6 reasons why future ICOs will use Byteball instead of Ethereum (+screenshots)

[meterse]

1. No need to code and audit the smart contract.


With Ethereum developers need to first code the smart contract and then have it audited.

This process takes several weeks or longer. There is significant opportunity costs incurred, as developers are spending valuable time writing and auditing the ICO contract when they could be developing the actual product instead.

This problem does not exist in Byteball.

2. Launching an ICO on Byteball is far faster than Ethereum.


Due to all the manual steps required, launching an ICO on Ethereum can take 3-6 months (as many ICOs launched using Ethereum have shown).

With Byteball the process takes less than 1 week.



3. Launching an ICO on Byteball is far cheaper than Ethereum.


Again, due to the manual steps required on Ethereum, Byteball is a way more cost effective solution.



The costs listed here include both direct costs for things like programming and auditing, and indirect costs calculated based on the opportunity cost of having the ICO team work on the integration of the features list.

4. Unlike Ethereum, the Byteball wallet has integrated identity verification feature


Raising ICO funds without verifying the real world identity of investors is illegal in many countries like the USA. ICO’s using Ethereum have to manually setup and run KYC checks, a slow and expensive process.

With Byteball, KYC checks are performed from within the wallet in minutes via the partnership with Jumio. Better still, users identity is stored privately in wallet, with only a hash of the personal data stored in the public DAG.



5. Unlike Ethereum, the Byteball wallet has integrated accredited investor features


An accredited investor is an investor with a special status under financial regulation laws. Most countries restrict access to risky investments and make them available only to accredited (qualified) investors.

For example, in the USA, you can sell unregistered securities under SEC Rule 506(c) if all investors are accredited.

Selling unregistered securities to normal investors in most countries is illegal. However there is no easy way for ICOs using Ethereum to prove investors are accredited.

Since April 2018 the Byteball wallet has inbuilt functionality with verifyinvestor.com, which means accredited investors can easily prove their status. https://medium.com/byteball/attestation-of-accredited-investors-d4a8dabf683b



6. Much easier for investors to participate.


Obviously the easier it is for investors to participate in an ICO, the more likely it is to raise the funds needed.

Unlike Ethereum, the Byteball wallet is translated into 24 languages and has many inbuilt features which make is super easy for anyone to participate regardless of previous ICO investing experience

For example, each ICO has its own bot in the Byteball wallet bot store:



(In-wallet Bot Store, where ICO bots are listed)

To invest in the ICO, users simply buy using simple point and click. Users can even purchase the ICO tokens using their credit card:



In addition to in credit card payments, IBAN bank transfers are coming soon.

Unlike Ethereum there is no danger of users sending funds to the wrong address, through typos, as the address is pre-set.

Investing in ICOs through Byteball is also secure from phishing attacks as the buying is done in wallet.



(Example of how easy it is for investors to buy ICO tokens from the personalized ICO bot)

[coyote50]

Seems like a really good platform, however you can't discount the brand power of Ethereum

[meterse]

Seems like a really good platform, however you can't discount the brand power of Ethereum

True, the Ethereum brand is currently a reason why many ICOs dont seem to explore other platforms

Byteball offer is pretty compelling when compared vs Ethereum

[dagfan]

Also accepts three currencies; BTC, ETH and Bytes. And the Byteball architecture is more scalable on-chain. So should be able to cope with high transaction volumes with no unpleasant surprises around transaction costs for in-demand ICOs. The fees are tiny and not influenced by how busy the network is.

[masterkiller]

maybe you are right with your assumptions, but maybe it's still far away, there are many other tokens that use the same system and programs that can rival Byteball, one of the strongest in this field is NEO, you can see a very significant NEO development , they tend to focus on accelerating development, so that their systems can continue to be refined. but all do not rule out the possibility. because nothing is impossible in this world

[Punqtured]

... one of the strongest in this field is NEO

As far as I have seen, issuing a NEP5 token requires developers and a rather hefty downpayment of 500 GAS. That's doesn't seem like a very good alternative. Stellar would probably be a better alternative than NEO. However, neither NEO or Stellar would offer Byteball's built-in KYC features, accredited investor attestations allowing legally and fully compliant issuing of unregistered securities not to mention the built-in feature allowing investors to buy the token directly using Visa/Mastercard. All of these features is usually something the token issuer have to sort out on his own, and most is both incredibly time consuming and rather expensive too. With Byteball - that comes out of the box. For free!

[whenearth]

4. Unlike Ethereum, the Byteball wallet has integrated identity verification feature


Raising ICO funds without verifying the real world identity of investors is illegal in many countries like the USA. ICO’s using Ethereum have to manually setup and run KYC checks, a slow and expensive process.

With Byteball, KYC checks are performed from within the wallet in minutes via the partnership with Jumio. Better still, users identity is stored privately in wallet, with only a hash of the personal data stored in the public DAG.

One of the reasons why I fancy using Byteball now. Identity verification is easy and the platform helps protect users' data.

[none of us]

read for the first time today about byteball and i like it very much. it looks like the perfect platform for icos. just wonder why so often eth are used for icos and not byteball.

[PlayChip]

Yeah, it's been said before, but it's all branding right now. Ethereum is top of the tree but that doesn't mean there isn't room for competition! Personally I believe Byteball has a massive future, along with ADA, NEO and ETH.

