The cryptocurrency platform Byteball has announced its upcoming launch on December 25, 2016 and as a part of its launch offering, Byteball will allow Bitcoin users to claim fresh Bytes (Byteball’s crypto tokens), proportional to their respective Bitcoin balances on the day of Christmas.
The platform will take into account the status of Bitcoin distribution across the network, as available on the first Bitcoin block mined on December 25, 2016.
Byteball, the cryptocurrency platform for decentralized storage and transfer of value, is built on Directed Acyclic Graph (DAG) instead of Blockchain like other existing cryptocurrencies. The idea of using DAGs was first proposed the team from Iota publicly in 2015. Iota is a brand new and novel micro-transaction cryptotoken optimized for the Internet-of-Things (IoT).
Another proponent of DAG is Dr. Tom Holden, A lecturer at the Centre for International Macroeconomic Studies (CIMS), School of Economics at the University of Surrey in the UK who talked about it at Bitcointalk in June 2016.
Read the whitepaper.
The absence of Blockchain helps Byteball avoid block size related scalability issues, which Bitcoin is currently facing.
In order to receive free Bytes, members of the Bitcoin community will have to prove their Bitcoin balance and link the addresses with that of Byteball before December, 25.
The unique cryptocurrency platform can be used to issue assets representing debt, shares, commodities, etc. Regulatory compliance can be easily achieved through a multi-signature process that requires the issuer to co-sign all transfers. Byteball also makes allowance for the creation of untraceable assets where transaction information is conveyed directly from payer to payee, and only hashes are stored on a public database.
The developers of Byteball have created an entire cryptocurrency ecosystem, including an easy-to-use smart contracts platform, cryptocurrency wallets, bot supported e-commerce, and more. The platform already has a running testnet. Like Blockchain, DAG is decentralized and the information stored on the Byteball is immutable. Developers of the platform have set a maximum cap of 1015 Bytes, out of which 98 percent will be distributed among the community members.
Byteball is an initiative of a Moscow, Russia-based development team. The innovative cryptocurrency uses DAG structure instead of the conventional Blockchain, eliminating scaling issues. It is a complete cryptocurrency ecosystem set to go live on the Christmas day of 2016.