AMA Recap: CryptoFamily x ByteNext

On May 29th 2021, our community had a chance to welcome Tinh Pham — Product Manager of ByteNext to join in an AMA to give fruitful information about the key features and roadmap of ByteNext — is NFT Marketplace for Artists Making the works of leading artists become NFT Transparent and public auctions Virtual reality technology to simulate NFT works in exhibitions Connecting millions of artists and art lovers in the world

This AMA was held by CryptoFamily Group — the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.

At this AMA, the Tinh Pham directly greeted the community and provided detailed information on ByteNext as well as some key products and future plans.

Time: 08:00 PM (UTC + 7) on Saturday, May 29th, 2021

Venue: https://t.me/CryptoFamilyVN

Airdrop 200 USDT for the best questions in the AMA.

Below are some main points of this AMA:

Question for Part 1- Project overview

Question 1: 1. Firstly, can you give me brief introduction about your management team and Byte Next.

Tinh Pham: Thanks for your questions. Our management team includes many experts who are active in the crypto field for many years.

ByteNext with its headquarter in Singapore is now running a project which is called AvatarArt — An NFT Marketplace for Artists.

Please refer to our website to get more information: https://bytenext.io/

Question 2: Please share a few major milestones of Byte Next during its development process.

Tinh Pham: Yes, of course. Currently, we have developed BVote- a Blockchain-based voting and evaluation system. This system has been applied in life with many positive results.

Now, based on the success of BVote, we move to another project which is called AvatarArt, as I shared above. With AvatarArt, we are on the road of completing the comprehensive platform and will launch it soon. please keep patient! We will make you surprised, I swear!

Question 3: Could you share with us your plan to expand locally as well as globally.

Tinh Pham: we are connecting to local artists and museums to create a standard platform.

This will be a solid foundation to expand this model globally, I believe.

Questions for Part 2 — Pre-collected questions from Twitter:

Question 1: Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold ByeNext in the long term?@huskycvc

Tinh Pham: ByteNext’s vision and mission are determined clearly with a long-term strategy. Token BNU will be also used widely in the AvatarArt system.

After IDO, we will constantly develop our strong community, launching a staking program to give valuable NFT to users. This will help increase the value of token BNU because the circulating amount of BNU in the market is rare.

Besides, we spend a part of our revenue buying BNU back to prevent inflation. Our partners and network will be expanded constantly. With the conditions above, we strongly believe in the growth of BNU in the future.

Question 2: What is the reason you choose BSC station to do IDO? and Why did you decide to BSC before other, more solid chains like Eth or Polkadot? Are you planning to integrate more chains in the future or will you achieve all of them thanks to BSC? @quachthingoc96

Tinh Pham: BSCS is a decentralized exchange on Binance Smart Chain. Although BSCS has just been launched, it has many positive efforts and a very powerful community. We want to be the first project to do IDO on BSCS to maximum the community efficiency as well as great support from BSCS team.

They are great values when we do IDO on their platform. And I strongly believe that this will be the first IDO project on BSCS bringing a lot of breakthroughs and surprise to the community. Be patient! We are coming!

We choose BSC, not Ethereum or Polkadot because:

- Now, Ethereum has many issues related to transaction fees, congestion and expansion capacity. And BSC is dealing with those issues very well and constantly expanding. At least, it’s true for now.

- Polkadot will develop more in the future, but for now, we determine that it’s not time for us to develop our project there.

- AvatarArt is a platfrom supporting to NFT artworks. We choose BSC in order to increase the possibility of integrating with NFT system of Binance which will be launched in June.

Question 3: As an investor, safety is always one of the biggest concerns. What kind of security protection do you provide for the ByteNext platfrom?How to ensure the safety of customer assets? @quyencao12

Tinh Pham: With experienced technical teams, we always want to bring the most high quality products with minimum risks to users. Along with developing and ensuring the product quality, we cooperate with other partners such as Certik and Hackathon to audit our smart contract. However, this field has many potential risks, you still have to be careful in using Blockchain products. With us, users’ benefits are our priority so user can be secure when using our product.

