In a few hours (August 7 18:10UTC), there will be a new distribution of Byteball.
Byteball is a crytocurrency with a very interesting technology, the data is transferred and stored into a DAG (directed acyclic graph), rather than a blockchain as the majority of the cryptocurrencies do. I have published about this cryptocurrency before in this blog. Byteball is not a proof of work nor proof of stake coin. This token is pre-mined, and each full moon there is a new distribution. The first distribution round was on December 25, 2016.
In order to get Byteball you have to download the official wallet, and link your bitcoin address and/or deposit your Byteballs into the official wallet. The amount of bytes (or Gbytes) that you get is proportional to your holdings in BTC or GBytes, in the following manner:
For each 16BTC you get 1GByte and for each 5GByte you get 1 GByte.
In the first distribution round there were 70,000BTC linked and in the past July round, there were more than 949,000BTC linked.
The process of linking your bitcoin address is quite easy. You interact with a chatbot on the wallet, and later you sign your byteball address with the bitcoin address.
As I mentioned before this cryptocurrency is based on the mathematical object DAG (directed acyclic graph). As all graphs, A DAG consists of vertices and edges, the edges join the vertices and the edges are oriented, so we can think them as "arrows", for this reason we say that the graph is directed. Acyclic means that from any vertex you cannot return to itself, "following the arrows". In the image there is a representation of a DAG.
DAG.png
DAG
The transactions between users are cryptographically linked. Each new transaction there is a new edge; the arrow goes from "child to parent", i.e. if the transaction goes from A to B, then the arrow goes from B to A.
When new transactions occur the graph growths, from this fact the coin takes its name, since the growth reminds a snowball.
The name of the token is Byte a GByte consists of a 10^9 Bytes. There are 10^15 Bytes, all of them were created at once during the "genesis". However , currently there are only 365,903GB in circulation.
In the coin ledger there are no blocks only transactions.
The system is based on witnesses, who are in charge of authenticating and storing all the transactions. They receive the transaction fees.
In order to a transaction to be authenticated, witnesses have to store the ledger of all transactions, and the fee is for paying data storage.
The consensus in the system is based on a total order in the graph. In this way double spending is avoided, the system consider as valid the first transaction and ignores the second spending. The details are technical, in the white paper the process is explained fully, as expected.
A new transaction will add the hash of the previous transaction, in this way the record of all transactions are kept; so that each transaction could be traced back to the genesis vertex.
This cryptocurrency offers conditional payments (smart contracts), payments through a chat and also privacy features.
I would like to comment that the usage of the wallet is very friendly and nice, and it has many features.
If you are interested in this coin, you should read its whitepaper, written by its inventor Anon Churyumov. He is responsible for the token distribution and he will keep the 1% of all Bytes in circulation.
At the moment of writing this note Byteball is the 34th position in coinmarketcap.com, according to market capitalization.
The following chart, from coinmarketcap.com, shows the price evolution of this coin.
Disclaimer: This is not financial advice
References:
https://byteball.org
https://byteball.org/Byteball.pdf
http://bitcoinchaser.com/free-bitcoins/byteball
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