Byteball is a new word in the world of cryptocurency. This coin does not use block, but retains and enhances its main benefits. These coins increase momentum rapidly and also increase the price quickly. What will happen with this coin, only time will speak. But for now, I advise everyone to get the coins in the available way, which is within the width of the network is a lot.
In this article, there will be a brief review of Byteball coins to draw your attention immediately. This coin was created on September 25, 2016 and is currently gaining momentum.
What is interesting about this coin? Byteball coins are designated as a new generation of DAG-based crypto curences (which we'll describe later, for the following here are excerpts from Wikipedia):
DAWG (English directed acyclic word graph) is a solid form in storing prefix trees, word lists, optimized to see if a word is included in this list or not. The list itself is easily recursive through trees. From the point of view of a program that traverses or searches, DAWG is no different than a tree, it's just the same subtree is stored in one copy only. The transformation method is very clear: look for the same subtree and reconnect the reference to one instance. Actually, in addition to the letters, the flag is stored in a node that indicates whether the letter is the last letter. So for the list of non-repetitive words, the conversion to DAWG and vice versa occurs without loss (according to the order of words). Cryptocurrency builds its transaction with the principle of "snowball", when the new transaction "layered" on the old. Thus confirming it and fixing its place in the main "tree" of the network.
Adequately, or in more technical terms, DAGs are formed by new transactions, each referring to a previous transaction and signing it with hashes that fall within their composition to form a transaction tree in which each transaction is confirmed and unchanged. If the transaction has become part of the main chain, then it is final.
In the Byteball network, there is no mining. All coins are issued when the network is launched. The supply of money must remain unchanged due to the commission's return.
In total, there will be one outstanding petabyte coin.
The role of miners will be "witnesses" (well-known trusted users) who will confirm the transaction. They can then become lending institutions, banks, exchanges and even government organizations.
To summarize all the things mentioned above, to what extent I understand (in more detail I am still going to discuss this topic), this coin is not decentralized and therefore other decentralized bitcoins and cryptoes criticize the Byteball.
Byteball creators for their part highlight the main advantages of coins: the speed of transactions, which are confirmed instantaneously. This in turn makes the coins attractive to trade. Transactions are made in several touches. All of this is primarily intended to make Byteball as easy as possible for the casual user.
With anonymity here in general, everything is very interesting. Byteball can be anonymous and can also be public. This solution reduces the number of fraud cases. It can be used in banking, lending institutions and others where you need wallet ownership data to ensure the issuance of loans or other operations as well as where increased levels of security are required and anonymity increase the risk of either party.
But if you need anonymity, then in DAG only hash transactions that appear, the rest of the data will be transferred directly from the payer to the recipient. For this, there are "dark bytes" in the system. The transaction is performed by pairing the payer and receiver wallet, so that full information is only available to the recipient and not recorded in the public database. "Dark bytes" can be exchanged for regular bytes using the built-in p2p-exchanger or through a guarantor.
Byteball compared to platforms like Ethereum and Augur, which are used for basics of making projects such as Assets, etc.
In fact, Byteball is designed to address the current problems encountered by cryptocurability: anonymity, where necessary, verification of all data when independent sources are needed, the speed and irregularity of transactions, regardless of their number, and the absence of blocks that make it impossible for such flood attacks to be experienced lately by bitcoin.