What is Kryptobits?
Kryptobits – a novel, comprehensive blockchain ecosystem for banking and financial services that integrates crypto and fiat together in a unique platform.
Kryptobits addresses the following current challenges:
Crypto exchanges are fragmented, difficult to use, and often have cumbersome, inelegant procedures to integrate with fiat banking; With increased regulations and adoption of initial coin offerings (ICOs) into the mainstream, the demand for turnkey ICO solutions is growing. However, current platforms either require a high level of technical expertise or put their own business requirements in front of the ICO teams’ needs, with high fees and cumbersome application procedures; Investment in crypto assets is still the domain of fintech experts and not readily available for the mainstream investor due to low usability of platforms, high risk and volatility of assets, and a general inability to differentiate between hype and fact in the media; Finally, the blockchain ecosystem that is currently most reliable, versatile and applicable for business purposes, Ethereum, suffers from a number of drawbacks and inefficiencies that need to be addressed to create a future-proof, efficient platform for cross-border business and investment.
Kryptobits will address all of these challenges and attempt to create a better ecosystem that will serve to finally achieve mainstream adoption of crypto solutions, including a transparent crypto trading system accessible to experienced as well as novice investors.
Kryptobits is a new generation. Exchange with a crypto-crypto and crypto-fiat exchange and trading platform, powered by a custom-developed blockchain (KartoChain) with a novel consensus mechanism uniquely suited to Kryptobits’s purpose and a novel concept of gas that decouples the prices of executing smart contracts from the underlying cryptocurrency.
Kryptobits works with three distinct underlying concepts:
Kryptobit token, KBE – It is a Utility token2 that will grant the right to use the Exchange among other benefits that will be described in this Whitepaper, giving discounts in all the fees of the platform to its holders permanently and is the basic token object of the ICO of this Whitepaper. Kryptobits token (KBE) will be hosted on the block of Ethereum indefinitely. KartoCoin – the principal currency of KartoChain. Possession of KartoCoin enables the owner to participate in the Kryptobit Exchange and serves as a mode of payment for all services of the exchange. KartoCoin can be exchanged for any other cryptocurrency or fiat currency on the Kryptobit Exchange or external exchanges. KartoStep – a non-tradeable, perishable coin that serves as the Kryptobits equivalent of Ethereum’s gas. KartoStep is not listed on exchanges, it only serves to power the execution of Smart Contracts. Its price does not depend on the price of KartoCoin; thus, the price of smart contract execution on the KartoChain does not fluctuate with the volatility of KartoCoin.
Kryptobits is designed for a wide geographical coverage – including Spanish and Latin American regions currently neglected in the exchange market – and for particularly safe and secure procedures and wallets including extensive third-party evaluation and penetration testing of smart contracts and cold custody options (cold wallets) for users.