Designed to Succeed: IOTA, RaiBlocks and Now Byteball

Jan 16, 2018 at 09:06 // News
Guest Author
Designed to succeed

Byteball is a new generation of currency which is based on DAG (directed acyclic graph) and it gained unprecedented interest at the end of 2017.

The main benefits in short: Byteball has a user-friendly wallet, it’s fast and it has no PoW/PoS, yet is still 100% trustless. There is extremely high privacy through Blackbytes. It has smart contracts that actually work (insurance, prediction market, lottery, betting bot, blackbytes exchange, altcoin exchange etc.). It has fair distribution and a limited supply and is in very active development.

Byteball is a distributed ledger without blocks. There are several reasons why getting rid of blocks is worthwhile. In blockchain there are many variables, such as what the right block size is and what the right time between blocks is. Nobody seems to know which values are right.

The biggest problem for other currencies is that the miners, who create the blocks, have the power to decide what gets into the block. Byteball is a system without these kinds of gatekeepers. In Byteball, transactions are not grouped into blocks, instead they are connected directly - each new transaction references one or more previous transactions.

Developers want cryptocurrency to be as easy to use as possible, therefore, instead of cryptic addresses, the Byteball wallet will allow you to send money to an email address. You just add an email address where you would normally add a Byteball address. Even better, you can send money by SMS, WhatsApp, Telegram, Viber, WeChat or any other messaging app.

Byteball is distributed free of charge through 'Airdrop' and also has a very interesting program for retailers. Dealers and service providers can apply for a refund of 10% of the invoice amount in the form of bytes to customers. You can even get a refund of 20% if you pay via Bytes. This could help to extend Byteball, especially among e-commerce, as once one big e-commerce is accepted by Bytes there is the possibility of rapid spread amongst others.

We can look at the increase in the number of community members within Reddit over the last couple of weeks. In the case of IOTA, we can see an increase in the user base from around 10,000 to 100,000 members, and in the case of Raiblocks it is even more robust as it has grown from a couple of hundred to more than 40,000. Byteball, with its 2000 members, is still lagging behind but as news about Byteball spreads, its user base will skyrocket. Recently, mention of Byteball appeared on Bloomberg and in the NY Times.

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