Question 4: Avatar Art from ByteNext allows artists to conduct auctions and transactions globally. How is the price determined for the works? What parameters determine it?@AhmetSalihDuma1

Tinh Pham: Before being NFT, artworks have to be sent to professional storage and preservation centers. Here, we have our DD experts to verify the origin of artworks before turning them into NFT. Then, artworks are auctioned under NFT. The opening price will be set by the artists. Based on the market demand, the value of NFT will be set transparently.

Question 5: The success of a project also depends on how big the community is. Do you have plans to spread awareness to both crypto and non-crypto users around the world? Especially non-English speaking countries where access to your project may be restricted? @frknkyar

Tinh Pham: Of course! We have many plans to access the crypto community by connecting to KOLs in many countries. Besides, we connect to many artists who have a lot of fans so that they can help promote and spread the project. Language will not be a barrier anymore because technology helps us deal with this.

PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP

Question 1: Tell us about your plans for 2021, what are you currently working on, and are you going to expand the list of big exchanges?Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?In the long run, why should we trust and follow you and your project? How do you raise awareness and elimination of the doubts of investors / partners / customers? @Yuyu4167

Tinh Pham: Currently, we are doing 2 things at the same time. The first one is that our development team is trying their best to complete the platform and launch it in 2021. Secondly, another team is connecting to other artists and museums to expand our model globally.
Of course, big exchanges are our main targets. We will reveal when all is ready.

Question 2: Do you have any Bug Bounty to check for weakness? In what way do you plan to make Your project more complete??,,,, @Dollar8800

Tinh Pham: Yes, of course. Bug Bounty is in our plan. With experienced technical teams, we always want to bring the most high quality products with minimum risks to users. Along with developing and ensuring the product quality, we cooperate with other partners such as Certik and Hackathon to audit our smart contract. However, this field has many potential risks, you still have to be careful in using Blockchain products. With us, users’ benefits are our priority so user can be secure when using our product.

Question 3: Can you tell me the reason why this project, is worthy to invest ‘into compared to its already established competitors??,” @power0022

Tinh Pham: Currently, there haven’t any NFT platforms targeting the art market like us. We aim at a niche market so competitors are limited, which supports us to just focus on developing the best NFT marketplace for artists. Besides, with our experienced team members and partners, we are confident to make a breakthrough in the NFT market particular and the crypto field in general.

Question 4: Token price

2- make Token Valuable

3-Building Community Trust

From 3 aspects above,. I want to ask,. Which one the most important for you??

If all above are important for you,. Which one that Will you do first?? @RASEL265

Tinh Pham: The order will 3,2,1. Community is one of the most vital factors deciding the success of the project. Having a strong and solid community means that our product is definitely applied widely in life. More importantly, besides the 3 features you mentioned, I would like to add 1 more which is Empowering Platform Development. Launching a product with the best quality is what we are aiming for.

Question 5: Right now , the market is adjusting sharply, the risks are very high but also a great opportunity for development projects. What are the characteristics of your project, and how is your development strategy to be able to compete and rise to the top among other projects. @Pham256

Tinh Pham: The current market is not good, but it just affects the token price. This becomes an opportunity for us to select the best quality partners. Those who are at low quality will be eliminated. Besides, for the development strategy, as I shared before, we are connecting to many artists, museums and partners as well to build up a strong community. At the same time, our development and R&D staff are making efforts to research the market demand to add in more outstanding features, gradually bringing us to become one of the top project now.

For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:

Website: https://bytenext.io
Twitter: https://twitter.com/Bytenextio
Telegram Community: https://t.me/ByteNextOfficial

Telegram Announcement: https://t.me/ByteNextAnnouncement

Telegram Community VietNam: https://t.me/ByteNextVietnamCommunity

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