Technical Architecture Summary
Initial Beyond system consists of different solidity smart contracts which will be the governing backbone of the complete platform. There will be a contract that will be controlling all token issued by the system. For Beyond Exchange, we will have different contracts that will be used to issue and control all the Synthetic assets that will be generated by the systems. Along with this we will be using proxy contracts to develop stable systems in the future citations.
The BYN token contract will be controlling the BYN token that will be the basic token of Beyond ecosystem and will be used to create all the synthetic assets on the platform. It will be created as required by the system and will be used to submit collateral for new synthetic asset creation.
Beyond Exchange contract will be controlling contracts of all the synthetic asset. One contract for each kind of synthetic asset will be deployed and since all are the same type of token contract, so it is largely interchangeable but will only vary on name and price part of the contract depending on the statistics of the represented asset.
Synthetic asset contract will be called on the creation (or redeeming) of all the new synthetic asset based on the requirement.
We will be having the reward pool contract that will be monitoring all the rewards that are to issue among the stakers working closely with Beyond Exchange contract.
Oracle updates, stores, and distributes the prices of all the synthetic asset to be used by the Beyond Exchange contract in time to be used and provides functionality to calculate exchange rate between synthetic assets
Address Resolver contract contains all the addresses of the contracts that are in the system and is a type of service locator pattern that provides their address when needed to be interacted.
Proxy contracts basically will sits in front of an underlying target contract and provides the interface that allows contracts to operate beneath a proxy. it will be also used with all the contracts to store their logics to come handy in time of need.
Beyond Token (BYN)
BYN is the core token on the Beyond protocol and serves as a collateral, governance, and fee payment token within the Beyond ecosystem. Initial issuance supply will be 100,000,000 BYN tokens with the following allocations:
In the early stages of the Beyond system, there may not be a sustainable ecosystem for the mechanisms to function correctly. Hence, there will be a sizeable portion
of the Treasury Fund which will be allocated as rewards for users who staked their tokens and contribute actively to the ecosystem
Synthetic tokens are invested on the Beyond platform, which exists as ERC20 tokens that can be freely transferable and traded on the Beyond exchange. Given the decentralized nature of the synthetic tokens, it is also possible for these synthetics to be traded on other exchanges. However, through the liquidity design implementation of Beyond Exchange, we expect that the deepest liquidity will be available on Beyond Exchange with tightest spread and lowest effective cost of trading.
At the early stage, Beyond protocol is built on Ethereum for broad-based user accessibility, proven track records, safety, stability and other advantages. Synthetic tokens generated on the Beyond platform exists as ERC20 tokens that can be freely traded and transferrable on the Beyond exchange.
Nonetheless, Ethereum has its ongoing scalability issue, which leads to network congestion and high gas fees. Hence, it causes high cost for trading and transaction delays in Ethereum based platforms. In order to make, even the smallest investors to trade freely in our platform without cost burdens or transaction delays, as an interim solution, we will provide our own hybrid wallet for an option for users to choose, which delivers an enhanced scalability and security. In a longer term, Beyond protocol will be migrated to faster, cheaper and easier platforms which are now being actively introduced. Potential candidates include Polkadot, Solana, Cosmos etc., but final selection of platform and actual migration will start once the platform is proven with mass adoption by broad-based users; and also stability and safety is guaranteed.