Byteball (GBYTE) Profile

Byteball Token Profile (PDF)

The Byteball network is unusual in that it requires neither a blockchain nor other conventional consensus mechanism. Instead, it is experimenting with Directed Acyclic Graphs (DAGs); an alternative data structure to the way blockchains are generally developed today. Byteball attempts to eliminate the need for a network-wide consensus algorithm as transactions are not organized by timestamps. As a substitute, the Byteball protocol connects the hashes of different transactions sequentially through a signature mechanism. This alternative structure is still in its very early stages and other cryptocurrencies, such as IOTA, are also experimenting with it. Byteball’s initial focus is on a mobile-based payments platform that supports conditional “smart payments” through its messaging system. The project is also looking at creating a prediction market on its platform.