BYTEBALL - reasons why it's a good Crypto, and why Steemians should hang on to their Free Bytes !
You asked for more on Byteball, here it is. The top reasons i invested in Byteball GBYTE.
There are only going to be 1,000,000 Gbyte issued, and a large portion of them are still to be issued on the secondary market. That portion is going to be saved for growing Byteball through initiatives like the Steem-Byteball linking attestation / free giveaway, and also the various Byteball use-a thons, which reward people/teams with good ideas for use cases for the Byteball platform. As i mentioned in the previous post, the use-a-thon at the Venezuela University yielded some great ideas, which the Dev's.( development team ) are working on right now.
Byteball has only around 4 full time Dev's, including Tony (the founder), compared with much larger teams at other Crypto projects, which means that Byteball are doing more with less. From my observations,they are all capable and diligently work in the interest of Byteball. Because they have a large amount of the un-issued Gbyte, they have plenty of dry powder to fund the project further, fund more initiatives, pay the Dev's, and have more give-aways like the Steem initiative so they can market Byteball to new users and increase awareness of the project.
Byteball is and will be further ramping up their Marketing program. The more people who are aware of Byteball and it's features and the more that use the platform, the more valuable it will be. Byteball have shown that it is willing to work with other Cryptos for the greater good. After all, the aim is to create a viable alternative to the banking system for the benefit of all.
Byteball uses a different ledger system than most other Cryptos, it's called a DAG (Directed Acyclic Graph). It is not Blockchain, but arguably better. Only 2 other Cryptos use DAG... they are Nano, and IOTA. and neither of these really do the exact same things as Byteball. I like the fact that it uses DAG because it means that if Blockchain and the Ethereum network ever experience vulnerabilities, Byteball will not. DAG is infinitely scaleable, and at the moment, it is supposed to be able to handle around 3000 TPS (transactions per second). This was tested during the recent Steem attestation when the rush was on the get free Gbyte , and some Steem users were creating up to 100 hundred Steemit accounts in order to claim multiple blocks of free Byteball, This issue was corrected within a week, but the demand did test the system, and crashed temporarily, then got fixed quickly by the Dev's.
Byteball's witnesses, the people charged with the responsible job of making sure the platform runs smoothly are required to commit real-world assets, which will be at risk of being sold if they are found to be acting against the interests of Byteball and it's users. Imagine if the World's politicians had some assets - like their house to lose - if they were proven to be corrupt or acting against their constituents'/ citizen's best interests - what a great idea !! Bring it on !!
There are many useful features of Byteball. Other Cryptos focus on one or two of these features, but not all. This makes Byteball sort of a one-stop-shop in a way, only with more useful features than the others. Here is a list of the main features of Byteball. I will not elaborate on these as the post will be too long, but i'll write more about them later if there is enough interest.
Transfer Bytes using Textcoin on Mobiles, by using Steem username, using email , and also by trasferring Bytes to a wallet address. If you send Bytes to someone who does not have a Wallet, they will automatically be prompted to install a Byteball Wallet.
Conditional smart contracts - you can make a payment to somebody without the need to trust them. Create a smart contract and add a condition. If the condition is not satisfied, you will get your money back. An "oracle" can be a trusted person or a credible online source of public information. An example is on the byteball wiki- ( wiki.byteball.org ), or you can choose an oracle from the Chatbots section of the Byteball wallet.
Blackbytes; the private and untraceable Byteball currency. You can use the Chat section to swap some of your Gbyte for Blackbytes.
other features ; p2p insurance, ICO platform , and in the Chat section of the Wallet; several gambling features and lotteries, ICO's , altcoin exchange , oracles, private chat room ( encrypted) , and buy Bytes with Visa and Mastercard.
Remember that with only 1 million Gbytes to be issued, (which is TINY compared to other Crypto projects) an uptick in demand for Byteball has the potential to move the price fast, (and also down quickly if lots of people sell). If a small percentage of Steemit users bought some more bytes, it would have a big effect on the Byteball price. Then again if a lot of Steemit users sold, it would cause the price to go down quickly. This is what i suspect happened after the Free Bytes were handed out the Steem users...many of them sold half their free Bytes, and the price dropped quickly. Smart people were buying more at the bargain prices down around US$30, which was around 95% discount on the all time high!!!!
So as you can see there is a lot to explore with Byteball. Play around with the Wallet and hopefully you will find a feature you can use. More features are regularly added to Byteball . Join Byteball Slack group and ask questions, suggest better ideas and improvements. Sign up for Byteball news on email.
The "Russian thing". It's obvious that many Ruski's are involved with Byteball. Politicaians and the Fake Mainstream news like to spread FUD about the Russians being bad. Really? There's good and bad in every Country, and really, humanity as a whole just wants to get on with their lives and live in peace and harmony together. To hell with this perpetual war idea. Russians are some of the best IT people around, and also great Hackers!! :) Let's not forget why we are all in Cryptos, we want a better and fairer means of exchange, without all the corruption, and give the power back to the people. The present FIAT Monetary system has failed us and gives too much power and control to the elites.
This information on Byteball is not a recommendation to buy it. Always do your own research before investing. Discolsure; the Author holds Byteball as part of their investment portfolio.