[jillscarbrough]

Quite good info.
I've never pay attention to ICO, but since I have my first tokens (DAEX tokens) may it will be a good move if I know more all about related to ICOs.

[meterse]

Yeah, it's been said before, but it's all branding right now. Ethereum is top of the tree but that doesn't mean there isn't room for competition! Personally I believe Byteball has a massive future, along with ADA, NEO and ETH.

I couldn't agree more. There is a very big room - a massive space - for competition and Byteball is ready to get it on, prove its worth, and take its rightful place. At the top of that tree, man. 

[whenearth]

... one of the strongest in this field is NEO

.. All of these features is usually something the token issuer have to sort out on his own, and most is both incredibly time consuming and rather expensive too. With Byteball - that comes out of the box. For free!

Sometimes, being initially free and simple can make all the difference in the long run.

[jwinterm]

Volume (24h)
$123,549 USD
18.96 BTC

You can't do an ICO on a coin with no volume. The figure above represents volume across all exchanges over the last 24 hours. What if someone has a fairly successful ICO and raises $10M worth of GBYTE (20% of marketcap, btw). Even if they sold the entire volume quoted above it would take 100 days to divest from all the GBYTE to get working capital, and they would probably push the price down in the process. $10M isn't even that much for a lot of ICOs, and what if there were several successful ICOs. Not to mention that they would now be competing with the Byteball foundation which is presumably selling GBYTE from the premine to cover their costs and salaries. The daily trading volume and marketcap simply couldn't support a single fairly successful ICO at this point, let alone multiple. Whatever time you think you could save with respect to the chart in OP, you would spend probably at least that much just trying to sell GBYTE in completely illiquid market without destroying the price.

[Fenderr]

I feel the sky is big for all to thrive, NEO is competition for Ethereum at the moment, but there aren't as much NEO-based ICOs as there are ICOs launching on the Etheruem Network. Looking forward to seeing Byteball disrupt the space, healthy competition is needed to strengthen the space

[whenearth]

Volume (24h)
$123,549 USD
18.96 BTC

You can't do an ICO on a coin with no volume. The figure above represents volume across all exchanges over the last 24 hours. What if someone has a fairly successful ICO and raises $10M worth of GBYTE (20% of marketcap, btw). Even if they sold the entire volume quoted above it would take 100 days to divest from all the GBYTE to get working capital, and they would probably push the price down in the process. $10M isn't even that much for a lot of ICOs, and what if there were several successful ICOs. Not to mention that they would now be competing with the Byteball foundation which is presumably selling GBYTE from the premine to cover their costs and salaries. The daily trading volume and marketcap simply couldn't support a single fairly successful ICO at this point, let alone multiple. Whatever time you think you could save with respect to the chart in OP, you would spend probably at least that much just trying to sell GBYTE in completely illiquid market without destroying the price.

Poor FUD, makes no sense.

If X rises to Y and Y decreases to X by the increase its back at Y

Byteball is like the Ethereum of DAG, but actually a lot more practical. Not hard to see

[jwinterm]

Volume (24h)
$123,549 USD
18.96 BTC

You can't do an ICO on a coin with no volume. The figure above represents volume across all exchanges over the last 24 hours. What if someone has a fairly successful ICO and raises $10M worth of GBYTE (20% of marketcap, btw). Even if they sold the entire volume quoted above it would take 100 days to divest from all the GBYTE to get working capital, and they would probably push the price down in the process. $10M isn't even that much for a lot of ICOs, and what if there were several successful ICOs. Not to mention that they would now be competing with the Byteball foundation which is presumably selling GBYTE from the premine to cover their costs and salaries. The daily trading volume and marketcap simply couldn't support a single fairly successful ICO at this point, let alone multiple. Whatever time you think you could save with respect to the chart in OP, you would spend probably at least that much just trying to sell GBYTE in completely illiquid market without destroying the price.

Poor FUD, makes no sense.

If X rises to Y and Y decreases to X by the increase its back at Y

Byteball is like the Ethereum of DAG, but actually a lot more practical. Not hard to see

There's nothing uncertain about the daily volume. If you can't sell the gbyte you raise, who's going to bother trying to raise gbyte?

[Febo]

2. Launching an ICO on Byteball is far faster than Ethereum.

Would you believe me if I would say that cryptocurencies were not invented so people could, instead of using normal routs to found their project, start an ICO and found it this way.

[meterse]

The 70,000 Steem users that also have Byteball wallets can now win prizes by exploring real world use cases on the Byteball platform

https://steemit.com/byteball/@byteball.org/announcing-the-steem-use-a-thon-by-byteball

[KarinaMix]

in my opinion you are somewhere right, but this is the distant future, now a lot of coins that use a similar system, but I read about Byteball and I like it.

[siddartha1492]

I thought Byteball was just a different blockchain with no blocks! These ICO features do sound very innovative and makes ETH platform looks useless for the ICOs!! But I am no sure how long ICOs are gonna stay here. Most people aren't investing in ICOs at all.

Other than that I see that coding and auditing smart contract is not required as it is being done by Byteball already. So in case of breach of security of a project or massive failures due to smart contract, will Byteball take the blame on its head?