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Author Topic: Byteball - ICO Review  (Read 1465 times)
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July 31, 2017, 09:31:32 AM
Merited by EcuaMobi (1)
 #1

Byteball allows you to do something that traditional currencies cannot: bind payment to a condition. You set a condition when the payee receives the money, and if the condition is not met, you get your money back. All this happens in a completely peer-to-peer manner, with no need for intermediaries or escrows. Under the hood, this is a smart contract between two parties. But unlike other crypto platforms that support smart contracts, you don?t have to trust the developer that the smart contract will operate as expected, and the contract is easy to read and understand.


Byteball is designed to generalize Bitcoin to become a tamper proof storage mechanism for any data, and to remove some of the most pressing deficiencies that impede its wider adoption. With Byteball, there are deterministic criteria for when a transaction is deemed final. Transactions are their own blocks, and they are linked not as a chain but as a directed acyclic graph (DAG), allowing each transaction to be linked to multiple previous transactions. Byteball does not use Proof-of-Work, but rather a witness-based consensus algorithm (detailed in the whitepaper) that relies on users responsibly setting their lists of trustworthy witnesses. This connects Byteball to the real world in a way that cannot be safely automated without significant risk of exploitation and requires human decision-making. It is suggested, however, that popular wallets can be set up by default to follow a witness list provided by the wallet vendor, to simplify the process for users.

In Byteball, the base currency of Bytes is used to pay for adding data to the database ? 1,000 BytesByteball are paid to add 1KB of data ? and the price of Bytes should thus reflect their utility and value. The total number of Bytes in circulation is 1015 ? the largest round integer that can be represented in JavaScript ? and amounts can only be only integers, with larger units of the currency represented by the standard prefixes (kilobyte, megabyte, etc.).  Since transactions in Bytes are as visible as those in Bitcoin, a second currency called BlackBytes, which is sent peer-to-peer and is significantly less traceable, is also provided for private transactions.

Users can also issue other assets and use them as means of payment. Assets in Byteball can be issued, transferred, and exchanged, and behave similarly to Bytes. They can represent anything that has value, such as debt, shares, loyalty points, airtime minutes, commodities, other fiat or crypto currencies, etc. Assets can be issued with any rules to govern their transferability, from no restrictions at all (as in Bitcoin), to requiring every transfer to be cosigned by the issuer (e.g. the bank) or restricted to a limited set of whitelisted users.

Currently, bound payments allow users mainly to P2P exchange Bytes against BlackBytes or any other asset issued on Byteball. However, the plan is to enable users to bind payments to real-world events, with oracles (bots) as connectors trusted by the counterparties to provide true data, and a shared control address that gives them differing rights depending on the data posted by the oracle/s. Features which appear to be implemented include:


- P2P payments in chat ? Chat and pay in the same app.
- Prediction markets ? Use a P2P smart contract for betting on price movements, sports outcomes, etc. Find counterparties in Byteball?s #prediction_markets Slack channel, and after the result is known, chat with the sports oracle to have it post the data about the outcome, then unlock the contract.
- P2P insurance ? Use a P2P smart contract to hedge against a negative event or sell insurance for profit. Find counterparties in Byteball?s #p2p_insurance Slack channel. For example, to insure against a flight delay, create a contract, and if your flight arrives late, chat with the flight delays
oracle to have it post the data about the delay, then unlock the contract.
The project?s Bot store provides a venue for developers to reach users with oracles, merchant chat-bots, etc.

Aiming for mass adoption, Byteball is distributing 98% of all Bytes and BlackBytes for free (except for a possible micropayment) in multiple rounds. Seven rounds have already been completed, and the eighth round is scheduled for the full moon on August 7, 2017. In each round, Bytes and BlackBytes are awarded to participants in amounts based on their proven BTC and existing Byte balances, requiring them to link their Bitcoin and Byteball addresses using the Byteball wallet?s Transition Bot (and it is this step which requires making a micropayment or signing a message). It is unclear, however, what this linkage means or entails otherwise; it would seem that the initial value of Bytes is in a sense derived from BTC, and that BTC holders are being incentivized to join the Byteball network. Note that there is no Byte mining, either.
 
According to the website, the first distribution round took place on December 25, 2016 when the network launched, wherein over 70,000 BTC were linked and 10% of the total supply of Bytes and BlackBytes was distributed. In subsequent rounds, the total distributed supply reached 36.6% and nearly 1.5 million BTC appear to have been linked overall, although currently it seems that the total linked balance is ~857,272.375 BTC. The website states that on the next distribution date, every 16 BTC will award 1GB (1 gigaByte = 1 billion Bytes), and every 5 GB will award an additional 1 GB. It also states that in future rounds, the rules will likely change in favor of current Byte holders.

Read our full review here - https://coins.best/ico-reviews/byteball/
We are inviting you all to comment, rate, and give feedback on the review.
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July 31, 2017, 12:43:53 PM
 #2

Excellent summary.

Byteball is one of the innovative Crypto's out there and not a simple copy.

The wallet is very stable, and many applications are now running on it.
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July 31, 2017, 01:55:37 PM
 #3

Byteball is pretty cool indeed. And the distribution is very fair.
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July 31, 2017, 02:03:46 PM
 #4

yeah i'm wondering when there will be the new distribution, are they going to do one each new season? the last oen was in summer, the new one in autumn and then winter, or it's just random?
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July 31, 2017, 02:08:02 PM
 #5

Excellent summary.

Byteball is one of the innovative Crypto's out there and not a simple copy.

The wallet is very stable, and many applications are now running on it.

That looks good. But, is there a chance to join in the byteball airdrop? I mean i want to get some byteball in the next round of distribution. and when the distribution will be happening?


