What is GoByte (GBX)?
Future of GBX Cryptocurrency and know how to buy GBX

#1 What is GBX?

GBX: The basics

  1. GBX (from GoByte) is an easy to use, low fee cryptocurrency with a digital payments system. It includes all the features that a regular consumer may need to utilize a cryptocurrency, and everything that a merchant may require to accept cryptocurrency payments.
  2. GBX is a copy or fork of a cryptocurrency system known as Dash.
  3. It is compatible with retail stores and with e-commerce websites too. It claims to facilitate transactions with absolute security, and quickly by just scanning a barcode.

GBX Development  

In November 2017, a group of young developers from around the world got together in order to create a cryptocurrency of their own. They identified a pre-existing network, Dash, along with its foundations in Bitcoin. They then invented a blockchain network and its coin, and named it GoByte. This coin was created with a major goal of changing the way money is transacted in the world.  

  1. In November 2017, the platform mined its Genesis block, which was the very first block that was mined on the platform.
  2. The very first GoByte master node auction also took place in November 2017. The token then got listed on various trade exchanges.
  3. In March 2018, the GoBytePay was released.
  4. GoByte was integrated further with PolisPay MultiWallet.

The GBX team has already achieved various deals of innovation on the network in a very short span of time, and is adding up more to its development team on a day to day basis. The team aims at being the dominant payment solution globally.

 

#2 - What are the benefits of GBX?

GBX Technology

The technology of GBX has a lot many things to offer its consumers, such as:

A Modular Network

  1. The GoByte network is a modular network based on blockchain technology. The modules of GoByte have been developed independently from the primary blockchain and perform together to create a secure and faster network.
  2. This structure of GoByte Network is such that the modules can also be updated individually without causing any conflicts or errors with other modules.
  3. The modular network on the GoByte blockchain provides developers a clean canvas on which they can build while using the powerful functioning of the GoByte network.
  4. Module assists the main network by reducing expansion to various domains of activity, which allows the blockchain to hold many functional capabilities and does not limit it to one central purpose.

GoByte Pay

  1. GoBytePay is designed to be the central pillar of the GoByte network.
  2. GoBytePay intends to take cryptocurrency payments to an entirely new level with an easy to use and powerful interface design for technically challenged consumers and merchants on the web, mobile, and desktop. It is one of the most critical, as well as the very first module of the GoByte network.
  3. This module interacts directly with the blockchain, allowing it to create and execute the transactions, which are later confirmed by master nodes and miners.

ASIC  resistant

The primary advantage when mining for GBX is that it is ASIC resistant, which means that you can only use a graphical processing unit to mine for GBX tokens rather than the expensive ASIC processors which require a high amount of electrical resources and give miners an unfair advantage.

 

#3 - How to buy and store GBX?

How to buy GBX

The GBX coin is listed for trading on various trading exchanges globally and is paired with a few major cryptocurrencies like BTC, ETH, BNB, KRW, and USDT. This allows GBX users to access or obtain the GBX token by using their crypto holdings, bypassing the need for more KYC norms.   

The entire list of trading exchanges for the GBX cryptocurrency includes major global exchanges such as Cryptopia, HitBTC, CryptoBridge, and more.

  1. While cryptocurrency exchanges provide you a platform to buy or sell the GBX cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, helps you make the right decision by providing the prices for GBX on multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!
  2. With a digital cryptocurrency exchange platform like CoinSwitch, you do not rely on a separate wallet from the exchange to store your GBX cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

GBX Storage

After obtaining the GBX token, one requires a GBX wallet to store it safely. There are few storage options available, such as:

  1. GoByte has its own desktop GoByte wallets which provide 100% user control on tokens, namely:
    1. Mac OS X Wallet
    2. Linux Wallet
    3. Windows Wallet 64-Bit
    4. Windows Wallet 32-Bit
  2. Coinomi: Coinomi is a mobile wallet for multiple cryptocurrencies. It is a crypto wallet that allows exchange functions only for Android devices. It is secure and focused on privacy which permits instant exchanges between different crypto coins.
  3. Paper Wallet: Of course, one can use cold storage paper wallets to store and transact on GBX offline. This involves the printing of public and private keys on a paper that are then stored in a safe and secure place for the user. These keys are printed in the form of QR codes that can be scanned to conduct future transactions.

