Byteball Coin – a secure and reliable cryptocurrency
Byteball Coin stands for complete trust, which is a rare thing in today’s world. Contracts that are created on the Byteball platform have been thoroughly checked through. Contracts made are the agreements that are strictly adhered to in practice.
To make this possible, they are validated by a certain number of nodes in the decentralized network. All follow the same unchangeable rules. Only established rules have priority, which is why other parties must always act honestly.
Byteball Coin in numbers – as at February 2018
Byteball Coin has a current market capital of 389,833,486 US dollars. The current offering is currently 645,222 GBYTE. The daily trading volume of Byteball Coins is 1,220,760 US dollars. The total number of coins available is 1,000,000 GBYTE. Byteball Coins score 63rd place in the official ranking of coinmarketcap. com’s Mineable Coins.
What are Byteball Coins?
Byteball Coin, abbreviated to the stock exchange symbol GBYTE, is a cryptocurrency from the company Byteball. With this currency, smart payments are offered via P2P connections.
The company wants to spread the use of these coins by making them 98 percent free of charge and thus interesting for all users. Another way in which the company would like to promote its coins is through distribution rounds. Users who own Bitcoins or Byteball Coins are preferred choices for this phase.
The data structure of Byteball Coins is a Directed Acyclic Graph (DAG). This means that each block is followed by another, previously unused block. Each transaction contains all the saved data, signatures and hashes of the previous transactions.
All storage units are thus connected to each other and serve as confirmation of all transactions carried out. Byteball supports smart contracts, which ensures that transactions are subject to defined conditions.
What is this kind of cryptocurrency used for?
Byteball is a cryptocurrency that feeds data into a decentralized platform. If a user of the platform uses the coins for purchases in a partner portal, they receive 10 percent of the value back in the form of Byteball coins. Byteball coins are distributed over certain payout rounds.
Owners of 16 Bitcoins receive 0.1 Byteball coins in each round. For each Byteball Coin, the owners receive one additional Byteball Coin per round. In order to participate in these withdrawals, Byteball’s e-wallet app is required to check the account balances in advance. The reason for this is that it needs enough token holders for broad acceptance. The entire process is described very precisely on the homepage of Byteball.
Users of the platform can not only transfer Byteball coins, but also have the possibility to trade or store assets. The DAG system makes this possible by using another blockchain. The DAG system works on a simple principle, and common block limitation problems are eliminated with this system.
The transactions are entered into the system by the users themselves. Transactions are time stamped, further heightening the level of system security. Each transaction is unique and can only be made once. This makes the platform secure against manipulation and hacking attacks.
Who is behind Byteball Coin?
The company has published little information about the developers of Byteball Coin, and others working on the project. Byteball offers all its users an e-wallet with the most important functions they need and can use.
It is not possible for a third party or the company itself to change or delete transactions or data on the platform. If a transaction violates Byteball’s general rules, the transaction will be terminated directly and not executed. Safety is a very high priority at Byteball and care is taken to ensure that this is always guaranteed. Byteball is financed by fees that users have to pay for transactions.
Byteball Coin conclusion
The company behind Byteball Coin primarily focuses on P2P communications. With some other cryptocurrencies, the transactions are stored centrally on a blockchain and can be tracked. Transactions with Byteball Coin, on the other hand, cannot be traced.
This provides a guarantee of complete anonymity via the DAG system. Byteball e-wallets give users the opportunity to conclude smart contracts, for which users can choose the conditions themselves.
Coinmarketcap.com has available data on this coin, dating from December 2016. Since then, the market value initially increased dramatically and then fell again after a short time. In the general overview, Byteball Coin can still record a profit. Overall, Byteball Coin is a very interesting cryptocurrency that offers users many different functions.