Another day, another crypto token gets the spotlight. This time it’s NanoByte Token (NBT), a new cryptocurrency from one of the largest conglomerates in Indonesia, Sinar Mas Group. This one is quite interesting as it heavily focuses on its various use cases rather than simply promising to be a great investment for holders.
For starters, NanoByte aims to bridge cryptocurrency to the traditional/conventional currency system, by making crypto wallets compatible with fiat products such as e-money, credit cards, insurance, and other investments. Some of these real-world use cases have already been confirmed, while some others are still on the pipeline.
For example, NBT will allow holders to be rewarded with discount or cashback for buying non-crypto assets in its own investment app called Nanovest. NBT can also be used for a direct payment method through integration with e-money platforms.
One use case example that is already fully operational is how NBT ownership can be used as collateral for lending from financial service providers. Recently, Danamas (a P2P lending service provider also owned by Sinar Mas Group) has started accepting NBT as collateral, which means that customers are able to get instant fiat loan from Danamas just by holding a certain amount of NBT.
The practical use cases are seen as a great way to effectively increase adoption of NBT. In order to accomplish all this, NanoByte is actively securing partnerships with a wide range of institutions, not only those which are under the same umbrella of Sinar Mas Group, but other external parties as well. Initially, NanoByte is focusing on the Indonesian market, but there are plans to expand into other promising markets in the future.
NBT initially runs on the Binance Smart Chain, but it has recently also been made available on the Ethereum blockchain as well. In total, there will be a supply of 10 billion NBT available. The full tokenomics can be viewed in the whitepaper.
The whitepaper also provide more details for the project roadmap. In the coming months, the team is planning to support the development of NFT projects, as well as enabling a staking feature for both NBT and NFTs on its website. The team also intends to make NBT compatible with many notable merchants as it secures more partnerships.
Transparency is also a big concern for the NBT team, as can be seen through how it routinely provides project updates for its community, going as far as informing new recruits for the team.
