BYTEBALL - reasons why it's a good Crypto, and why Steemians should hang on to their Free Bytes !
You asked for more on Byteball, here it is. The top reasons i invested in Byteball GBYTE.
There are only going to be 1,000,000 Gbyte issued, and a large portion of them are still to be issued on the secondary market. That portion is going to be saved for growing Byteball through initiatives like the Steem-Byteball linking attestation / free giveaway, and also the various Byteball use-a thons, which reward people/teams with good ideas for use cases for the Byteball platform. As i mentioned in the previous post, the use-a-thon at the Venezuela University yielded some great ideas, which the Dev's.( development team ) are working on right now.
Byteball has only around 4 full time Dev's, including Tony (the founder), compared with much larger teams at other Crypto projects, which means that Byteball are doing more with less. From my observations,they are all capable and diligently work in the interest of Byteball. Because they have a large amount of the un-issued Gbyte, they have plenty of dry powder to fund the project further, fund more initiatives, pay the Dev's, and have more give-aways like the Steem initiative so they can market Byteball to new users and increase awareness of the project.
Byteball is and will be further ramping up their Marketing program. The more people who are aware of Byteball and it's features and the more that use the platform, the more valuable it will be. Byteball have shown that it is willing to work with other Cryptos for the greater good. After all, the aim is to create a viable alternative to the banking system for the benefit of all.
Byteball uses a different ledger system than most other Cryptos, it's called a DAG (Directed Acyclic Graph). It is not Blockchain, but arguably better. Only 2 other Cryptos use DAG... they are Nano, and IOTA. and neither of these really do the exact same things as Byteball. I like the fact that it uses DAG because it means that if Blockchain and the Ethereum network ever experience vulnerabilities, Byteball will not. DAG is infinitely scaleable, and at the moment, it is supposed to be able to handle around 3000 TPS (transactions per second). This was tested during the recent Steem attestation when the rush was on the get free Gbyte , and some Steem users were creating up to 100 hundred Steemit accounts in order to claim multiple blocks of free Byteball, This issue was corrected within a week, but the demand did test the system, and crashed temporarily, then got fixed quickly by the Dev's.
Byteball's witnesses, the people charged with the responsible job of making sure the platform runs smoothly are required to commit real-world assets, which will be at risk of being sold if they are found to be acting against the interests of Byteball and it's users. Imagine if the World's politicians had some assets - like their house to lose - if they were proven to be corrupt or acting against their constituents'/ citizen's best interests - what a great idea !! Bring it on !!
There are many useful features of Byteball. Other Cryptos focus on one or two of these features, but not all. This makes Byteball sort of a one-stop-shop in a way, only with more useful features than the others. Here is a list of the main features of Byteball. I will not elaborate on these as the post will be too long, but i'll write more about them later if there is enough interest.
Transfer Bytes using Textcoin on Mobiles, by using Steem username, using email , and also by trasferring Bytes to a wallet address. If you send Bytes to someone who does not have a Wallet, they will automatically be prompted to install a Byteball Wallet.
Conditional smart contracts - you can make a payment to somebody without the need to trust them. Create a smart contract and add a condition. If the condition is not satisfied, you will get your money back. An "oracle" can be a trusted person or a credible online source of public information. An example is on the byteball wiki- ( wiki.byteball.org ), or you can choose an oracle from the Chatbots section of the Byteball wallet.
Blackbytes; the private and untraceable Byteball currency. You can use the Chat section to swap some of your Gbyte for Blackbytes.
other features ; p2p insurance, ICO platform , and in the Chat section of the Wallet; several gambling features and lotteries, ICO's , altcoin exchange , oracles, private chat room ( encrypted) , and buy Bytes with Visa and Mastercard.
Remember that with only 1 million Gbytes to be issued, (which is TINY compared to other Crypto projects) an uptick in demand for Byteball has the potential to move the price fast, (and also down quickly if lots of people sell). If a small percentage of Steemit users bought some more bytes, it would have a big effect on the Byteball price. Then again if a lot of Steemit users sold, it would cause the price to go down quickly. This is what i suspect happened after the Free Bytes were handed out the Steem users...many of them sold half their free Bytes, and the price dropped quickly. Smart people were buying more at the bargain prices down around US$30, which was around 95% discount on the all time high!!!!
So as you can see there is a lot to explore with Byteball. Play around with the Wallet and hopefully you will find a feature you can use. More features are regularly added to Byteball . Join Byteball Slack group and ask questions, suggest better ideas and improvements. Sign up for Byteball news on email.
The "Russian thing". It's obvious that many Ruski's are involved with Byteball. Politicaians and the Fake Mainstream news like to spread FUD about the Russians being bad. Really? There's good and bad in every Country, and really, humanity as a whole just wants to get on with their lives and live in peace and harmony together. To hell with this perpetual war idea. Russians are some of the best IT people around, and also great Hackers!! :) Let's not forget why we are all in Cryptos, we want a better and fairer means of exchange, without all the corruption, and give the power back to the people. The present FIAT Monetary system has failed us and gives too much power and control to the elites.
This information on Byteball is not a recommendation to buy it. Always do your own research before investing. Discolsure; the Author holds Byteball as part of their investment portfolio.