[Note: This is a press release]
Bytes, the cryptocurrency on Byteball platform will be offered to participating Bitcoin community members on Christmas day 2016, for free.
Unlike other conventional blockchain-based cryptocurrency platforms, Byteball is based on Directed Acyclic Graph (DAG) algorithm to achieve decentralization. The absence of a blockchain in Byteball’s protocol also helps the cryptocurrency platform overcome scalability issues, like the ones currently faced by Bitcoin protocol.
Byteball has a complete ecosystem built around it. The platform can be used to create assets representing debts, shares, commodities and even make transactions. The platform makes accommodation to varying regulatory requirements for different financial instruments. It overcomes the regulatory challenges by implementing a multi-signature process that requires authorization by the issuer of assets for each transaction made on the network.
In addition to crypto assets, other elements of Byteball ecosystem includes cryptocurrency wallets for all major operating systems and devices, easy-to-use smart contracts platform, a decentralized marketplace with bot support to encourage the use of Bytes and other Bytes based assets for transactions and more. Byteball’s initiative for the coming Christmas will help the platform gain early adopters without them having to spend for it.
In order to claim the giveaway, Bitcoin users will have to connect their Bitcoin wallet addresses to the Byteball blockchain. Once the addresses are connected, the Byteball network will consider the distribution status of Bitcoin as available on the first block mined on December 25, 2016. All participants will receive a portion of the total bytes available for circulation, proportional to their Bitcoin holding. The developers of Byteball have set a maximum cap of 10^15 bytes, of which 2% will be allocated for development, management, and promotional activities. Rest of the crypto tokens will be distributed among the community members.
Byteball stresses upon the capability of making untraceable transactions using assets created on DAG protocol. It can effectively replace Bitcoin as a preferred cryptocurrency in few cases where a certain degree of anonymity is required due to privacy and security concerns.