Byteball is a decentralized platform that allows you to store arbitrary data including data that can be transferred like Currencies, shares, property titles, debts and more. The Storage units are connected, and each unit will have one or more hashes from an earlier unit. The links connecting the units are known as Directed acyclic graphs or DAG. An entity does not manage the units, and everyone is free to create their storage units. You can easily create smart contracts using a straightforward, smart contract system interfaces.
Byteball was founded by Anton Churyomov, a man with significant experience in tech. He is the Co-founder of Teddy ID. He is also the CIO as well as the co-founder of Platron. The Team behind Byteball Bytes consists of less than five members and headed by Churyomov, Byteball was launched in the December of 2016, and during the same time, they also conducted the first Gbyte distribution. It was created with the aim to provide means to be able to create smart contracts that are tamper proof and will execute precisely as planned.
Bytes use the internal currency called “Bytes” (also Known as Gbytes), and it works as it sounds. Apart from having to use Bytes for the transactions occurring within the Byteball economy, if you want to make a 1-kilobyte commission, the fee for that would be 1000 bytes. Byteball also uses a second currency called Blackbytes. These are untraceable currencies that are used in peer to peer transactions. Unlike Bytes, the operations carried out using Blackbytes not recorded on the public database. To use Byteball, you will need the official Byteball wallet which you can download from their website. The Wallet is supported on multiple platforms including Windows, Linux, Mac, Android as well as IOS. You will find Bytes and Blackbytes in exchanges including Coinswitch, Bittrex, Changelly, Cryptopia, and Indacoin.
Using this feature, you can set a smart contract condition which the Payee must meet to be able to claim the money. If the deal is not kept as promised or some outside criteria do not match, you can take back the money after the designated waiting period.
The Bot Store:
The Bot Store is directly available from the Byteball wallet. It provides users with a list of chatbots that are primarily made for communicating with the smart contracts. You only have to answer some questions from the Chabot.
The Sovereign Identity Feature:
You can connect your Identity to the wallet using this feature, and you can choose to reveal your identity during the transactions if you want to. This is useful for ICO events and for transactions that require you declare your Identity.
Byteball implements Oracle in their system, which are trusted third party entities who import data after monitoring world events into Byteball in the form of Data feed. You can use Byteball's Conditional payment feature and combining them with Oracle Data feeds, and you can bet or hedge against world events like Sports, price events, weather events, political events, and travel events.
Byteball is based on an acyclic graph as opposed to traditional Blockchain technology and stands to solve the problems that arise from the conventional choosing Blockchain to run the ecosystem.
There are many benefits you can experience from adopting to use Byteball:
Multiple Asset Classes:
You can use Byteball to store different classes: you can transfer or store values like currencies, commodities as well as bonds.
Peer To Peer Insurance:
You can use peer to peer quick payment methods which you can use to bet on global events or sell and buy insurances from other users.
A significant advantage of using Byteball is that you don't have to worry about making bad deals. You can set conditions for your smart contracts with the conditional payment protocol.
Byteball team believes that to be successful, Byteball should be widely adoptable. This is the reasoning behind them giving away a significant number of bytes and for free in the form of YouTube Giveaways, verification and referral rewards and purchase Cash-backs.
Byteball provides you with a choice to make payments and communicate with anonymity and security. You can also use Blackbytes; untraceable currencies specifically designed for anonymous use.
How to Buy Byteball Bytes:
You cannot buy GBytes or Blackbytes with direct fiat currency so you will have to choose the option of exchanging some other cryptocurrency like BTC or ETH for Bytes. First, you have to make sure you have a wallet where you can store your Bytes currency. Then you have to buy BTC or ETH from an exchange where you can deposit with credit or debit cards. Once that is taken care of, you may use the purchased Crypto and find a market where you can exchange them for Bytes. The Byteball currencies are automatically transferred into your preferred choice of wallets.
Byteball Bytes News:
Byteball recently released their latest version 2.6.0 in September, and with this update, you can hide unused assets and junks. Byteball has also announced many updates in recent months, including the release of textcoins. As of Now, the Market Cap of Bytes remains at USD 30,253,745 with a total supply of 1,000,000 Gbytes and a current amount of 662881. The Current Value of GBytes is USD 45.67.
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