XtraBYtes project purpose and description
What is XTRABYTES?
XTRABYTES is a high potential decentralized cryptocurrency and a decentralized platform in the blockchain industry today.
Though it is rarely talked about, it has some of the top-notch features such as decentralized exchanges that many new networks have been struggling to implement with little success.
The cryptocurrency network was started early in 2017 to help encourage developers to craft new apps that will help shape the blockchain industry. This design makes it closely resemble the Ethereum platform that also seeks to support the development of decentralized applications.
When XTRABYTES was created, the development team also created a native coin referred to as XBY. This is the primary coin and the value indicator in the open markets. The performance of the XBY in the market can be traced back to April 2017 when it debuted at a price of $0.00035.
In two months after entry into the market, the value of the coin gained by over 8000% to reach a high price of $0.03. Then, it remained between the range of $0.04 and $0.01 from June to early December 2017. By early January, the price of theXTRABYTES coin rose to $0.66, the highest mark in its history before taking a steady decline in the subsequent months.
In mid-March, the price of XTRABYTES has dropped from the top price by more than 600% to reach a low of $0.09. The value continued on a downward trend and settled at the range of $0.03 to $0.02 in the third quarter of 2018. The community has indicated it is highly optimistic that the value will continue growing as more people appreciate the unique structure of the platform.
What is the problem that XTRABYTES Solves?
The design of the XTRABYTES platform was to comprehensively address most of the challenges that the blockchain niche has been experiencing especially after 2016. Here are some of the specific problems that the development team sought to address with the platform.
- Poor adoption of the blockchain niche in the society
Though there have been major gains in the blockchain niche since the launch of Bitcoin in 2009, the adoption by the society has been relatively slow. When new platforms are released especially through ICOs, those who largely invest are the people with a lot of money.
Some people are still finding it complex to understand the blockchain and cryptocurrencies. Others opt to stick to the fiat currencies because the process of owning cryptocurrencies and keeping them secure is complex. The XTRABYTES platform seeks to make owning and using XBY and other tokens easy.
- Centralized mining and ownership of coins
One major setback in the blockchain industry is centralization of mining. Many proof of work (PoW) and proof of stake (PoS) consensus-based cryptocurrencies have been suffering from the centralization of mining.
From buying the complex ASIC mining equipment to raising stake, it is only the affluent in the community that can afford to one the native tokens.
The danger of centralized mining is that more coins are likely to fall into the hands of a few people and raise the danger of 51% attack.
Decentralized mining also goes against the primary dream that Satoshi had of involving all people in the cryptocurrencies irrespective of their social economic status in the society.
- Complexity when trading cryptocurrencies
The process of buying cryptocurrencies in the market is very complex and expensive. Many people opt to walk away because of the many requirements that they must meet to start trading.
Because most of the exchanges are centralized, users are required to start by signing and verifying the trading accounts.
The exchanges also require them to pick the preferred currency pairs and pay transaction charges. But this is not all. Depending on the selected digital coin wallet, the user might be charged an additional fee. XTRABYTES seeks to address the problem by eliminating the need for centralized exchanges.
- The risk of losing crypto coins through attacks
One of the common concerns about the cryptocurrency community is the high risk of getting attacked and the native coins getting stolen.
However, these attacks have become the common thing at the native network, the exchanges, and even wallet levels.
One of the latest attacks in the industry was the Coincheck hack that resulted in a loss of $520 million worth of digital coins.
When cryptocurrencies like Bitcoin Gold or exchanges like YouBit were attacked, the community is left wondering whether it is any safer.
How does XTRABYTES solve the problem?
The primary target of XTRABYTES development team led by the lead developer, Zoltan Szabo, is to revolutionize the blockchain niche and make it more appealing to all.
This mission is aimed at helping to advance the original idea of Satoshi Nakamoto; “to promote a fully decentralized system.” Here are some of the main methods used to address the problems.
XTRABYTES is completely decentralized through proof of signature protocol
As the cost of centralized mining equipment and associated energy costs go up, some of the cryptocurrencies such as Bitcoins are increasingly falling in the hands of only a few powerful investors. XTRABYTES addresses this issue by employing a totally decentralized platform. Instead of the common proof of work and proof of stake consensus algorithms, XTRABYTES opted for a new one referred to as proof of signature.
The XTRABYTES protocol was supported by initial 512 decentralized STATIC (Services Transactions and Trusted in Control) nodes which are expected to continue growing as the platform grows. This is aimed at helping to avoid the native coins falling in the hands of only a few wealthy individuals. Because anyone is free to join and become part of the XTRABYTES network, the development team insists that it has solved the risk of 51% attack completely.
The STATIC nodes are used to help verify the transactions and add new blocks into the XTRABYTES blockchain. The nodes also help to secure the network and govern how it is run through consensus. When a transaction is initiated, the static nodes have to sign the transactions and store a copy of the latest block.
For the STATIC nodes to operate effectively, the XTRABYTES system uses VITAS (virtual information transmission aligning STATICS) for easy communication. VITALs comprises of a private virtual network that directly interconnects the online STATIC nodes for fast and secure confirmation of transactions.
