Byteball – Blockless Technology
Byteball is a cryptocurrency which was released in 2016, and it attempts to introduce innovative blockless technology. Almost all cryptocurrencies have a blockchain, including the most popular cryptos such as Bitcoin, Litecoin, Ethereum, etc. With these cryptocurrencies, miners cryptographically hash transactions into blocks and add them to the blockchain, and the time between each block determines transaction speed.
Byteball has no blocks; instead, it utilizes directed acyclic graph (DAG) where transactions include hashes from one or more previous transactions. All the parent transactions that are referenced by a new transaction become confirmed. Transaction speeds are very fast on this type of network, and once a transaction is included in the network, it can never be manipulated or deleted. A main chain in the DAG determines which transactions were sent first to eliminate any double spending. The cryptographic security of DAG doesn’t require any mining to maintain the network.
Unique Transaction Fee Structure
The fee of sending transactions or storing data on the Byteball network is proportional to the size of the data being added into the DAG. If the transaction size is 500 bytes, then 500 bytes of currency are required as a fee. The byte is the native cryptocurrency of this platform. The fee is collected by the first to reference your transaction as a parent and then witnesses, thus incentivizing transaction confirmation.
1 gigabyte (GBYTE) is 1 billion bytes, and the total coin supply is 1 million GBYTE. Currently, each GBYTE is worth $264, and with 645,000 in circulation, this yields a market cap of $170 million. This is in the top 100 cryptocurrency market caps, and combined with several hundred thousand dollars per day of trading volume, this indicates Byteball is popular, widely used, and important to know about if you are a crypto enthusiast, investor, or trader.
Coin Distribution Breakdown
99% of all GBYTE are to be distributed to the public for free for doing various tasks that strengthen and advertise Byteball, with only 1% kept by the developer. At this time, 35% of coins remain to be distributed, and this makes investing in this crypto somewhat risky since these coins will be entering the market and applying downward pressure to price.
Smart contracts powered by Oracles are integrated into this platform, and they provide the foundation for risk-free conditional payments where conditions must be met before coins are released to a receiver. This provides the framework for a decentralized escrow, insurance, prediction markets, and betting. Oracles determine if conditions have been met or not. This technology can be used to build decentralized apps.
Private and Public Addresses
There is a white address and black address for each user of this platform. The white address is public and uses typical GBYTES; the black address is completely private and uses blackbytes. Black addresses provide total anonymity to send money, because they are peer-to-peer and don’t have any public record.
This crypto-platform also has built-in technology to send coins by text or email, making it very easy for users to send coins to each other. Since Byteball is one of the first cryptocurrencies to use innovative DAG technology rather than typical blockchain technology, it has become quite popular and widely used; it’s probable that the value of GBYTE will rise in the long term. Therefore, it is a good idea to keep some GBYTE in your cryptocurrency portfolio.
This is not advice. Advice should be accepted by your chosen legal counsel only and financial advice should come from a licensed or certified financial professional. As always – do your homework and make decisions based on your own education. Seek information and look into projects before adding to or diversifying your portfolios.