Byteball, a cryptocurrency platform for storage and value transfer that is not built on a blockchain, will launch on December 25 and is offering bitcoin users the chance to claim free tokens. Moscow, Russia-based Byteball is built on a Directed Acrylic Graph (DAG) which has…
Byteball, a cryptocurrency platform for storage and value transfer that is not built on a blockchain, will launch on December 25 and is offering bitcoin users the chance to claim free tokens.
Moscow, Russia-based Byteball is built on a Directed Acrylic Graph (DAG) which has no blockchain so there are no block-related scalability issues. The platform can issue assets representing debt, shares, commodities and more.
Bitcoin users will be able to claim free Bytes tokens (called Bytes) proportional to their bitcoin balances on Christmas day. The platform will consider the account status of bitcoin distribution across the network, as available on the first bitcoin block mined on December 25.
Byteball developers have created an ecosystem that includes cryptocurrency wallets, smart contracts, bot-supported e-commerce and more. The platform already has a running testnet.
The developers have set a maximum cap of 10 to15 Bytes, out of which 98 percent will be distributed among community members.
Byteball enables regulatory compliance through a multi-signature process requiring the issuer to co-sign all transfers.
The platform also allows the creation of untraceable assets where transaction information is sent directly from payer to payee, and only hashes are stored on a public database.
DAG, like blockchain, is decentralized, and the Byteball information stored is immutable.
CCN recently reported the introduction of a cryptocurrency platform called Tangle which uses a DAG architecture that makes users and validators one and the same. Tangle, developed for Internet of Things devices, can settle transactions with no fees, allowing devices to trade exact amounts of resources on demand. The devices can also store data from sensors securely and verified on the ledger.
Tangle was developed to allow technological resources and services to be traded in an open market.
To issue a transaction on Tangle, users must approve other transactions, thereby contributing to the network’s security. As a transaction receives more approvals, it becomes more accepted by the system. It becomes more difficult (or practically impossible) to make the system accept a double-spending transaction, according to Tangle.
Image from Shutterstock.
Last modified: May 21, 2020 10:10 AM UTC