USEFUL LINKS
https://steemit.com/byteball/@byteball.org/announcing-the-steem-use-a-thon-by-byteball
Thank you for posting @ctrl-alt-nwo.
Lovely report.......so happy to hear more about Byteball.....appreciate the information.
Do you know if they are going to open a Discord channel?
Thank you for the bit about the way to receive news........will give it a go.
All the best. ^__^
Cheers!
They probably do, check the website for those little symbols. I'm not familiar with the Discord one.
Thank you very much for this really nice review. Obviously, I share your firm belief in a bright future for the Byteball project and I must say that I am super thrilled to be a part of this wonderful project.
I think very few people realise how big a difference they have an opportunity to actually make. Even doing a post like this really helps the project. As you already noticed - Byteball marketing hasn't exactly been best in class. Instead, the focus has been on building a rock solid platform and a wide range of super useful features that a lot of other projects can only dream of ever achieving.
At Byteball, we have this saying, that it will be easier to fix inefficient marketing than inefficient technology ;-)
There's a slight mistake in your article, though - you write that there's only 1 million Bytes ... actually, that's 1 million gigabytes. But other than that, it's pretty spot on, and I'm actually surprised you've been able to get such a thorough understanding of the project in such short amount of time.
The Use-a-Thon that has a 4 week period, is designed so participants will have time to get familiar with the platform and explore different use cases that is made possible through the features of the platform.
Trading and speculation won't lead to anything long term, so I am absolutely convinced, that encouraging people to explore use cases to increase adoption, is what will prove to benefit the project in the long run. And on that note - you're absolutely right in saying that Byteball is here for the long haul.
One benefit of the rather small core-development team is, that they're able to work very fast because they don't have the coordination overhead and problems you often see with large development teams. We are still small, fast and effective.
Once again thank you for the great review, and keep up the good work of spreading awareness of the Byteball project.
Hi, i think that's Marc ?? Thanks for the compliment on my review. You may need to borrow my glasses, because i actually said that there was 1 million Gbyte, not 1 million Bytes, have another look :) You might be interested in another project that is soon to launch, called Kinesis. It's a new Monetary system that uses Blockchain. It's big plus is that it pays a multi-faceted yield, and every Kinesis coin is backed by grams of Gold and Silver , allocated in secure vaults and audited twice yearly. I am quite excited about it. Search ; Kinesis.money Cheers mate !!
You are right, i found the mistake with the 1,000,000 Bytes, the second time i said it there... further down the page, i got it wrong...so i take back my comment about you borrowing my glasses :) Mistake corrected. Cheers.
Thanks for you @ctrl-alt-nwo sir
Great article, thanks for sharing.
And please don’t forget to vote for Byteball GByte on Binance:
https://www.binance.com/vote.html
Hi there, unfortunately i don't have a Binance account, and i also don't have their coin, which you need to use to pay tro do a vote there. I'm sure many Steemians do though. I'm glad you liked my article !
Thanks for the information @ctrl-alt-nwo and the Byteball offers us great prospects that will make a certain contribution to the crypto market. I hope we will soon appreciate all the benefits of the Byteball!
You'll be blown away by Byteball, i'm sure :)
It sounds great to hold!
really very important tropic anylysis to doing this time in yout blog.byteball is a good thing of crypto for many reasons.i am agree with your opinion.because i think that its giving good opportunity from crypto market industry.only short times its got huge popularity.butthis time i am not sell my byteball,only hold it.because i know one day byteball giving alots of advantage from this crypto community.its giving great future for all steemians.thanks to sharing for your great quality thought post.just marvelous.very welldone.take care yourself..i want your success in the future..i want alltine you stayed live long happily in your whole life.keep it up.see u again.have a great day.my dear friend.. @ctrl-alt-nwo
@ctrl-alt-nwo,
Actually the GBYTE Airdrop on STEEM is the place that I heard about GBYTE! I tried to learn what is GBYTE at that time, but I think my curiosity was full filled today with this article!
Really useful information and now I think I made a right choice by keeping the Airdrop and will try to collect more GBYTE during this sale price! Seems like I need to check more about DAG! Really appreciate your effort of writing this article!
Cheers~
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Great points and I really like Byteball. I think it's far superior many other crytpo currencies that I've held or looked at. At the same time I’m glad you mentioned IOTA which I’m invested in as well. I can’t wait when people finally realize cryptos such as Steem, Byteball or IOTA are the best thing that ever happened to our generation. With that said, I wish Byteball had better self promotion ability. Until Byteball’s free giveaway I had no idea what Byteball was. It was definitely great way for Byteball to promote itself. However, I believe there is sooo much more they can do. I’m not really concerned about whether people tried to take an advantage “the sneaky way” of Byteball’s free giveaway (such as person opening 30, 40, 100 or more steemit accounts), which of course I’m glad Byteball’s representatives took care of. The picture is much bigger. What matters is convenient way of transactions, speed of transactions and many other features.
I can help you a bit to spread the word by Resteeming this post.
Thanks, please resteem !
😮 that’s insane!
Yes, I agree! It’s weird phenomenon, but people tend to buy at the top and sell at the bottom even for a loss. I personally have been buying at any dips including the last one. Not that I think I’m better than others, it’s because I learned my lesson. You definitely sold me on Byteball.