Slogan: A Decentralized System for Storage and Transfer of Value
Core Features: Atomic Exchange, Regulated Assets, MultiSig, On-Chain Oracles, Immutable Storage, Settlement Finality
Useful Links: Official Website, Byteball Github Repo, Wiki, Medium Blog
So What Is Byteball?
Byteball is a project quite different than most other cryptocurrency projects you can find on CoinMarketCap. First of all, Byteball doesn’t use blockchain technology but it’s own model called Directed Acyclic Graph. This allows all users to secure each other’s data by referencing earlier data units created by other users and also removes scalability limits common for blockchains, such as blocksize issue.
One thing you automatically notice when using their app is that Byteball transactions are fast! It’s almost instantaneous, very similar to the experience one may have sending transactions on Bitshares or Steem.
But Byteball is much more than a cryptocurrency. While many projects have fancy ICOs with no products to show up for, Byteball has a flagship product: The Byteball App
Through this app, you can:
- Participate or Launch an ICOs
- Have Risk-free conditional smart payments
- P2P insurance
- Participate in Prediction markets
- Send cryptocurrency to email or via chat
- Store Your ID
- and more…
Blackbytes – For Cash-Like Privacy
For such a young project (started in September 2016), Byteball shows an impressive set of features. With Blackbytes, you can do cash-like, untraceable private payments. Its transactions are not visible on the public database that shows all payments made with (white)bytes. Blackbytes are sent peer-to-peer instead in an encrypted chat session.
What I Think Of This Project?
There is a lot of vaporware in the blockchain space. I would even venture to say to at least 80% of all blockchain projects are garbage. Byteball, in my opinion, falls within the 20% of real projects with real-world applications. In a short amount of time, it’s been able to create a solid technology that works while proving that there are other ways than blockchain to secure P2P transactions and smart contracts.
The question remain is if it can live up to it’s whitepaper when it says: A Platform Ready For Real World Adoption.
An Interesting Marketing Strategy…
One of the difficult things to do in life is to know where to put your attention and separate the wheat from the chaff. Byteball caugh my attention through its airdrop on the Steem community. This strategy is as old as salesmanship exist but under another name “The Free Sample”. Airdrops allow people try your product for free, look into it and maybe start using it.
The catch is that people might not value “free” as much as if they had to pay or do something for it. But I think that in my case, this strategy worked. It made me want to start playing with the app and talk about it on my blog.
The team seems to be dedicated to giving away 99.9% of all byteballs for free. Here are a few ways they go about giving away Bytes for free:
- Cashback for purchases at the merchant stores they partner with. (Sometimes 10% Cashback)
- Verification rewards and referral rewards to those who verify their real name.
- Verification rewards and referral rewards to those who verify their email address.
- Verification rewards and referral rewards to accredited investors who verify their accredited status.
- Quiz in Telegram.
- Subsidies that offset part of the fees paid when buying Bytes with Visa or Mastercard.
- Rewards for donating one’s computing resources to the World Community Grid.
- Giveaways distributed on their channel https://www.youtube.com/watch?v=hycluITNDBM.
- Mass sending of textcoins to subscribers of our partners.
But to me, it seems that another way they are going to be successful is by creating more joined ventures like they have been doing with Steem and Jumio.
I give Byteball a solid 5 star for the tech they’ve been creating. There is a long road towards mass-adoption…but if they keep doing a great job to make their product easy to use, attract interesting ICOs and keep doing joined ventures like they did with Steem, I believe they are a solid contender.
But maybe they should change the name? What are your toughts?