The unique cryptocurrency platform, Byteball is preparing itself to launch the second round of token distribution. The latest round is scheduled to happen on February 11, 2017, at 00:33 (UTC) — the next full moon day.
The upcoming release of bytes (the crypto tokens on Byteball Network) is the second of its kind. The platform, which was launched on Christmas Day of 2016 distributed bytes (native cryptocurrency) and blackbytes (untraceable private tokens) to the Bitcoin community. Bitcoin holders, who signed up for the distribution received fresh bytes proportional to their Bitcoin holdings.
According to Byteball, over 70,000 BTCs were linked to the first round of distribution. In the second round, the platform will be issuing bytes to both Bitcoin and Byteball community members. During the process, Byteball token holders will receive 0.1 gigabytes (GB) for every 1 GB of bytes held. Similarly, the platform will issue 0.625 GB for each BTC owned by the eligible community members.
A Byteball representative quoted in the platform’s press release said,
“In the new distribution, 1 GB holding receives the same share as 1.6 BTC. 1 GB is currently traded at 0.05 BTC.”
Byteball is already in the process of building the whole ecosystem around the cryptocurrency platform. Currently, the Byteball ecosystem has cryptocurrency wallets, bot-supported marketplace, private untraceable currency and an exchange platform that allows people to convert their Bitcoin to bytes and vice versa using a chatbot interface.
Byteball’s use of a unique Directed Acyclic Graph (DAG) instead of blockchain technology gives it an upper hand over its rival altcoins. The absence of blockchain makes it less prone to scalability issues faced by the likes of Bitcoin. The Byteball Network users will not have to deal with delays and problems related to block size and block discovery times. A total of 10^15 bytes will be issued by Byteball, 99 percent of which will be distributed among the community members over multiple rounds.
Byteball has emerged as a promising cryptocurrency platform that can meet the growing industry needs. By offering the huge Bitcoin community an opportunity to take part in the new revolution, the platform is expected to gain widespread adoption in the coming months. It is the ideal time for the existing Bitcoin and Byteball community members to take part in the distribution and watch the value of bytes grow in their possession.