In addition to payment for storage fees, you can pay Bytes directly to other users for goods or services. Extremely intuitive, the number of Bytes you pay to add data to the database corresponds directly to the data size of your transaction. https://cryptolisting.org/ For instance, your commission fee to add 1 Kb of data would be 1,000 Bytes. This attestation allows the user to prove to anybody that his Byteball address is linked to a verified person, without disclosing any personal information.
- Byteball’s wallet sovereign identity feature allows users to connect their identity to their wallet.
- You use Bytes to pay for adding data to the database, and they can also be used to issue your own currencies.
- Storage units, or balls, are linked to each other such that each storage ball includes one or more hashes of previous storage balls.
- Obyte price today is $ 12.08 with a 24-hour trading volume of $ 841.89, market cap of $ 8.93M, and market dominance of 0.00%.
- Available directly in Byteball’s wallet, the Bot Store gives users a current list of available chatbots.
ByteBall’s other key feature is it easy to use, peer-to-peer smart contracts. These smart contracts allow anyone to create contracts with conditions and if those conditions are not meant then your money will get sent back to you. Though this might sound silly to someone unacquainted with smart contracts, this functionality actually offers a lot of potential for peer-to-peer insurance and much, much more.
Wallet identity verification is practical for payments that make a user declare their identity for legal purposes such as ICO events. Byteball’s wallet sovereign identity feature allows users to connect their identity to their wallet. Users then have the ability to disclose their identity during payments if they elect to do so. Available directly in Byteball’s wallet, the Bot Store gives users a current list of available chatbots.
How Does Byteball Work?
Instead of the usual blockchain approach, Byteball is built upon on a data structure called Direct Acyclic Graph. This DAG structure makes the platform more decentralized and more scalable than blockchain alternatives. Identities are confirmed with the help of Jumio and the Real name attestation bot.
While Byteball has come in for criticism by some detractors, the concept undoubtedly has its benefits including fast and irreversible transactions. There is a number of additional features that come with Byteball including blackbytes which is the name for tokens used to send untraceable payments which aren’t recorded in the public database. Although the platform offers immutable storage for any data byteball gbyte type, it’s most noteworthy feature is its versatile conditional payment system. Simple enough for any user to understand, the smart contract system allows you to easily create and tailor smart contracts for any personal need. Perhaps Byteball’s most innovative feature, conditional bound payments allows users to set a smart contract condition that must occur for the payee to receive bound money.
Highlighted by its versatile conditional payments, Byteball offers a smart contract creation system that is simple enough to be utilized by almost any user. Obyte (GBYTE) is a decentralized database and cryptocurrency known as Bytes that does not use a blockchain like most cryptocurrencies. Byteball works by linking previous transactions with new ones, signing the hashes to form what’s known as a Directed Acyclic Graph. Byteball is intended as a means of transferring assets on a network or as a decentralized database. Byteball is novel, not only in dispensing with a blockchain, but also in launching without an ICO.
Obyte Price Closing History by Level
Oracles are basically trusted third parties who monitor specific world events and import their results into Byteball as a data feed. Commission fees create a consistent system of value transfer that aligns the interests of all Byteball’s stakeholders. It also prevents users from spamming useless messages to the database.
Obyte to USD Chart
Unlike Bitcoin, which links blocks in a linear chain, Byteball joins newly uploaded information to its database by attaching it to multiple previous data transactions. Building upon each other, the transactions form a structure called a DAG (directed acyclic graph). Private payments can be made using blackbytes, a cash-like untraceable currency. Its transactions are not visible on the public database that shows all payments made with (white)bytes. Blackbytes are sent peer-to-peer instead in an encrypted chat session in the wallet.
Interacting with smart contracts is as simple as answering a few questions from a helpful chatbot. When you have attested an email address using the Email attestation bot, anyone can make payments to you from their wallet using only that email address. The platform will automatically replace it with the attested Byteball address. Running since 2016, Obyte is a distributed ledger based on directed acyclic graph (DAG). It’s a post-blockchain technology that achieves true decentralization by getting rid of big power centers and middlemen, such as miners.
Byte balls first feature is its ability to provide tamper-proof storage of data through its system of smart contracts. This could be used for anything from, property titles to debt, shares of ownership, and more. Combining Byteball’s conditional payment smart contracts with trusted data feeds from oracles, you have the ability to bet on (or hedge against) major world events.
Every Byteball user can link his Byteball address to his real world identity. The user’s personal data is verified by Jumio, the leading provider of identity verification services, and stored in the user’s Byteball wallet. At the same time, a hash of the personal data is stored on the public DAG and signed by a trusted attestor. Just like other common cryptocurrencies, such as Bitcoin and Ethereum, Byteball allows you to initiate a payment by specifying the receiver’s wallet address and the amount you want to send.
One possible explanation for this temporary separation includes the projects unusually high amount of announcements and platform updates that it has released over the last several months. In the past, the team has distributed Bytes and Blackbytes for free to BTC holders and to existing holders of Bytes who have linked their accounts. They have now distributed 64.5% of its total supply for free over a total of 10 airdrops over the past year. Crucial to its success, the Byteball teams believes its technology must be widely adopted for it be successful.