JERUSALEM, March 30, 2018 (GLOBE NEWSWIRE) — Elbyte is the first network in the world that combines cryptocurrency and blockchain technology. Elbyte is a P2P E-commerce network platform with a friendly UI that is run on a social network. The Elbyte network uses ElbCoin as their token. By presenting a combination of E-Commerce and Social Networking, Elbyte allows merchants to sell any item on its online marketplace platform without requiring a merchant to hire a broker. This approach results in the items being sold at the lowest price it can possibly be. Elbyte is focusing on using tokens as the main form of payment. Since Elbyte is decentralized, no central company is in control over the total affairs of the sellers and buyers. These new form of marketplaces makes it harder for a malicious entity to sell illegal products and services.
Since Elbyte is using crypto tokens, buyers will be able to pay in the company currency and the seller will receive the company currency. After receiving payments, the seller can convert the currency to USD or any other currency. In the digital world, minting currencies is an activity that doesn’t seem to be restricted to central banks anymore. A token is actually nothing more than a new term to make reference to a unit of value issued by a private entity. Although tokens bear many similarities with bitcoins (they have a value attached to them which is accepted by a community and are blockchain-based), they serve a much broader purpose. Tokens are more than a currency because they can be used in a broader range of applications.
The Token ElbCoin
With ElbCoin, the exchange of money between sellers and buyers is made possible within the Elbyte network. These tokens are transferred from hand to hand regularly, thus, the number of tokens on the platform will not be able to leave the platform wallets.
What makes ElbCoin different from any other cryptocurrency tokens?
This is the only currency in the world that even if the coin costs $1,000 or $100,000, people will still buy these tokens. If an iPhone 8 is listed at the Elbyte marketplace and it has the lowest price against all other iPhone 8 listings on different marketplaces, but people have to use ElbCoin to purchase an item on Elbyte, people will buy ElbCoin tokens to save. The remaining tokens can always be used for purchasing other items within the Elbyte marketplace.
The Big seller who imports his products will be under the supervision of the platform he will be protected and he will be able to transfer any amount of money in record speed, without paying fees on the products and thus will receive the cheapest price that the supplier can give him even in the platform and will not have to involve external banks and track the goods and try to locate the supplier outside the platform. Lower price begets more buyers of the product. More buyers of the product means more buyers of the currency. This constant movement will make Elbyte better and better throughout the years.
Other uses of ElbCoin
ElbCoins can be reinvested. ElbCoin can be used to buy items on the Elbyte Network. ElbCoin can be exchanged for any other currencies like USD, BTC, ETH and many more. You can use ElbCoins to buy from all local stores like restaurants, cafes, and fast foods. You can use ElbCoins for buying online services and any other products online. ElbCoins can also be transferred to other users on the same platform token.
To know more about Elbyte, please visit: https://elbyte.network/
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fd47d047-0171-4c9c-a02c-ae6a0f488199
Elbyte telegram group: https://t.me/elbytec
Elbyte Coin Company
Note: Elbyte did not issue this press release through our service. We are simply sharing it on our website since it was distributed by a top-tier newswire service and features a cryptocurrency project.