What is byteball? GBYTE token explained.

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Decoding one of the most bizarre crypto projects.  

Introduction

The Blockchain Revolution is one of the most innovative forms of revolution the world has ever experienced to date. The myriad of applications that one can accommodate within the Blockchain itself is a direct indication of the technical potential of the technology. However, technological advancements might stop at some point in time, but it is certain that innovation has no end because, within the Blockchain domain itself, further innovations are being tried and tested. Many cryptocurrency projects are being developed in order to improve the efficiency of various industrial domains. The Blockchain powered cryptocurrencies like the BAT,NEO,Augur,EOS, etc. stand absolutely different from the usual ones who just seem to be improving the drawbacks in cryptocurrencies like Bitcoin and Ethereum. Let’s read about the Byteball Project and What is Byteball Token?

What is byteball? How does it work?

Byteball is one such cryptocurrency project in the market. The cryptocurrency domain utilizes the blockchain concept in a very different fashion. Here there exist no blocks as such, and also they aren’t connected linearly. But innovatively all the new information which is added on to the network is attached with multiple previous information and as new information is added, the process continues. This finally results in the formation of a structure known as Directed Acyclic Graphs which indirectly means that if we try to traverse through the nodes then we cannot form a cycle.

What is byteball? A smart contract powered initiative

The information storing structure of Byteball is highly versatile in nature apart from being immutable. Another most prominent feature of the byteball cryptocurrency token is its seamless payment system. Any particular user even if he is a newcomer to the cryptocurrencies can understand the working mechanism of the payments. Also, the smart contract facility is provided by the byteball Blockchain project where especially the developers can incorporate them in order to customize them to their requirements.

What is byteball? One of the most secure forms of data storage

The Cryptocurrency Blockchain platform enables its customers to initiate transactions in the real-time only when both the parties agree simultaneously, otherwise, the transaction is not carried on. This is known as Atomic Transactions which would have probably given the users, an answer as to What is byteball? and why is it important? The byteball project is highly secure as it accepts only the regulated assets which are easily comply with Anti Money Laundering as well as Know Your Customer regulations. The byteball token also enables multiple customers to share a particular asset and also the transactions can be confirmed through multiple devices with the multisignature facility.

What is byteball token called?

One might be pondering over the question, What is byteball and what is the token used? The Blockchain project utilizes a cryptocurrency token named Bytes, which is a prerequisite for any customer, in order to add information into the Blockchain network. The amount of bytes required to upload particular data into the Blockchain network is directly proportional to the amount of data itself. The precise reason behind this commission fee is to prevent the spam messages entering into the Blockchain.

 

Alternate token

The byteball cryptocurrency project utilizes another form of tokens which is highly anonymous, relative to its traditional cryptocurrency token, Bytes. The transactions which are undertaken with this token are less traceable on the Directed Acyclic Graph and also no record would be made available with respect to such transactions on the public database.  Nevertheless, the transactions data is communicated in a peer to peer paradigm.

 

What is byteball project? One of the most philanthropic initiatives

What is byteball? maybe the only cryptocurrency blockchain project which selflessly wants the financial world to get more efficient. As it is witnessed that 99% of the total cryptocurrency tokens are distributed for free, which one can ever imagine of in such a competitive cryptocurrency arena. The team members at byteball project have found out a number of ways in order to achieve it, some of them are through cashback offers, Airdrops, etc. The byteball project members have distributed more than half i.e 64% of their tokens since December 2016 with various intervals of Airdrops.

Conclusion

The blockchain project seems to be highly promising but also was under constant speculation as the cryptocurrency tokens where distributed free of cost. Many of the financial industry experts had assumed it to be a Ponzi scheme.  However, the speculations have vanished absolutely.

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