How does BYAS work?
Last updated
Last updated
It's simple. You buy BYAS. Hold it in your Web3 wallet. And as others buy and sell you receive a percentage of ALL the transactions on the network. If there are transactions on the network, even one transaction, you will get a percentage relative to the amount of BYAS you have. If network activity stops, then there won't be any fees to collect. (However, if there are no transactions, then that means there are no sells either, which means the value of a BYAS token won't drop.) But if network activity continues you will receive fees for the foreseeable future. This isn't like other crypto currencies that pay out a fixed rate regardless of activity. Those kinds of cryptos are just inflationary, and unless there is growth that supports beyond the inflation it will lose value.
Unlike traditional savings systems BYAS doesn't require humans to manage it. Your BYAS never leaves your account (unless you want it to). You receive your fees from the network simply by holding BYAS in your Web3 wallet. Your account can't be closed. There is no minimum or maximum balance you need to maintain. No subscriptions or monthly fees.
There is a 3% FEE attached to every Buy and Sell.
1% Goes To Holders
1% Is Burned Forever
1% Goes To A Decentralized Charitable Wallet
Let's breakdown each fee.
1% of every transaction goes to holders of BYAS. If for example you hold 100,000 BYAS, and other holders have 900,000 combined, that means you will receive 10% of all the 1% fees to holders. We won't speculate on what kind of "APR" that might be, but your earnings will be inline with the growth of the network. Early adopters will benefit the most. But even as the network matures there will be consistent fees earned as long as there is network activity. We will never stop building for BYAS, so we believe there will always be network activity.
1% of every transaction will be burned forever. How is this possible? BYAS is designed to autonomously burn 1% of the value of ALL TRANSACTIONS. When you buy 1% is burned. When you sell 1% is burned. When you send BYAS to friends and family 1% is burned. If you participate in liquidity 1% is burned. If there is enough network activity it's possible that over time 90% or more of BYAS can be burned.
BYAS is scarce.
When you print money continuously it loses value. Most of every fiat currency is experiencing hyper inflation right now.
In some economies over the last 20 years, inflation has gotten so bad, you needed a 100,000,000,000 bill to buy toilet paper. In fact, if you had been hoarding toilet paper over the years, instead of fiat currency, in some countries the toilet paper is worth significantly more than the money used to purchase it. Removing things from circulation helps to maintain the value of the currency and could even cause the currency to increase in value. By burning BYAS on every transaction, we are increasing the odds of increasing its value vs fiat. With holders receiving fees from the network, this also potentially increases the odds of people holding BYAS. No matter what the product is, if people don't sell, and there is constant demand, that item or product will increase its value.
1% OF ALL TRANSACTIONS will go to support charitable efforts.
There is enough wealth in the world to support every person. Unfortunately, too much wealth is concentrated in the hands of a few. BYAS seeks to support humankind all over the world autonomously. By transacting with BYAS, paying bills, sending BYAS to family, YOU are giving. All charity fees will be open and visible to holders of BYAS at any time.
In the future, we will have polls that users can participate in to help determine exactly where the funds go. In the meantime, we will hire staff with extensive knowledge in the field to determine who needs money and where. We will not give to organizations blindly. Many of these charity organizations are nothing more than corporations designed to enrich the board members. We will have boots on the ground wherever we give. Some projects we will oversee personally. Some we will build ourselves. We will do that through our efforts and through the BYAS community. NONE of the charity fees will go to the developers at any time. In fact we will receive no ongoing fees whatsoever outside of being holders of BYAS.
NO DEV FEE.
Our FOUR founding members will receive 1% of the total token supply at genesis. 96% of the tokens will go to the community. This is unprecedented since Bitcoin which set aside 5% for Satoshi.
These Genesis tokens will be locked/unlocked at the sole discretion of each developer. Our incentive for holding the tokens is high considering that we know which projects are upcoming, and ALL of them will require BYAS.
How will the company make money for operations if it doesn't make money?
BYAS is not a company. A company has a corporate structure with a President, CEO etc
BYAS is code. Just like Bitcoin. In crypto code is law. The devs are the first community members of BYAS. We have other investments that take care of our personal needs. We built this using our own personal funds. No VCs. No outside money from anyone.
There's too much emphasis on trying to get crypto to be like traditional finance. It's not. It is a new way of living our lives without traditional financial institutions making (and breaking) all the rules. Those systems have not benefited everyone, or given people a fair chance. We understand the important role that traditional finance plays in our lives. But we shouldn't have all of our money tied up into one centralized system.