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Launched last year on Christmas Day, Byteball is the brainchild of Anton Churyumov, a Russian technologist with advanced degrees in math and physics. Anton or Tony as he is known in cryptox bitcoin price community conceived of Byteball in late as a way to solve what he saw as fundamental architectural flaws in cryptocurrencies like Bitcoin. He also wanted to design something that would be friendlier to the KYC Know Your Customer requirements of financial firms, and thus easier to integrate with traditional banking.
Anton's invention is packed with a smorgasbord of features. As a veritable crypto Swiss Army knife, it offers something for everyone. Here are a few highlights:. Unlike most other cryptocurrencies, Byteball does not rely on a blockchain or proof-of-work to run its network.
All transactions in Byteball are actually messages that create new storage units in the DAG database, which can be visualized as something like this diagram from Anton's whitepaper:. According to Anton, cryptox bitcoin price structure offers some big advantages over Bitcoin: The DAG can also store entirely arbitrary kinds of data. For example, a storage unit can represent payments of transferable assets not dissimilar to Ethereum dapp tokens.
But it could also be cryptox bitcoin price text document, image cryptox bitcoin price, or anything else you can imagine. Byteball's native cryptocurrency is called It represents the cost you have to pay for the privilege of storing that number of bytes now speaking in the usual computer storage sense of the word into the DAG database. Your probably won't be surprised to learn that bytes can be grouped in units of KB bytesMB 1 million bytesor GB 1 billion bytes.
Byteball has a second built-in cryptocurrency called blackbytes. These are similar to bytes, except cryptox bitcoin price are more of them in existence and you can use them for private transactions. This means that when you send blackbytes to someone, no third party can track the transfer. This is completely unlike Bitcoin, which records all transactions publicly and allows anyone to trace the movement of funds from address to address using a blockchain explorer.
For cryptox bitcoin price, a bank might integrate with the Byteball network by defining its own asset to represent a bond issuance. It could set a property that requires transactions to be co-signed by the asset creator, thereby allowing transfers only between clients that have satisfied regulatory KYC Know Your Customer checks or other requirements set forth by the bank. In cryptox bitcoin price manner, it becomes very easy to slot Byteball into any existing financial regulatory framework.
Smart contracts are all the rage these days, so of course Byteball supports them, in the form cryptox bitcoin price a limited scripting language that can be used to structure DAG messages in a certain way. Example usages include atomic swap transactions eliminating the need for escrowvoting on cryptox bitcoin price, decentralized exchanges, cryptox bitcoin price conditional transactions. Note that Byteball's smart contract language is not as flexible or powerful as Ethereum's Solidity.
But that's by design. Last but not least, every cryptocurrency needs some wallet software. The Byteball wallet has a slick user interface that is well thought out and a pleasure to use:. Main screen cryptox bitcoin price the Windows wallet app. There's also an Android version, hence the mobile UI styling. ICONOMI, another project I've been keeping an eye on for quite some time, is a cryptocurrency investment fund management platform that will allow financial specialists to roll their own funds and market them to investors.
The part of the headline that really perked me up was "free of charge". How did they get a free chunk of Byteball's bytes? Well, unlike most new cryptocurrencies that distribute coins through an ICO or some mining scheme, Anton decided to cryptox bitcoin price away bytes for free to all Bitcoin holders. Just for owning some Bitcoin, you can get free bytes! In order to participate in the giveaway, you have to cryptox bitcoin price your Byteball and Bitcoin wallets, essentially proving that you own some Bitcoin and thus are entitled to receive bytes in proportion to the amount of Bitcoin you actually hold.
You do this by the novel method of using your Byteball wallet's chat feature to talk to a "transition bot":. After finishing this process, you can check to see if your Bitcoin address is listed on the transition page that shows all linked addresses:. Bytes are being distributed slowly through several rounds stretching across many months.
The first couple distributions are over, but the next round is coming up just a week from now. Quoting from the official Byteball web site:. In the second round, we distributed another 1. In the 3rd round, which is scheduled for the full moon of March March 12, at Bytes are not traded yet on the big, popular cryptocurrency exchanges. Fortunately, there is one fairly easy to use exchange that offers them: It's a small exchange, ran by just a single individual I cryptox bitcoin price, and prone to frequent maintenance outages.
