What is Obyte?
Obyte is a distributed ledger based on the directed acyclic graph (DAG). A distributed ledger is a structure of replicated and synchronized digital data shared between multiple nodes in a peer-to-peer network. In other words, a ledger determines how the financial data - the transactions - is created, verified, and stored. This structure depends on a consensus mechanism, which essentially is a system of agreement involving the overall active participation of the network’s members.
When it comes to Obyte, every transaction is under the supervision of all users. In other words, Obyte is meant to be a ledger system that works without the influence of third parties. It aims to be censorship-free, as well.
As stated before, Obyte is based on DAG, which is a type of ledger. A directed acyclic graph (DAG) is a graph that creates a loopless and non-linear flow of data. Simply put, the data are linked to each other to compose nonlinear forms such as block graphs and trees. Thus, the blocks are interconnected, which is a different way to organize the data, if compared to blockchains.
The users who maintain the order on the DAG are called Order Providers. These users regularly post transactions that need to include the previous transaction. Through this protocol, the Order Providers build the Main Chain and organize all other transactions around it. The users who fill this role are chosen by the community.
Regarding the network’s cryptocurrency, it has multiple tokens and it allows the users to create new ones. These tokens are also DAG-based. In other words, their smart contracts don’t follow the standards for blockchains.
However, Obyte has a native token. The Obyte token is called Byte. GBYTE is its exchangeable form – 1 GBYTE is equal to 1 billion Bytes.
Another Obyte's asset is the Blackbyte, which is a privacy currency only traded on blackbytes.io exchange. Users can also send Blackbytes directly to other users via chat and textcoins (a mechanism used to transfer cryptocurrency across text-based channels like chat, email, and so on).
If you are interested in knowing the current Obyte price, you can check the GBYTE price chart featured above. Notice that the token shown is GBYTE, the exchangeable form of Byte.
Use Cases of Byte Tokens
Bytes can’t be mined nor staked since all Bytes available were already issued with the launching of the platform. Therefore, users obtain Bytes through distribution methods, including as a form of reward by completing the Obyte Quiz in order to test their knowledge of Obyte. Besides, Order Providers earn GBYTE tokens from the fees paid by users.
Obyte coins can be mainly used for micropayments. For example, covering transaction fees that are charged after every transaction made to the DAG. The amount is calculated according to the amount of disk space consumed by the uploaded data.
Don’t forget you can check the GBYTE price above.
Who Founded Obyte?
Obyte was founded by Anton Churyumov. Aside from founding Obyte, he also co-founded Teddy ID, where he currently holds the position of CEO, and Platron, where he has previously worked as CIO. Churyumov has a degree in Theoretical Physics.
Tokenomics of GBYTE
The max supply of GBYTE tokens is 1,000,000. Since the supply is limited, the tokens will become more scarce in the future. This will most likely reflect positively on the Obyte price.
