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Byteball Bytes

Byteball Bytes GBYTE

  • Digital currency
  • Micro payments
$152.65 Price
-6.18% % 24h
-4.63% % 1h
Score
$98,495,727 Mkt. Cap
$237,081 Vol. 24h
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Byteball Bytes project purpose and description

Short description

Byteball is a decentralized database with it's own native cryptocurrency, Bytes, that unlike most does not require PoW or PoS mining and does not have a blockchain nor blocks. Instead, Byteball links transactions by signing the hashes from the previous transactions on the new one.

Abstract

Byteball is a decentralized system that allows tamper proof storage of arbitrary data, including data that represents transferrable value such as currencies, property titles, debt, shares, etc.Storage units are linked to each other such that each storage unit includes one or more hashes of earlier storage units, which serves both to confirm earlier units and establish their partial order.The set of links among units forms a DAG (directed acyclic graph).There is no single central entity that manages or coordinates admission of new units into the database, everyone is allowed to add a new unitprovided that hesigns itand pays a fee equal to the size of added data in bytes. The fee is collected by other users who later confirmthe newly added unit by including its hash within their own units.As new units are added, each earlier unit receives more and more confirmations by later units that include its hash, directly or indirectly.

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