Do you know about Byteball & it's fair distribution ?
Byteball is a completely new cryptocurrency with totally new consensus algorithm DAG (Directed acyclic graph). To know more about DAG algorithm you may navigate to https://en.wikipedia.org/wiki/Directed_acyclic_graph. DAG is Byteball's backbone where maximum crypto currencies use blockchain. For this Byteball has no block size issues, because it has no blockchain actually. Instead of blocks on blockchain, every new transaction references one or more earlier ones (parents) by including and signing their hashes. The links among transactions form a DAG. By including its parents, each new transaction also indirectly includes and confirms all parents of the parents, parents of the parents of the parents, and so on. As more transactions are added after your transaction, the number of confirmations you receive grows like snowball, that’s why the name Byteball (our snowflakes are bytes of data).
Mining, Fees & Money Supply
There is no PoW (Proof Of Work), no PoS (Proof of Stake), and no mining. All coins are issued to a genesis address from which every full moon we get free bytes. The fees paid for storing one’s transactions (or any other data) in the Byteball database are equal to the size of the data being stored. If the size of your transaction data is 500 bytes, you pay exactly 500 bytes (the native currency of Byteball) in fees. There are only 10^15 bytes (1 Million GBYTE) existed. All bytes will be issued in the genesis transaction. Since the fees paid are returned into the circulation, the money supply will remain the same.
1 GB = 1000 MB ; 1 MB = 1000 KB, 1 KB = 1000 Bytes, So, 10^15 Bytes means 1 Million GB
Some Interesting Features of Byteball
1. Conditional payments : You set a condition when the payee receives the money. If the condition is not met, you get your money back. With this great feature you'll able to do exchange bytes to other assets or, bitcoins & vice versa without help from a middleman. A great & true P2P exchange is possible only on Byteball platform, it's sheer different from Bitsquare.
2. P2P payments in chat : You can pay any person via chat by adding their wallet device to your wallet device. Oh! I've forgotten to tell that a nice chat app is integrated to your Byteball wallet, it's decentralized, privacy protected & fully encrypted.
3. Prediction markets : Forget about Gnosis . Byteball has a strong feature to create a P2P smart contract that can be unlocked if a specific event occurs. Use it for betting on price movements and insurances also.
4. P2P insurance : Buy insurance from peers to get paid in case a negative event occurs. Sell insurance for profit.
5. P2P betting : Do you love to bet on soccer matches ? It's very easier on byteball platform now. Bet against other users on sports events without any middleman.
6. Chatbots : Shop by chatting with a merchant's bot, pay in two clicks. Exchanges and other services are also easy to use in conversational interface.
7. Assets and on-chain exchange (Atomic exchange): Bytes is the native currency of Byteball. Any User can issue any other tokens (assets), e.g. to represent debt. The debt can be expressed e.g. in fiat currencies or in natural units (barrels, ounces, kWh, etc). The issuers of the debt can reveal their real-world identities and/or be voluntarily attested (i.e. their real-word identities be verified by a well known third party such as CA). This enables the use of the existing legal system to secure against fraud.
8. Regulated assets : Regulated institutions can issue assets that are compatible with KYC/AML requirements. Every transfer of such asset is to be cosigned by the issuer, and if there is anything that contradicts the regulations, the issuer won't cosign. This way, banks can issue fiat-pegged assets and stay fully compliant. They can open demand deposit accounts and track them on Byteball as assets. These assets are easily exchangeable against bytes and other assets (with bank’s approval).
9. Private untraceable payments : The most interesting feature is Byteball's fully private untraceable payment system. Payments in private assets are not published to the public database. Instead, only the hash of the transaction is stored to the database, while the plaintext of the transaction is sent directly from the payer to the payee. To protect against double-spends, a spend proof is also published to the Byteball database. The spend proof is constructed as a hash of the output being spent, so that if the same output is spent twice, the spend proofs will be necessarily the same. When you want complete privacy, pay in blackbytes, a cash-like untraceable currency whose transactions are not visible on the public database, they are sent peer-to-peer instead.
10. Multi signature : For security, you can require that your funds be spendable only when several signatures are provided, e.g. from your laptop and from your phone. For shared control of funds, signatures from different people may be required.