A platform for building DApps (decentralized applications)
To make it easy to extend the utility of XTRABYTES and the entire blockchain niche, XTRABYTES adopted the Ethereum model of supporting application developers. It expands on the Ethereum concept of building smart contracts by allowing third-party developers to craft agnostic code modules using programming languages such as C++ AND Visual Basics.
The support for application development implies that the XTRABYTES platform can now be used to create exchanges, new tokens, and even wallets. This is expected to keep improving the utility of XTRABYTES and the value of the native coin.
The decentralized exchange
While cryptocurrency platforms are mainly built to facilitate decentralized operations, the exchanges used to trade the digital tokens are centralized and operate within the local laws. Therefore, they require users to give a lot of information that can be used to identify them.
The XTRABYTES’s X-change is a decentralized type of exchange that allows users to exchange XBY for other coins without going through the centralized exchanges. This implies that the details you have on the wallet that holds XBY coins will be enough to help you send value across the globe. Note that the DEX (decentralized exchange) will be used for many coins so that users can exchange them securely.
What makes XTRABYTES better than it’s competitors?
The cryptocurrency niche has become a field for fierce competition as more platforms offering similar or closely similar services get unveiled. By mid-2018, there were more than 1600 cryptocurrencies in the markets. But these platforms are also competing with other conventional services such as banks that offer some of the services they target. Here are some things that make XTRABYTES better than competitors.
- The platform is a completely decentralized system. From coin distribution to the network governance, XTRABYTES uses a network of nodes spread in its system. This implies that it does not have a centralized point of failure and the risk of 51% is very low.
- The platform has been described by many experts to have a high potential for growth especially for supporting decentralized applications development. It is now being likened to Ethereum that has become very useful especially in the creation of new tokens.
- The XTRABYTES platform is designed with the future in mind. Unlike other platforms such as Bitcoin and Litecoin whose protocols make it very difficult to initiate upgrades and even resulting in forks, the XTRABYTES allows for an easy upgrade. When this is combined with support for decentralized applications, the platform is likely to become better as more features are discovered.
- The platform is highly scalable compared to the current networks. In their whitepaper, the development team indicates that they managed to reach 40 times more the transaction speed of Bitcoin. However, they have set the target of reaching a maximum of 10,000 transactions every second to be able to compete with leaders such as Visa that can reach more than 20,000 transactions/ second.
How can XTRABYTES be categorized?
XTRABYTES is a next-generation cryptocurrency network created with the target of helping the crypto niche to get more recognition and acceptance in the society. The unique proof of signature protocol, support for decentralized application development and unique features such as the decentralized exchange are crucial in helping the crypto niche to continue growing.
The platform has demonstrated that though there are challenges such as centralization mining, they can be addressed when the developers are committed to discovering and testing new solutions such as the alternative consensus protocol used at XTRABYTES, proof of signature.
What is XTRABYTES’s vision on Security?
The XTRABYTES’s vision for security is to make the platform the most progressive and secure blockchain network for all. Whether people want to simply use the platform to send value, develop applications, or save funds, the platform aims to make it secure and reliable. Here are some of the methods used to guarantee this security:
- Advanced encryption.
- Complete decentralization of the network through the application of proof of signature consensus protocol.
- Advanced features such as such as Pulse (ping unified ledger synchronization equalizer) and VITALS help to facilitate secure communication between STATIC nodes.
- The development team is very aggressive in identifying gaps in the core code and addressing them before they become security threats.
Examples of XTRABYTES’s use cases/ applications.
Since 2009 when Satoshi Nakamoto released Bitcoin, all the new blockchains entering the market have been working harder to win greater support and extend their use cases. The target is getting as many use cases as possible and growing the community. Here are the main use cases of the XTRABYTES.
- You can use XTRABYTES native coin, XBY, to send value across the globe. Like other cryptocurrencies, XTRABYTES is a decentralized network which implies that users in its system can connect on a peer2peer basis to run transactions. By eliminating the centralized and profit-seeking organization such as banks, it implies that using the XTRABYTES to send value is cheap and fast.
- XTRABYTES can be used to trade in the markets. As a digital asset, it implies that you can trade it in the exchanges. You only need to identify an exchange such as Cryptopia that lists XTRABYTES, open a trading account and pair it with another currency such as Bitcoin to start trading. Note that trading XTRABYTES in the markets is driven by market forces of demand and supply.
- Use XTRABYTES to pay for taxes in jurisdictions that support crypto payments. While many countries have been very hostile to cryptocurrencies, the trend is changing. A country such as Singapore has indicated that there is no difference between payments done in crypto assets and fiat currencies. In Arizona, the state parliament passed Bill 1091 into law to allow people to pay for taxes using cryptocurrencies.
- Use XTRABYTES to pay for goods and services in the stores. As more stores adopt the new blockchain technology, the space for making direct purchases with XTRABYTES and other coins is growing. Therefore, you only need to look for a store that accepts XTRABYTES and use it to make a direct purchase. Note that even when the store only accepts a different coin, it is still possible to buy by converting XTRABYTES to the supported coin.
- XTRABYTES has been referred to by the community as one of the high potential coins because of its unique structure and ability to address issues in the blockchain industry. Therefore, it is considered an opportunity to invest because of the expected growth in value.
Note that this projection is based on market prediction which is subject to many factors including competition and the looming regulation. Therefore, it is important to approach it with caution.