Why Xtrabytes could be taking over the Blockchain, watch out EOS.
What is Xtrabytes?
"XTRABYTES (XBY) is a modular blockchain platform designed to provide significant increases in security, scalability and decentralization opportunities over current blockchain technologies. Utilizing a newly created algorithm, (Zolt) and consensus method, Proof of Signature (PoSign), XTRABYTES offers a platform on which decentralized application (DApp) developers and services can create and shape the future of blockchain technology. XTRABYTES is not an ICO, it's a community driven project." - https://xtrabytes.global/
source - edit: marketcap currently $302,110,260 USD and ranked 111 https://coinmarketcap.com/currencies/xtrabytes/
If you follow my channel you know that I like to review/recommend undervalued projects and as a fundamentalist investor I spend most of my time looking into projects rather than looking at price charts or TA, as I believe this strategy brings the best risk/reward ratio.
I have been recently been researching into Xtrabytes and the more I look into it the more I am starting to see the real value of it and I think you will too and for this reason I have matched my EOS investment weight with Xtrabytes. EOS is the only project I have participated in ICO/distribution to give you an idea on how conservative of an investor I am.
My hope for this review today is to give you an overview/recommendation of Xtrabytes by supplying you with information, resources & evidence so you can make an informed investment choice. This is just my opinion & not financial advice.
Features of Xtrabytes (XBY)
- 3rd Generation Coin like EOS & ADA
- Community coin, no majority holders.
- 10,000+ transactions per second (infinitely scalable)
- New Proof of Signature Technology (Zolt - consensus algorithm)
- Smart Contracts (X-Deal)
- Decentralized DApps, Exchanges
- Decentralized Cloud Storage Services (X-Vault)
- Instant Messaging Module
- More secure than POW or POS systems (adjustible security protocol)
- Payment Services (X-PAY)
How did Xtrabytes Start and who is behind it?
Once upon a time during January 2017 there was a promising ICO called Bitmox but this little piggy was an ICO scam and many investors got burnt. The investors who lost money later started a thread on reddit and discussed solutions to regarding how they were going to get their money back.
One of the investors was actually a passionate cryptocurrency developer called Zoltan Szabo aka (Borzalom) who created the Proof of Signature technology (Zolt). Borzalom worked together with other developers and individuals who lost money on the Bitmox ICO scam, together they decided to forked Bitmox and re-write the code from scratch to create Xtrabytes "the community coin".
It is interesting to note that Borzalom has disability, he is deaf and is very difficult to understand when he is talking but his passion for developing and using the best cryptographic methods is unmatched, his ability to problem solve and come up with solutions is quite impressive. The video below is pretty touching, it has it roots based in compassion, ethics and passion.
How did XBY begin by CCRevolution "Dave"
The technology, Poof-of-Signature (PoSign)
The PoSign (Zolt) consensus works using a combination of Nodes, Vitals & Pulses. To better explain this I will copy an excerpts from the non-technical Whitepaper. I do however struggle to compare this with EOS as I am not sure if it is superior/inferior technology due to my lack of experience in computer science and coding. PoSign is considered more secure because each proof of signature miner is trusted/known and audited by other nodes on network, all blocks have a 100% success rate.
But does this technology work?
Last week i registered to participate in testnet 3 to run a node on my computer and got started this morning and downloaded the XBY wallet and played around with it, sending and receiving funds. Overall it was very fast "5 seconds or less" and the wallet was pretty easy to use and set up, to me it feels very similar to Raiblocks in regards to the speed of transactions.
Far as I can see there no stopping Xtrabytes from launching mainnet soon and if it does it will be one of the first 3rd generation coins that is on the crypto market even before EOS or ADA.
Recommendation & Summary
When I look at this project and look at it's competitors like EOS I really start to see how undervalued this project is. The current market cap is $300 million and currently ranked 111 on coinmarketcap.com.
XBY currently has a patent pending for PoSign technology and they won't launch main net until the patent is finalised, this is ment to prevent unwanted hard forks. Xtrabytes has 3-4 core developers and other developers which work on different parts of the network regarding decentralized storage & decentralized applications ect.
Considering the technology, adaptability, scalability, community & devs I would have to put Xtrabyes around the top 25 market cap range or a few ranks behind EOS if development & mainnet goes well.
I first mentioned XBY on my channel when it was $0.32 cents, it currently is trading at $0.68 and after the new research I have done on it I feel confident it can reach a $2-5 Billion dollar market cap within a few months. Which would put XBY at $6-7 per token or 1000% profit.
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Great write up, bro. I bought in about a month ago. I think people were put off by the negativity around the failed project, not realising that this is a phoenix rising.
we will have to see how it goes. scaling + smartcontracts are looking good for the future
Nice post
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STOPWhat exchanges are they on?
Cryptopia, once mainnet is out they will be applying for other exchanges.
Cheers!
This project looks great and undervalued. The fact that it's only on cryptopia right now is likely keeping the price down. Thanks for the research, I think I may grab a few.
You peaked my interest, too bad cryptopia isn't taking new people
eos will make it to $20
Yes, I am very optimistic about the future of EOS, $20 will just be the beginning.
Yes it will be just a beginning
Just posted few thoughts on the white paper here : https://steemit.com/xtrabytes/@bobinson/xtrabytes-a-discussion-about-the-whitepaper
it will be great to hear from you