Byteball Coin, also known as GBYTE, is a decentralized network that does not require a block chain and still offers the same advantages. The coin is used to pay the fees for storing data on the network.
This data can include digital assets that can be traded on the network peer-to-peer. The Byteball crypto currency attracts attention through free air drops.
Ethereum code – What is this crypto currency?
The crypto currency is all about smart payments and the peer-to-peer network like this: Is Ethereum Code a Scam? Beware, Read our Review First. The Byteball coin is not part of a blockchain like most crypto currencies. The Byteball Coin development uses the Ethereum codeDirected-Acyclic-Graph-System (short: DAG).
This system does not consist of a chain of blocks like a blockchain. Instead, the transactions are confirmed by linking to each other. The more people buy and use the byteball coin, the more verifications are performed. In contrast to most crypto currencies, the GBYTE coin development does not require a proof-of-work or proof-of-stake. Therefore there is no need to dig for new coins. The coins are distributed completely free of charge to the users who hold them in the Byteball Wallet. How much depends on the amount of coins held.
Within the network, the crypto currency is used by the Bitcoin trader
The fee for the Bitcoin trader for this upload corresponds to the size of the data. So 1 byte costs 1 byteball bytes. Another area of application includes conditional payments, which belong to the category of smart payments. The user can determine the conditions himself and send byte balls at the same time. If the Bitcoin trader conditions are not met, the coins are returned. This way, for example, insurance or betting can be regulated.
An intermediary is not required for this, the Byte ball network is peer-to-peer and the Smart Payments regulate the payment and conditions all by themselves. Chatting is also possible via this P2P network. The functions of the network are usually regulated via the eWallet. This is the official Byteball Wallet. The eWallet can be made accessible for several devices, so that it is possible for several persons to manage digital assets together.
The management of digital assets is another function of the P2P network. The coins can be used as tokens for digital assets such as currencies, certificates, debts etc.. This allows digital assets to be traded over the P2P network. Transactions with the crypto currency have the advantage that they are almost completely anonymous and cannot be traced. Only the sender and receiver possess the transaction data, on the DAG there is only the HASH, i.e. the encrypted data. Furthermore, the data is secured via KYC and AML requirements. Once the data is on the DAG, it cannot be changed.
A special feature of the GBYTE crypto currency is the way the coin is distributed. This is done 98% free of charge. This should help to spread the crypto currency. The distribution happens among other things via Airdrops, with which Coins are distributed free of charge, if one possesses Bitcoins or Byte ball Coins. How many you can get depends on the amount you have already stored on the wallet. In addition, users who make purchases via partner portals receive 10% of the purchase value in byte balls back.