11. On-chain oracles : When dealing with untrusted counterparties, you can lock the funds on an address that is spendable either by you or by the counterparty, depending on the events registered to the database by trusted data providers — oracles.
12. Immutable storage : Once stored in the Byteball database, the data can neither be revised nor removed.
13. Settlement finality : After certain criteria are met, a new transaction becomes final. It cannot be revised even by a powerful attacker. No guesswork about the right number of confirmations, no 51% attacks.
Now, I share a superb video uploaded on wiki.byteball.org by Jore Bohne.
In this video it shows how the conditional payment really works. So, to exchange two different assets between two individuals we do not need any other third party exchanges or escrows. All is made through P2P exchanges via smart contracts. It's a fantastic feature built on byteball platform. This is also called "Atomic Sweep". What is "Atomic Exchange ?" When two parties sign a single unit that executes both legs of the exchange, the two transactions either happen simultaneously or don't happen at all. It is no longer necessary to trust any centralized exchanges.
1. In-wallet Exchange Bot
[ byteball:Ar2ukVqx309sX+LoC9RVOpfATgXskt+Ser5jVr3Q2FOo@byteball.org/bb#0000 ]
2. Byteball Slack Channel - OTC Trading
[ https://byteball.slack.com/messages/trading/ ]
[ https://byteball.slack.com/messages/trading_blackbyte/ ]
3. Escrowed Slack Trading Bot - OTC Trading [Automated]
[ https://ydx.slack.com/messages/gb_btc/ ]
[ https://ydx.slack.com/messages/gbb_btc/ ]
4. Decentralized Bitcoin Exchanges
[ https://bitsquare.io/ ]
5. Regular Bitcoin Exchange Sites
[ https:/cryptox.pl ]
[ https://www.cryptopia.co.nz ]
[ https://bittrex.com ]
[ https://changelly.com/ ]
Participation in free Byteball distribution
On every full moon you'll get free bytes & blackbytes by linking your Bitcoin & Byteball Address. The distribution rounds will be finished when all 10^15 bytes are distributed. Here are the rules of distribution :-
BTC to bytes: 1 linked BTC of proven balance gives you 62.5 MB (0.0625 GB)
BTC to blackbytes: 1 linked BTC of proven balance gives you 2.1111 * 62.5 million blackbytes (money supply of blackbytes is 2.1111 times more than that of bytes)
Bytes to bytes: 1 byte on any Byteball address gives you 0.2 new bytes
Bytes to blackbytes: 1 byte on linked Byteball address gives you 0.42222 blackbytes
How to link your BTC address and its balances with the distribution?
It's easy just download the wallet & then navigate to Bot Store. There you find a bot named "Transition Bot". Add it. Now chat with transition bot to link your BTC address. At first type "hi" or, anything then chatbot reacts immediately to display the detailed instructions. Follow carefully the instructions , and it'll done. Actually bot tell you to sign your byteball address with your Bitcoin address to link. There is also an alternative option to send a micro payment to chatbot specified bitcoin address. After 1 confirmation your Bitcoin address will be added successfully.
Here is a full list of previous distribution rounds :
- 1st round on Dec 25, 2016: 70,000 BTC linked, 10% distributed;
- 2nd round on Feb 11, 2017: 121,763 BTC linked, 1.8% distributed;
- 3rd round on Mar 12, 2017: 129,139 BTC linked, 2.0% distributed;
- 4th round on Apr 11, 2017: 145,441 BTC linked, 2.3% distributed;
- 5th round on May 10, 2017: 207,672 BTC linked, 2.9% distributed;
- 6th round on Jun 9, 2017: 453,621 BTC linked, 6.6% distributed;
- 7th round on Jul 9, 2017: 949,004 BTC linked, 11.0% distributed.
The 8th round is scheduled for the full moon of August (Aug 7, 2017 at 18:10 UTC). The balances will be snapshotted at the time of the first Bitcoin block after this date, and rules for this round are as indicated above. We will likely have more rounds until we distribute all 98%, the rules in the future rounds will change in favor of current holders of bytes. Chat with the Transition Bot to link your Bitcoin and Byteball addresses and participate, track linking progress at transition.byteball.org.
Here is a full guide :
Byteball is the Next Bitcoin .........
All images used in this blog are collected from byteball.org
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