The Russian-based development team behind the cryptocurrency platform Byteball has announced its upcoming launch on December 25th 2016. As a part of its launch offering, Byteball will allow Bitcoin users to claim fresh ‘Bytes’ – Byteball’s crypto tokens- proportional to their respective bitcoin balances on Christmas Day. The platform will take into account the status of bitcoin distribution across the network, as available on the first block mined on December 25th.
Designed for decentralized storage and transfer of value, the Byteball cryptocurrency platform is built on Directed Acyclic Graph instead of blockchain like most other existing cryptocurrencies. The absence of blockchain was chosen to enable Byteball to avoid block size related scalability issues. In order to receive free Bytes, members of the bitcoin community will have to prove their bitcoin balance and link the addresses with that of Byteball before December, 25.
The platform can be used to issue assets representing debt, shares, commodities, etc. Regulatory compliance can be achieved through a multi-signature process that requires the issuer to co-sign all transfers. Byteball also makes allowance for the creation of untraceable assets where transaction information is conveyed directly from payer to payee, and only hashes are stored on a public database.
The developers of Byteball have created an entire cryptocurrency ecosystem, including smart contracts platform, cryptocurrency wallets and bot supported e-commerce amongst other features. The platform has a running testnet. Like blockchain, Directed Acyclic Graph is decentralized and the information stored on the Byteball is immutable. Developers of the platform have set a maximum cap of 10^15 Bytes, out of which 98 percent will be distributed among the community members.