What is Byteball
Byteball (sym. GBYTE) is a peer to peer, anonymous, decentralised smart payment system which utilises blockchain technology and has its own native currency called byte.
History of Byteball
The network was launched on Dec 25, 2016 when the first coin distribution took place as well. 10% of the total supply of Byteball were distributed and over 70,000 BTC were received by the company during the offer period.
In 8 more rounds of selling in 2017 (one in every month), the company sold 48.4% more coins.
How Byteball Works
The currency and the transaction of Byteball work just like a traditional cryptocurrency like Bitcoin or Ethereum where users can initiate a payment by mentioning the wallet address of the receiver and the amount to be transferred.
However, Byteball offers conditional payment where the users can set up a condition and the receiver will receive the fund upon meeting the condition. As it is a conditional payment, it can be extended to future-based events as well, like the outcome of a game or even insurance (where the risk covered might or might not come true).
Everything is managed in a P2P environment and the network only deducts the transaction charges.
- Conditional Payment: traditional currencies and even many cryptocurrencies lack this feature where the user can release the fund only when he is satisfied or the seller/receiver meets a certain condition.
- Integrated Chat: People can request for payment and send payments using the built-in instant messaging system. It’s almost like sending a text message to a contact.
- Prediction Market: Utilising conditional payments, it’s easy to bet on the future outcome of an event. The outcome of a baseball game, for example, can be the event and two parties can set up conditional payment depending on the outcome.
- P2P Insurance: People can instantly sell and buy insurance from the decentralised market and cover particular risks. A flight arriving late can be insured and the data can be validated from the airline’s server.
- Bot Store: There are hundreds of pre-built bots who can help the users in transacting with other users or create smart contracts for the user. These bots can also help in validating the outcome of an event, completely removing any human intervention.
- Anonymous Transaction: Byteball utilises multi-switch routing protocol (like TOR) which makes the transactions completely anonymous. It gives total privacy to the users, one of the pillars of cryptocurrency.
- Shared Funds: Companies and organisations can utilise Byteball even if they have multi-level clearance in place. The funds can be set to operate with multiple signatures and then, the transactions will only happen when all the parties input their keys.