On the move with GoByte! An introduction to a new and upcoming masternode coin

in #crypto4 years ago

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The world we live in today moves at an incredible fast pace. The cryptocurrency world is no different. Please take a moments pause to read about GoByte and what sets it apart.

Introducing GoByte, a new cryptocurrency whilst based on Dash, it is an enhanced and further developed version. The main goal of GoByte is to provide a fast, low-fee, decentralised, secure and innovative electronic currency platform to earn good passive income while supporting the GoByte network for everyone. By building upon the strong fundamentals found in Dash, GoByte has great potential for rapid growth and development.

Some of the current features provided by GoByte are: Masternodes, superfast transactions with InstantSend and full anonymity via PrivateSend.

GoByte detailed

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Masternodes

Compared to Bitcoin, where each node is equal, GoByte has special privilege nodes called Masternodes. Masternodes can be seen as computer servers, setup to serve the users of a particular cryptocurrency network. In GoByte’s case, they enable the InstantSend and PrivateSend features. In the future they might even be used to assist in "Atomic swaps" (the exchange of one cryptocurrency to another cryptocurrency, without the need to trust a third-party).

Anyone can setup and add a masternode to the GoByte network. To create a masternode, a user needs to lock in a fixed amount of coins. For GoByte, the creation of a masternode requires you to lock in 1000 GoBytes as collateral. You won't lose the 1000 GoBytes, they just enter an unspendable state. Users can then either setup a server to host the masternode themselves or ask a service provider to do so on their behalf.

Masternode coins allow a different strategy when it comes to investing. First off, because a certain number of coins are needed to be locked in as collateral, the supply of the currency will diminish. This drives demand higher as the supply comes off the market. Secondly, masternodes also generate yield, hosting a GoByte masternode generates GoBytes. The yield varies mostly according to the masternode count currently active on the network and is payed daily.

Masternode Rewards

Because masternode costs are subsidized by the block rewards. It is profitable to run a masternode! This ensures an increase in node count which helps increase the security and longevity of the GoByte network.

GoByte masternode holders passively earn 50% from the mining block rewards (at the time of writing this article: 7,5 GBX) which in turn favors the masternode holder with good ROI values over time. Do note however there are deminishing returns. So when the network grows with more masternodes the mining block rewards will be shared over the increased number of masternodes.

Your return on investment per masternode depends on:

  • The current value of the masternode coin
  • The frequency of payouts
  • The cost to host the node (if applicable)
  • The initial cost of the coins needed to start the masternode

You can check the Gobyte masternode rewards and roi on http://mnrank.com which is pretty accurate.

InstantSend

Within the GoByte wallet you have the option to enable InstantSend. With this feature enabled your transactions will be processed near instantly through the masternode network. InstantSend also solves the double-spending problem without the longer confirmation time needed compared to other cryptocurriencies like Bitcoin. The InstantSend system does require slightly higher fees though.

Bitcoin transactions are horrible cumbersome and increasingly less suited as digital cash because transactions take a long time to confirm. Through the speed of InstantSend, it might be possible in the future for GoByte users to for example buy a coffee or a soda from a vending machine or (small) goods and services online instantly, without heavy fee's. This makes GoByte a true digital currency: for use and not as a commodity.

PrivateSend

We all value our privacy very highly. GoByte protects your financial privacy by masking the origins of your funds. This is available through the PrivateSend system. This feature allows mixing your transactions in between several other transactions making it hard to identify any specific transactions. PrivateSend is entirely an optional privacy feature.

ASIC resistant

GoByte uses the NeoScrypt hashing algorithm which is very GPU friendly to mine and very resistant to ASIC mining. So everyone with a capable graphics card is able to mine GoBytes ensuring true decentralization.

GoByte specifications

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Coin name: GoByte
Coin abbreviation: GBX
Release date: 16/Nov/2017 / Premine ~ 2.7%
Estimate maximum supply: 31.8 Milllion GBX
Current supply: 898.405 GBX
Algorithm: NeoScrypt - ASIC resistant
Superior difficulty retargeting using: Dark Gravity Wave
Type: Proof-of-Work (PoW)
Average block time: 150 seconds
Block reward: 15 GBX - decreasing by 12% every year
Masternode rewards: 50% Block reward from PoW
Masternode required collateral: 1000 GBX

Checkout the links below if you want to know more about GoByte or join the discussion on Bitcointalk.org:
GoByte on Bitcointalk.org
GoByte official website

A favorite quote of mine:

"Coming together is a beginning; keeping together is progress; working together is succes!" --Henry Ford

Thank you for your time!

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