 

#4 - What is the future of GBX token?

GBX Global Acceptance

The Market Cap ranking of the GBX cryptocurrency is 605 as of July 2018, and it holds a market capitalization of $4,665,985 USD as of the same time. A total number of

Also Read: Complete Analysis of GoByte | Live GoByte (GBX) Price Charts And Predictions

2,863,060 GBX coins are in circulation.     

Price History

Date

Open

High

Low

Close

Volume

Market Cap

1 July, 2018

2.35

2.58

2.35

2.45

28,724

4,422,420

1 May, 2018

8.07

8.39

7.62

8.04

117,797

11,102,700

1 March, 2018

15.42

16.88

14.42

14.84

252,753

13,484,100

1 January, 2018

29.92

42,69

27.75

30.53

448,269

11,620,700

1 December 2017

16.02

23.19

14.69

18.56

200,001

2,135,720

Future Prospects

  1. The GoByte blockchain network is growing rapidly, adding up 8 master nodes everyday assuring security as well as the anonymity of the consumers at the same time.
  2. Due to the modular structure inculcated by the network, the blockchain is able to maintain its growth rate for longer spans.
  3. The mobile wallets for GoByte are under development, which also adds up to the accessibility benefits of the token in the future.
  4. A Point-of-Sale terminal is being developed. This is a hardware system that processes the card payments at retail stores.
  5. The rewards for the master node have now been increased to 55% which should make the GBX mining more beneficial for the miners. Members of GBX are planning to build a mining farm and share all the profits among the owners of MasterNode.
  6. GoByte platform is processing the decentralized governance system in order to increase the amount of security and privacy.

Once the blockchain hits bigger trade exchanges, the price of the token should be on the rise.

 

#5 - How is GBX different from other cryptocurrencies?

Other cryptocurrencies tend to mostly have one focused specific capability like transaction speed, anonymity, or just a vertical application, whereas, there are no limits in GoByte’s modularity.

Some of the features that make GoByte different from other digital currencies are;

  1. Super Fast: The network utilised InstantSend payments (from Dash) which are confirmed in less than a second.
  2. Secure: Transactions are confirmed by the miners and master node servers that are hosted all around the world which keeps your transactions safer.
  3. ASIC Resistant: The mining for the GBX token is efficient, fair as well as superior and runs on the graphics processing unit.
  4. Anonymous: With this, you can protect your financial information. The PrivateSend assures your privacy in terms of activity history and balances.
  5. Master nodes: This feature helps to keep the integrity of the network and enables the support for InstantSend and PrivateSend.

Other specifications of the GBX token are:

Release Date

16.11.2017, released from block 2

Ticker

GBX

Algorithm

NeoScrypt (ASIC-resistant)

Total Coin Supply

Estimate 31.8 millions

Block Time

150 seconds

Difficulty Re-adjustment Algorithm

Dark Gravity Wave

Block Reward

15 GBX (50% miner and 50% MN)

POW Mining Reward

7.5 GBX (50% block reward)

Required for Masternode

1000 GBX

Masternode Reward

7.5 GBX (50% block reward)

Block Reward Decreasing

8.333% every year

Fast Transaction

InstantSend Integration

Anonymous Transaction

PrivateSend

Pre-mine

2.7% (850,000 GBX)

 

#6 - Should you invest in GBX?

The Good

  1. The blockchain is tested, secure and powerful.
  2. It has one of the fastest payment processing engines available.
  3. The blockchain is also capable of anonymous transactions in case a user opts for that function.
  4. The GoByte Pay module makes things easier for the merchants to process payments from the consumers in various stores.

The Bad

Even after these seemingly unique features, the token is still not that popular is not ranked even amongst the top 100 cryptocurrencies according to the Coinmarketcap.

  1. DarkSend, also known as PrivateSend is still controversial. DarkSend is a coin-mixing service that is based on Coinjoin with various modifications.
  2. The founders of GoByte do not seem to have any recorded prior experience in the field, or in general as well, with no LinkedIn profiles available.
  3. GBX also faces stiff competition from other popular privacy centric coins such as Monero, Dash and others - which occupy a far larger size of the cryptocurrency market.
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