What is Byteball?
Byteball is a new cryptocurrency that has modern consensus algorithm DAG (directed acyclic graph). It empowers safe contracts which are trusted to execute as agreed upon. It works in circumstances where other methods don’t work. It permits enforcement orders of magnitude cheaper, faster and more other. It is a decentralized database with their native cryptocurrency.
Byteball is cryptocurrency platform invented by a Russia-based development team. It is based on DAG protocol and aims to eradicate scaling issues. Byteball doesn’t work on PoW (Proof of work) and (Proof of stage) mining. It connects transactions by signing the hashers from the previous transactions and forms a DAG. DAG is Byteball’s backbone; whereas other currencies utilize blockchains. Bytecball does t requires blockchain. Every new transaction is referred to one or more earlier one that includes and signs the hashes. The linkage among transactions forms a DAG.
- Risk-free conditional smart payments: – Byteball empowers risk-free smart payments. The user must set a condition when the payment receives the money.It allows users to exercise the features which traditional currencies won’t allow.
- P2P insurance: – The users can purchase insurance from P2P to pay in case a negative event occurs. The user can sell insurance for profit. Insurance is a simple smart contract which is unlocked by the insured.
- Prediction markets: – The user must create a P2P smart contract which is unlocked if a specific event occurs. The user can utilize it for betting on price movements, sports betting and insurances.
- P2P betting: – The user can search his counterpart in prediction markets channel on Byteball’s slack website. He can create a contract which can be unlocked by user or user’s peer which depends on the results of a future game. As soon as the result is known, chat with sports oracle has to post the data outcome and unlock the contract.
- Textcoins: – The sender must provide an email address which is written for Byteball address. The recipient must click a link which receives on his email or chat. The user is promoted to install the wallet on his smartphone if he is not active on Byteball.
- Untraceable currency: – The transactions are untraceable i.e., they are never recorded on Byteball. These transactions are peer-to-peer and are invisible to public database.
- Atomic exchange: – If two parties sign a single unit and execute the exchange, the transactions will proceed simultaneously or doesn’t take places. It is not essential to trust any centralized exchanges.
- Regulated assets: – The regulated institutions can issue assets which are compatible with KYC/AML documents. Each and every transfer of such asset is cosigned by the issue and any problem arises, the issuer can’t cosign.
- Multi signature: – The user can secure his funds and reasonable spend the same. For this, several signatures are required.
- Settlement finality: – After fulfilling certain criteria, new transactions become final. These transactions cannot be revised by a power attacker.
- On-chain oracles: – The user can lock his funds on an address when dealing with untrusted counterparties. This can be spend by user or by the counterparty which depends on the events registered to the database by trusted data providers’ oracles.
- Immutable storage: – The database stored on Byteball can’t be revised nor removed.
Drawback of Byteball: – As Byteball is a cryptocurrency is based on DAG. Basically, it is a coin which doesn’t work on blockchain or mining. The team has resolved various problems that are faced by bitcoin. This concept is criticized by bitcoin and decentralization experts. It has been featured by the model of the network. As, DAG is new technology people find it difficult to accept in the market.