Thanks op for the review. That makes me interested to get some byteball.

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July 31, 2017, 04:11:54 PM
 #6

Byteball is pretty cool indeed. And the distribution is very fair.
Byteball is a very good project, my friends are like with Byteball. Especially on the wallet, Byteball Wallet is very stable and very convenient to use.

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July 31, 2017, 05:55:22 PM
 #7

byteball coin is good coin, good inovation about distribution coin
but byteball price is very high , is very dificult can develop user community, can affect to volume transaction
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July 31, 2017, 06:02:48 PM
 #8

byteball coin is good coin, good inovation about distribution coin
but byteball price is very high , is very dificult can develop user community, can affect to volume transaction

The price is very high b/c it's priced in Gigabytes.  There's been proposals in the community to use Bytes as the units instead which would make the unit <1 cent.  The price perception is arbitrary if the unit can be changed.

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July 31, 2017, 06:35:38 PM
 #9

Damn, I ALWAYS forget to get my Byteballs, I mean, I forget the distribution periods. Thanks for reminding me. I will try next august 7th to get my first byteballs, hopefully I don't screw up in the process.

As far as I know there are two methods, and one of them is free because you don't need to send any transactions, you only need to sign it, but I don't know how to do that, I never used the signing features of bitcoin core. I know how to use the coin control features to select exactly what address I want to send and get the byteballs from, but I don't know how to the signing, I will try to find a youtube tutorial later because I suck at reading.

It would be cool if someone can develop a way to get an alarm that tells you the distribution is happening soon so you never miss it.

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July 31, 2017, 07:01:19 PM
 #10

yeah i'm wondering when there will be the new distribution, are they going to do one each new season? the last oen was in summer, the new one in autumn and then winter, or it's just random?

Distributions occur every full moon, so monthly more or less. Although with the increased distribution percentage and the ever growing linked BTC there may only be two or three more drops before it's full distribution of one million gbytes is reached.

That said, the distribution schedule AND distribution amounts are subject to the developers decisions so they may change before the final round (s).



byteball coin is good coin, good inovation about distribution coin
but byteball price is very high , is very dificult can develop user community, can affect to volume transaction

The price is very high b/c it's priced in Gigabytes.  There's been proposals in the community to use Bytes as the units instead which would make the unit <1 cent.  The price perception is arbitrary if the unit can be changed.

That's effectively true for any coin, so long as we're counting in base 10, you just move the decimal and rename it.

Conceptually I could see a time when A Satoshi is a valued unit of measure rather than dust.  You may buy lunch for 10 SATs or some such in thunderdome.
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July 31, 2017, 07:08:04 PM
 #11

Excellent summary.

Byteball is one of the innovative Crypto's out there and not a simple copy.

The wallet is very stable, and many applications are now running on it.

I agree byteball is high quality stuff + good fair distrybution that in not aimed for get rich quick deveoper but is aiming for wide adoption this is awsome.
Most current projects is bang for your buck and nothing more.

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July 31, 2017, 07:08:39 PM
 #12

Byteball is great but when blackbytes trading?
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July 31, 2017, 07:12:49 PM
 #13

byteball coin is good coin, good inovation about distribution coin
but byteball price is very high , is very dificult can develop user community, can affect to volume transaction

The price is very high b/c it's priced in Gigabytes.  There's been proposals in the community to use Bytes as the units instead which would make the unit <1 cent.  The price perception is arbitrary if the unit can be changed.

That's effectively true for any coin, so long as we're counting in base 10, you just move the decimal and rename it.

Conceptually I could see a time when A Satoshi is a valued unit of measure rather than dust.  You may buy lunch for 10 SATs or some such in thunderdome.

Yes I know. I'm refering to a proposal to have it listed as Bytes on exchanges, since perception does matter.  

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July 31, 2017, 07:20:23 PM
 #14

I also see Byteball very good for their concept, because the project they do really attract all big investors to invest in it, so I'm not surprised if Byteball price in the market is very high.

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July 31, 2017, 07:45:11 PM
 #15

How is this objective, when you've only given it a positive view? Are you telling me Byteball is flawless?

I just read over their project page and some source code. Byteball itself is interesting because it is DAG-based, just like IOTA. Other than that though, it offers everything Bitcoin offers. Why is Byteball an advantage over Bitcoin?

Here is my own take on IOTA, which is similar to Byteball.

http://currypto.club/hello-world/iota/blockless-cryptocurrency-disappointing

If you are going to say "smart contracts", well, Byteball uses oracles for these, just as Bitcoin can too: https://en.bitcoin.it/wiki/Contract#Example_4:_Using_external_state

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July 31, 2017, 08:01:33 PM
 #16

It's indeed a very interesting project and the wallet is very solid.

However I missed most of the airdrops and doesn't own a good stake in it. Wish I know it earlier.

Another thing is that today's price is supported by 20% of interest per month, how the price will go when airdrop ends is another story.
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July 31, 2017, 08:46:52 PM
 #17

Byteball had the one of the best ico of all time. They had a ico in a time when raising 3-4 million was alot and luckily byteball developers made sure in terms of features and wallet everything was perfect , they even advertised their coin so that their holders can get more profit now the price had gone to 1000$ plus it's now listed on all main exchages. This should be a lesson for ico that they should do something like this instead of only listing on few exchanges and enjoying with the funds raised



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novy
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July 31, 2017, 09:15:48 PM
 #18

what about bounty program?

andromedka
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January 22, 2018, 01:38:10 PM
 #19

Byteball Bytes (GBYTE) Live Trading Charts, Price Predictions + ..

https://www.onebitcoinbuy.com/byteball-bytes-cryptocurrency-gbyte-buy-invest-money.php

Byteball Bytes Crypto Currency Coin

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