ether.
Sending tokens will typically take ~50000 gas to ~100000 gas, so the total TX fee increases to 0.001 ETH - 0.002 ETH.
You can use online calculator to calculate GWEI <-> WEI <-> USD here, which can be helpful when you want to know your TX fee in ETH, rather than GWEI.
The gas limit is called the limit because it's the maximum amount of units of gas you are willing to spend on a transaction. This avoids situations where there is an error somewhere in the contract, and you spend 1 ETH....10 ETH....1000 ETH..... going in circles but arriving no where.
However, the units of gas necessary for a transaction are already defined by how much code is executed on the blockchain. If you do not want to spend as much on gas, lowering the gas limit won't help much. You must include enough gas to cover the computational resources you use or your transaction will fail due to an Out of Gas Error.
All unused gas is refunded to you at the end of a transaction. Let assume Used Gas is 51000. So if you go to MyWallet tab, send 1 ETH to other address, and use a gas limit of 400000 you will receive 400000 - 51000 back. However, if you were sending 1 ETH to a contract and your transaction to the contract fails (say, the Token Creation Period is already over), you will use the entire 400000 and receive nothing back.
Our recommendation for gas limits are as below:
- To transfer ETH use 25,000
- To transfer BYT use 55,000
- To redeem cloud server use 500,000
If you want to spend less on a transaction, you can do so by lowering the amount you pay per unit of gas. The price you pay for each unit increases or decreases how quickly your transaction will be mined.
During normal times:
- 40 GWEI Gas Price will almost always get you less than 2 minutes.
- 20 GWEI will usually get you within 5 minutes.
- 2 GWEI will usually get you within 30 minutes.
During Cloud Server Redeem:
- 50 GWEI would be the amount you should use.
You can also refer to https://etherscan.io/gasTracker for recommended gas price based on current network conditions.
1. Create an account at bizcloud.io.
2. Log in to your Bayan Token account and go to My Wallet.
3. Click on Redeem Button. A pop out will appear.
4. Enter requested details which are email (the one which you register with bizcloud.io), token amount, gas limit and gas price. Recommended Gas limit is 500,000 and Gas price is 50 gwei. For further details about gas limit and gas price please refer to FAQ #10.
5. Click Submit.
6. Log in to bizcloud.io and go to Partners tab.
7. You will see redeemed duration of cloud server in remaining hours box and it is ready to use.
1. Go to BayantToken.com > My Wallet. Click on 'Transfer BYT' button.
2. Fill in the requested details and click 'Transfer' button.
To - address of receiver (Vendor)
BYT Amount - amount of BYT to be transferred
Gas Limit - refer FAQ #10 for detailed explanation (Suggested: 55,000 gwei)
Gas Price - refer FAQ #10 for detailed explanation (Suggested: 10 gwei)
3. You will get notification - Your BYT transfer has been submitted. Please check status in Dashboard.
4. To check if your transaction is successful, you can go to Dashboard tab. You will see your wallet transaction status. You can also click on the transaction hash to view your transaction status in Etherscan.io.
1. Login/Sign up to TradeSatoshi.
2. Go to Balance.
3. In Balance Search box, type BYT.
4. Click on deposit button. A pop out will appear. You should be able to see an Ethereum like address, which you need to copy to clipboard (Ctrl+C or Command+C).
5. Now log in to your Bayan Token account and go to My Wallet.
6. Click on Transfer BYT Button. A pop out will appear.
7. Paste (Ctrl+V or Command+V) the deposit address which you’ve copied from TradeSatoshi in “To” box. Be very careful and double, triple check the address matches with your TradeSatoshi address – if you copy a wrong one or miss something, your tokens will be lost forever.
8. Enter the amount of BYT tokens to be sent to exchange.
9. Enter the Gas Limit and Gas Price. For further information about Gas Limit and Gas Price, please refer to our FAQ #10.
10. Click Submit button and that’s it.
Download the full guide here.