Introducing BYTEBALL: Totally new consensus algorithm + private untraceable payments.
For full technical description of this altcoin please read the Byteball White Paper.
A brand new altcoin concept: there are no blocks in Byteball, and no block size issue. Instead, every new transaction references one or more earlier ones (parents) by including and signing their hashes.
There is no PoW, no PoS, and no mining. Instead, Byteball uses DAG (Directed acyclic graph).
Byteball money supply: the total number of bytes is 10^15, all bytes will be issued in the genesis transaction. Since the fees paid are returned into the circulation, the money supply will remain the same.
Private untraceable payments
Assets can be either public or private. All transactions in public assets are visible to everyone on the public decentralized database, just like Bitcoin.
Payments in private assets are not published to the public database. Instead, only the hash of the transaction is stored to the database, while the plaintext of the transaction is sent directly from the payer to the payee. To protect against double-spends, a spend proof is also published to the Byteball database. The spend proof is constructed as a hash of the output being spent, so that if the same output is spent twice, the spend proofs will be necessarily the same.
Byteball distribution
There is no ICO neither crowdsale for Byteball. 98% of all bytes and blackbytes (the private untraceable currency) will be distributed among bitcoin holders who link their bitcoin and byteball addresses before any of the distribution rounds. No investment required. 1% of the coin reserved by the Byteball developer.
- BTC to bytes: 1 BTC of proven balance gives you 62.5 MB (0.0625 GB)
- BTC to blackbytes: 1 BTC of proven balance gives you 2.1111 * 62.5 million blackbytes (money supply of blackbytes is 2.1111 times more than that of bytes)
- Bytes to bytes: 1 byte on any Byteball address gives you 0.1 new bytes
- Bytes to blackbytes: 1 byte on linked Byteball address gives you 0.21111 blackbytes
Byteball resources:
Official page: https://byteball.org
Twitter: https://twitter.com/ByteballOrg
Slack: http://slack.byteball.org
Telegram: https://telegram.me/byteball
