Byteball Review - A Platform Ready For Real World Adoption?
Project: Byteball
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
- Betting
- 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.
Conclusion
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?
Posted from my blog with SteemPress : http://dappcentral.io/airdrops/byteball-review/
It definitely proved to be an effective marketing strategy, although the server performance is a little lacking that's what you have to expect when they hand out free money like that!
That said I think it should be interesting to see if this blows up, so many people to promote it now that steem is becoming more aware! I am definitely taking the hodl route on this one.. (not that we have a choice for half anyways)
On that note from what I've read I give it a big thumbs up if it all works smoothly 👍 and as for the server end of things... Meh free money so double thumbs up 👍👍
Hmm guess I'm a sellout 😂😂 Thanks for sharing the more technical parts!
Peace, Love, and Good Vibes!
Posted using Partiko Android
Hopefully coming to Steem for them is beneficial! We can already see the power of Steem! We hugged their bot to death with our love and adoption! I can see them becoming an integral part of the Steem community in the near future!
We open our doors to all projects here that want to run from the mainstream censorship that crypto is facing!
Thanks I didn’t know about this crypto.
I like the concept and the features it has.
At first I was surprised by the speed of transactions, but now it seems that the wallet is in eternal synchronization (Not too ready for global adoption).
Anyways I still think it has a lot of potential, and I really like the idea of a wide distribution of tokens
Hello my dear as i promised you before i will draw a portrait for you with your whole family your baby your wife and ypu that is it hope you accept it and like it. https://steemit.com/@soufianechakrouf/family-goals-for-cryptoctopus-and-his-family
Have you seen the complaints of the recent Steemians that can't send bytes or use the chat bots? Apparently Steemit and it's users have overloaded the system, I'm hoping it comes back up quick. Then maybe we can get the rest of Steemit involved and backing Byteball.
Steemit gave it a huge hug of death like Reddit does to websites from time to time! Shows you the true power behind the Steemit community!
Totally, next time they might want to think about adding more witnesses and reaching out to get more nodes online before taking up a task like releasing it to this awesome community.
Surely, that was expected to happened. The workload on the bot was overbearing and that consumed it. I hope it comes back quickly in no time cos even entire steem community hasn't used it. Just very few numbers have...
A great initiative is Byteball app. And for teaming up with steem blockchain, that's an incredible step.
Yup, still waiting on my air-drop...😔
It takes some time, now that the system is overloaded. had a friend that needed to delete the Steem Bot and then re-add it to get it to work. But that was this morning when the network wasn't too overloaded
My thoughts? I'm fucking holding this Token and won't commit the mistake of selling them bytes.... HODL!
Especially with half of them in "holding" for a year, hope they are worth a lot more when we can access them 😁
They will be bro! Fingers crossed!
Great to see Byteball evolve and create unique features which are all very easy to use. Userfriendly is what Byteball stands for and that is the only way towards mass adoption 👍🏻👍🏻
I'm really liking the concept. I also think that the wallet itself is really cool..
My only issue is despite following instructions to the letter and being told in the chat that I was sent my attestation and referral rewards I have received nothing.
Hopefully the wallets are simply overloaded. However, I can definitely see byteball being a project that I would like to get behind.
My android byteball app keep syncing ...
How much time will it take ?
It will take some time for them to allow this much traffic through their system :-)