What is Bityuan crypto and is BTY token safe?

Highlights

• Though the total market cap is back to US$1.3 trillion level, there is no certainty about future
• Bityuan talks about parachain development services, with multiple nodes backing the mainnet
• BTY token of Bityuan has yet to list for trading on major exchanges like Coinbase

Cryptos seem to have staged a limited comeback after a steep fall in total market cap in the wake of the fall on Terra ecosystem. As of writing, the market cap was over US$1.3 trillion, having recovered from nearly US$1.1 trillion level. Terra’s LUNA crypto, which has links with stablecoin UST, continues to trade in red.

The focus might now be on the real utility of blockchain projects and their linked tokens. In this light, let’s look at the project, BitYuan, which claims to provide multi-chain services for smart contracts and related works.

What is Bityuan?

A blockchain service provider, Bityuan mentions building a parachain architecture as its primary area of focus. As of writing, Bityuan’s official website boasted nearly 1,950 nodes for verification purposes. Chain33 appears to be underpinning Bityuan’s network.

The project claims it is the first “public chain” network that facilitates parachain architecture. Using the service, it is said, developers can build multiple chains to deploy their products. The mainnet of Bityuan enables consensus of multi-chain smart contracts. The website also cites data privacy and encryption as one of the key highlights.

Mobile wallet services are also listed, besides a mention of “storage sharding”.

Also read: Ampleforth Governance FORTH token rises: What is Ampleforth crypto?

BitYuan crypto

BitYuan’s native token has the ticker BTY. BTY token has yet to list on major exchanges like Binance. On CoinMarketCap, which has very limited information about the Bityuan project, BTY price data has yet to be made available.

On Binance, the price of Bityuan crypto was cited as nearly US$0.11 as of writing.

Is Bityuan crypto safe

Bityuan’s BTY token is a relatively new entrant in cryptoverse as compared with ETH or other major assets. BTY is not listed on exchanges like Binance and Coinbase, although both seem to track its price.

The cryptoverse is reeling from negative sentiments, with BTC hovering near US$30,000. Low market cap assets, with yet to be fully tested projects, may manifest the same volatility, or even more, as assets like BTC or SHIB.

Data provided by CoinMarketCap.com

Bottom line

Bityuan’s network claims to support parachain development. The linked native token is BTY. Neither any major exchange nor CoinMarketCap has enough data on Bityuan crypto. The crypto market is in a rough phase, with most major assets having a deep year-to-date (YTD) loss. BTY token may manifest the same price fluctuations.

Also read: What could have caused crypto crash and what can be its effects?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.