What is ByteBall? The Cryptocurrency With No Blockchain

byteball gbyte

Available directly in Byteball’s wallet, the Bot Store gives users a current list of available chatbots. Many of Byteball’s features are already offered through the interaction of chatbots. In the past, the team has distributed Bytes and Blackbytes for free to BTC holders and to existing holders of Bytes who have linked their accounts. They have now distributed 64.5% of its total supply for free over a total of 10 airdrops over the past year.

  • Note that these listed asset/token types remain, even if the balance of one particular asset/token is zero.
  • Byteballs has no block size issues simply because it doesn’t have blocks.
  • To issue the new private coin, one can burn regular BTC by sending it to one of several unspendable bitcoin addresses, one address per denomination.
  • There is an internal currency called ‘bytes’ that is used to pay for adding data into the decentralised database.
  • You can also use the P2P smart contract to bet on the movement of a particular price.
  • Byteball differs from other decentralized cryptocurrencies in that it does not use a traditional blockchain where current data transactions are connected with previous ones.

If the payee doesn’t keep his or her promise (or outside data doesn’t meet the stated contract conditional criteria), you can safely take your money back after the designated waiting period. As mentioned, ByteBall has done away with the notion of a blockchain and Proof-of-Work (POW) mining and instead opted for DAG data storage technology. This has a few advantages over traditional blockchain based cryptocurrencies. These insurance smart contracts are the ones that are most likely to gain from the oracle technology. Given that insurance events are mostly external, these oracles can feed information on the event to the smart contract itself.

Smart/conditional payments

There are also a number of unique features of the ByteBall project. For example, you can send conditional payments, hedge against uncertain events, take part in prediction markets and P2P betting. It is also a platform for new assets (coins/tokens) you can create yourself at minimal cost in five minutes.

  • There are also a number of unique features of the ByteBall project.
  • Currently, Bytes are available on exchanges including Bittrex, the Cryptopia Exchange, Changelly and a few others.
  • Users then have the ability to disclose their identity during payments if they elect to do so.
  • We cannot take this ability away from him, however we can try to create a strong incentive (like all of Bitcoin which is built upon incentives) not to sign a conflicting transaction.
  • With version 2.3, you can send any private asset by textcoin, not only Blackbytes.

Immutable storage – Once stored in the Byteball database, the data can neither be revised nor removed. So, please don’t send your new assets/tokens to someone without asking them first if they want them. Note that these listed asset/token types remain, even if the balance of one particular byteball gbyte asset/token is zero. So every time someone receives some Zingos, the Zingo asset/token type gets added to their wallet asset/token list, indelibly so for now [but see section just below]. After a few of these, if they don’t really want all these coin types, they act as spam.

What will be the price of Byteball (GBYTE) after five years?

There is not that much volume on these exchanges currently with total daily volume on Bittrex at roughly $614k. Hence, you should take caution when you enter your buy order as you do not want to have an adverse impact on the price. However, you can still buy Bytes on a number of exchanges with your BTC. Currently, Bytes are available on exchanges including Bittrex, the Cryptopia Exchange, Changelly and a few others.

byteball gbyte

This registry is operated by Peter Miklos who also runs Obyte Asset Registry[5] and a similar bot. Johnny Sessa is a blockchain investor with a dual-concentration MBA specializing in Finance and Mergers & Acquisitions. Identities are confirmed with the help of Jumio and the Real name attestation bot. Wallet identity https://www.tokenexus.com/ verification is practical for payments that make a user declare their identity for legal purposes such as ICO events. ByteBall also has another built-in cryptocurrency that is designed specifically for anonymity. These are called Blackbytes which have much more supply than the standard bytes tokens.

Harmony (ONE) Review & Analysis – Harmony Coin Review

Sending the transaction, together with the history leading to its input, directly to the payee over a private communication channel. The first entry of the history must be a bitcoin transaction that burned BTC to issue an equal amount of BCC. To issue the new private coin, one can burn regular BTC by sending it to one of several unspendable bitcoin addresses, one address per denomination. The debt can be expressed e.g. in fiat currencies or in natural units (barrels, ounces, kWh, etc). The issuers of the debt can reveal their real-world identities and/or be voluntarily attested (i.e. their real-word identities be verified by a well known third party such as CA). This enables the use of the existing legal system to secure against fraud.

byteball gbyte

Every Byteball user can link his Byteball address to his real world identity. The user’s personal data is verified by Jumio, the leading provider of identity verification services, and stored in the user’s Byteball wallet. At the same time, a hash of the personal data is stored on the public DAG and signed by a trusted attestor.

Prediction & Betting

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Share and commodity prices are also very volatile but there are fundamentals behind them. Share price is largely a function of company earnings, revenue, debt-to-capital ratio, etc.

  • The oracle in this case can be an external flight information tracker.
  • These are some other terms to define this Byteball (GBYTE) technical analysis page.
  • Commodity prices depend, among other factors, on costs of production with various suppliers.
  • This limitation that is placed on block creation is one of the reasons that transaction times and fees can spike in times of network congestion.
  • ByteBall does away with this by using a completely different data structure.
  • One of the other problems that many see with Bitcoin is the large centralised mining pools which can threaten the network.

Byteball’s conditional payment contracts become much more powerful since oracles are implemented in the platform. Oracles are basically trusted third parties who monitor specific world events and import their results into Byteball as a data feed. Byteball has a second currency that can be used on its platform – Blackbytes. Unlike Byte transactions that are completely visible on the DAG, Blackbytes are significantly less traceable.

Usefull Byteball links

Running since 2016, Obyte is a distributed ledger based on directed acyclic graph (DAG). As you can see, all of the transactions in the DAG are cryptographically linked to one another. Other transactions will be added on top of yours when they are entered. The advantage of this is that all the nodes on the network (users) will help verify the transactions. There will be a winner and a loser that will be determined post event by the code in the smart contract.

byteball gbyte

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