I wouldn't leave large amounts of Bitcoin sitting around on Cryptox for any extended period of time. The above chart cryptox bitcoin price price action over the past couple weeks. Now is a good time to buy as prices are hovering in the lower end of the recent trading range.
Just be careful not to buy too much at once. Volumes on Cryptox are fairly low, so large orders can easily move the market. If you want to establish a large position, it's better to do cryptox bitcoin price with a series of small orders spread out over a few days. Byteball is a refreshing newcomer in the crypto space, borrowing features from some of the best aspects of cryptox bitcoin price well known Bitcoin 2.
It's too early to tell if it will experience the explosive growth necessary to be declared a success, but the chances look better than most altcoins and hey, who can complain about getting free coins?
There's really nothing to lose by taking part in the coming distribution rounds with whatever spare Bitcoin you happen to have on hand, and potentially a lot to gain.
My introduction to Ethereum: Background knowledge on Cryptox bitcoin price Churyumov is sourced from this article on the German blog site Altcoinspekulant. All other images are screen shots from my desktop PC. Achievement cryptox bitcoin price courtesy of elyaque. Check out his blog. Just heard about this! So disappointed I didn't hear about it sooner! The full moon is about to happen so i am ready for it when it does now!
Well it's not too late to get in on the fun! Byteball has been having a good run this year, and interest seems to be increasing with every distribution round that goes by. I've noticed the pattern is pretty much holding to what I expected: But there are enough people holding long term to benefit from the distributions that the average price has been staying high, which is encouraging to see.
Very interesting, thanks for cryptox bitcoin price So you say that it is a long term investment, do you believe the price will increase due to the smaller number available, or are there other reasons?
There are some opposing forces to take into account here. Cryptox bitcoin price time, as more coins are released, the supply will increase and we can expect to see some downward pressure as people sell their free bytes. We already saw one such large price increase before the February distribution, followed by a sell off afterwards. So one possible strategy I will explore is to ride the waves before the distributions, selling a portion as the waves crest and buying back once cryptox bitcoin price price goes back down, thereby increasing my total stash.
Overall, I will continue holding until at least all the bytes have been given out, to maximize the number of coins I get. Beyond that, price should be largely determined by fundamentals: Just as the number of successful dapps on Ethereum should contribute to the value growth of Ether, I expect something similar could happen with Byteball if the devs can attract interest from third party developers. Byteball is designed to be very friendly to integration with the existing financial system, so if any banks can be persuaded to experiment with it, that could also be a catalyst for explosive growth.
Basically, the platform has a lot of potential but it could be a long time before that potential is realized, and before fundamentals can assert themselves we have to get past all the distribution rounds, which will have the largest impact on the price in the short term.
Thanks so much for the cryptox bitcoin price, cryptomancer - I will definitely look in to this. By the way, I noticed your profile says you are a freelance graphic artist. As such, you may be interested in this design contest for the VIVA economic system, another crypto cryptox bitcoin price I will be writing more about soon: Thank you for choosing tradeqwik.
Thanks for this post: Will this be when it emerges, making this year blockchain year? Grab a ball of bytes for fun and profit steem Created with Sketch. Byteball is an interesting new cryptocurrency platform that I am actively building a small stake in as one of my long term cryptox bitcoin price. It cryptox bitcoin price a relatively small market cap ranked 40 on coinmarketcap.
Features Anton's invention is packed with a smorgasbord of features. Here are a few highlights: Cryptox bitcoin price transactions in Byteball are actually messages that create new storage units in the DAG database, which can be visualized as something like this diagram from Anton's whitepaper: Bytes are first-class citizens Byteball's native cryptocurrency is called Private transactions Byteball cryptox bitcoin price a second built-in cryptocurrency called blackbytes.
Smart contracts Cryptox bitcoin price contracts are all the rage these days, so of course Byteball supports them, in the form of a limited scripting language that can be used to structure DAG messages in a certain way. The wallet Last but not least, every cryptocurrency needs some wallet software. The Byteball wallet has a slick user interface that is well thought out and a pleasure to use: You do this by the novel method of using your Cryptox bitcoin price wallet's chat feature to talk to a "transition bot": After finishing this process, you can check to see if your Bitcoin address is listed on the transition page that shows all linked addresses: Look for your specific address using the search box at the top right side of the page.
But Byteball has already launched!