Byteball is completely a new type of cryptocurrency which uses a new consensus algorithm DAG (Directed Acyclic Graph) rather than blockchain technology to store data. For this Byteball doesn't have any block instead secure each other's data by referencing earlier data units created by the previous user (parent) and signing their hashes. This means, each new transaction indirectly includes and confirms all previous data units, and so on. And, as more transactions are added after one transaction, the number of confirmation it receives grows like a snowball, that's why named as Byteball.
Byteball solves two mains issues against the use of Blockchain technology. The scalability and the time required to confirm a transaction on the blockchain. A blockless design is simpler because users just add their transactions at the end of DAG themselves, and they don't have to wait for miners to create blocks and include your transactions on the block thus resulting in fast confirmations. And, it also removes the scalability issues that are common for blockchains.
Atomic Exchange: In a P2P exchange system, when two parties fulfil both the legs of the exchange, the transaction either happen simultaneously or don't happen at all thus removing the need for any centralized exchange.
Regulated Assets: Regulated institutions can issue assets that are compatible with KYC and AML guidelines. Every transfer of such assets has to be cosigned by the issuer and if anything contradicts the regulation, the transaction doesn't happen.
Private Transactions: One of the most important features of Byteball is its fully untraceable payment system. Blackbytes, a cash-like fully untraceable currency whose transactions are not visible in the public database instead they are sent peer to peer.
Secure: For security purpose, byteball ecosystem supports Multi-signature only when several signatures are provided from multiple devices. And, the data stored in the Byteball database is immutable which means it cannot be revised or deleted.
On-Chain Oracles: While dealing with any untrusted counterparties, users can lock the fund of an address that is spendable either by you or by the counterparty, depending on the nature of events registered on the database by trusted data providers.
Conditional Payments: Byteball allows risk-free conditional smart payments which mean payee would receive the money back if the terms and conditions are not fully met.
P2P insurance: It enables to hedge losses against any negative developments. A user can buy insurance from peers to get paid in cash in case of an occurrence of negative events or can sell insurance for profits.
Prediction Markets: Users can create a P2P smart contract and make money by correctly predicting the future events. For example Sports Betting.
P2P Payments in Chat: Users can chat and pay in the same app by just clicking the links and adding their wallet device to your wallet device.
Chatbots: Shop by chatting with merchant's bot and pay in just two clicks with easy to use conversational interface.
Coin Symbol: GBYTE
Total Supply: 1 million GBYTE (10^15 byte)
On every full moon, BTC and Byte holder get free bytes and blackbytes by linking their Bitcoin and Byteball address. Rules of distribution:
White Paper: https://byteball.org/Byteball.pdf