Byteball is a Moscow-based next generation cryptocurrency platform which utilizes a technology known as Directed Acyclic Graph (DAG) instead of traditional blockchain-based cryptocurrencies
Byteball is a Moscow-based next generation cryptocurrency platform which utilizes a technology known as Directed Acyclic Graph (DAG) instead of traditional blockchain-based cryptocurrencies. There are no blocks, hence no block size and scalability issues which often haunt other cryptocurrencies. DAG makes use of multi-signatures (e.g. from your laptop and your phone) and every following transaction references several previous transactions indirectly going back to, including and confirming all previous parent transactions in a system that creates a snowball effect, hence the name, Byteball.
There is no central entity that manages or coordinates admission of new units into the database, allowing everyone to add a new unit provided that he signs it, paying a fee equal to the size of the added data in bytes. The fee is collected by other users who confirm the newly added unit by including its hash within their own units. The internal currency used to pay for adding data into the decentralized database is called ‘bytes’ and other assets can also be freely issued by anyone to represent property rights, debt, shares, etc. The order is established by selecting a single chain on the DAG that is attracted to units signed by known users or witnesses.
The platform includes online bot store similar to traditional app stores, including P2P insurance and ytintegrated chatbot interfaces, such as flight delays and sports oracles and other such applications created by independent developers. Byteball’s bot store offers developers a great level of exposure and a user-friendly platform for accessing cryptocurrency powered apps which offer various services through the chat interface that users can start using free of charge.
Additionally, chatbots bring smart contracts closer to end-users by automating their creation – the user only needs to accept the smart contract to use the app’s service. This includes conditional payments where one sets the condition when the payee receives the money, with chat features, payments and smart contracts tightly integrated. In the interest of mass adoption, Byteball has maintained these contracts simple and easy to read for the benefit of regular users.
Byteball’s primary application relates to prediction markets and specifically insurance (e.g., the recently launched flight delays Oracle, having the capacity to post live information about flight delays which can then be used in P2P insurance to get paid if the insured flight was delayed). Other markets in which such oracles can be put in use include insurance for weather events, investment ratings, and news.
The benefits of P2P technologies have so far not been utilized to their full potential, something which Byteball aims to change by applying the very technology to real-world scenarios in the interest of all consumers, offering the industry a glimpse of the potential of what cryptocurrencies can achieve.
Byteball is a complete cryptocurrency ecosystem initiative of a Moscow, Russia-based development team that launched on Christmas day, 2016.
Learn more about Byteball at – https://byteball.org
Byteball on Medium – https://medium.com/byteball
Byteball on BitconTalk – https://bitcointalk.org/index.php?topic=1608859.0
Follow Byteball on Twitter – https://twitter.com/ByteballOrg
Byteball’s Slack channel – http://slack.byteball.org