Bayan Token is a Shariah-compliant, utility-token that as presented by its creators, offers multiple values and benefits to the Token holders. Bayan Token has a trading ticker BYT, and it is an ERC20 token. Bayan Token is grounded on Islamic belief to create "Good for a Greater Good for all". The Singaporean company that has developed this project has introduced BYT as a token with intrinsic value, which represents the ownership of sixteen hours of access of Private Cloud Server, as each server offers 5GB of SSD disk, 1GB of memory, 2 GHz of computing power, and 10GB bandwidth of data transfer per month.
Beyond its utility structure, the founders of BYT claim that it is backed by tangible assets and real-life, economic profitable projects which are expected to support the whole ecosystem and create a powerful impact for society in general, such as:
- Development of a Shariah-compliant AI-Equity Trader for Global Exchanges. Currently, the system is being developed and tested for the USA market
- Expansion of up to 1,000 stores of Halal Grocery Mini Marts across the South-East Asia region and Malaysia
- Producing and commercialization of a health supplement from Basella Alba leaf extract for reducing bad cholesterol.
The ICO has started on the 27 June 2018 and will end in October 2018.