What is Byteball (GBYTE)?
Future of GBYTE Cryptocurrency and know how to buy GBYTE

#1 – What is Byteball?

Byteball – The Basics

  1. Byteball is an immutable storage system for digital data and assets that work on a decentralized framework. It offers a tamper-proof storage facility for data such as cryptocurrencies, debts, shares, and more.
  2. The database works with its internal currency GBYTE that allows the storage of new data. Since it is a decentralized system, no central authority administers the addition or extraction of new data units.
  3. Byteball offers a collection of features such as predictions, insurance, conditional payments, and betting among others, which makes it distinctive from traditional cryptocurrencies. These functions have made it popular among crypto enthusiasts and experts.

Byteball Development

  1. This database came into being as the brainchild of a Russian technologist, Anton Churyumov. He fashioned Byteball as a means of solving the fundamental issues in traditional cryptos like Bitcoin.
  2. Its ICO was launched in December 2016 with 99% coins distributed for free in order to encourage mass adoption.

 

#2 – What are the benefits of Byteball?

Byteball Technology

Byteball employs directed acyclic graph (DAG) technology to store and transfer data rather than the blockchain. This technology works in the same way as blockchains wherein a new block scans all the previous blocks to complete the transaction.

  1. In a Directed Acyclic Graph, every new unit of data added is addressed as the child unit and all previous units are structured in a hierarchy as its parents, parents of parents, and so on. Therefore, adding a new unit scans all the pre-existing units to complete the storage transaction.
  2. This blockless design technology facilitates easy storage since it does not create any blocks for the transactions. Every new transaction is directly added to the chain and the role of the miners is eliminated. This way, it offers speedy transactions and storage.
  3. Another important technology that the database uses is the Consensus Algorithm. It creates order in the DAG system and offers protection from double-spends. The system creates a main chain that includes all the units created by the user and reaches the genesis unit.
  4. When two main chains intersect at any point, they go further as a single chain and create order in the DAG by removing the double spending.

Transaction Process

When a user creates a new unit of data, he/she needs to include the data to be stored in the form of a message, the signature(s), and references to one or more parent units. The message can be a payment type if the user wishes to send bytes to someone else.

Features

  1. On-chain Oracles: If users are dealing with parties that they don’t trust, they can lock their funds on an address that is spendable only when they meet the condition monitored by verified feeds, called Oracles.
  2. Blackbyte: Byteball has a completely anonymous coin known as Blackbyte. It does not store any transactions made with Blackbyte on its public database.
  3. Immutability: Nobody can either revise or remove the data stored on Byteball.
  4. MultiSig: Byteball offers you the facility to enhance your funds’ security by requiring multiple signatures to use them. Users can also create a shared control of the funds by registering different signatures.
  5. Atomic Exchange: When a transaction is initiated between two parties, both its legs start simultaneously without the involvement of any third/central party.
  6. Finality: Once the transaction is final, it cannot be changed. No powerful attacker, or 51% claims or guesswork can change the data unit.

 

#3 – How to buy and store GBYTE?

How to buy GBYTE

In order to buy Byteball’s currency GBYTE, you have to first download its wallet. GBYTE is available for trade on exchanges like Cryptopia, Cryptox, Bittrex, Changelly, and Bitsqaure.

  1. CoinSwitch, as the largest cryptocurrency exchange platform, offers you to exchange your cryptos for GBYTEs. You have the option to go through over 45,000 pairs of crypto exchange to choose your preferred one.
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your GBYTEs. Instead, all transactions happen to and from your own personal private wallets.

Storage

GBYTEs are the storage capacity for your Byteball wallets. You can store as much data as there is GBYTE in your wallet.

#4 – What is the future of Byteball?

Byteball was launched in December 2016. In its drive for mass adoption, the platform distributed 99% of its total bytes for free. They were given to BTC holders as well as existing Byte holders, in addition to users winning giveaways, purchase cashbacks and verifications/referral rewards. Since its 1st round of distribution, Byteball has allocated 64.5% of its bytes till its 10th round in November 2017.



Also Read: Complete Analysis of Byteball | Live Byteball (GBYTE) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

114.30

117.03

111.10

114.89

57,643

73,832,900

June 01, 2018

166.26

184.38

163.66

178.90

284,582

107,395,000

May 01, 2018

265.56

265.56

246.69

252.80

172,510

171,538,000

Mar 01, 2018

389.36

506.33

387.40

437.32

1,958,550

251,225,000

Dec 01, 2017

236.65

262.47

217.00

251.72

436,236

152,690,000

Aug 01, 2017

463.51

566.36

418.00

538.73

1,194,540

169,601,000

 

#5 – How is Byteball different from other cryptos?

Byteball is an innovative newcomer in the crypto market. It has performed much better in comparison to its main competitors IOTA and Raiblocks. A number of features that make it different from other cryptocurrencies are as follows:

  1. Developers can store their apps and find users for the same via Byteball’s in-wallet Bot Store. With its ease of developing, storing, and finding users, developers have much incentive on this platform.
  2. Its conditional payment feature is different from anything the cryptocurrencies have seen. It allows the users to set a specific condition to their transactions and they get their money back if it is not met.
  3. It provides peer to peer insurance facility wherein users can buy insurance and get paid when there is a downfall. They can simultaneously sell their insurance to earn a profit.
  4. With its Prediction Markets, users can make forecasts and make money. It also allows betting on sports games.
  5. Byteball provides you with textcoins to send cryptocurrency via email or chat texts from platforms like WhatsApp, iMessage, and more. Blackbyte enables completely anonymous payments.
  6. Its partnership with Jumio now allows the users to link their identity to their wallets. This is the Wallet Sovereign Identity feature available only at Byteball.

 

#6 – Should you invest in Byteball?

  1. Byteball is a fresh name in the market. Its principal purpose is to remedy the architectural flaws in currencies like Bitcoin and make cryptocrurrencies fault proof. Its collection of features and new ideas has helped in building a gradually growing community.
  2. Despite its creative infrastructure, Byteball remains obscure. The main impediment in its path is popularity among the users. Once it takes off (and if it does), it should create profitable investments.
  3. As of July 2018, its market cap is $76.3 million and circulating supply is 645,946 GBYTE.
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