Obyte

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Discover Obyte's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Obyte?

Obyte (GBYTE) is a decentralized cryptocurrency based on a directed acyclic graph (DAG) technology, launched in 2016. It aims to achieve true decentralization by eliminating big power centers and middlemen, such as miners, ensuring equal and open access to its ledger. Obyte supports decentralized applications (dApps) and features a unique consensus mechanism, making it suitable for DeFi applications.

How is Obyte used?

Obyte (GBYTE) is a decentralized cryptocurrency that offers several unique features and use cases. Here are some ways it can be utilized:

Faster and Cheaper Transactions

GBYTE transactions are processed quickly, usually within seconds, due to its Directed Acyclic Graph (DAG) structure. This results in significantly lower fees compared to traditional blockchain-based cryptocurrencies like Bitcoin and Ethereum. For instance, a typical GBYTE transaction fee is around $0.00001, making it an attractive option for merchants and users who need to process multiple transactions daily.

Cross-Border Transactions

GBYTE facilitates instant cross-border transactions, eliminating the need to deal with international transaction fees, complex requirements, and delays. This makes it an ideal choice for global commerce and financial interactions.

Decentralized and Censorship-Free

Obyte's DAG structure ensures that there are no middlemen or central authorities controlling transactions. This means that users have full control over their funds, and there is no risk of censorship or external interference. Additionally, the absence of miners and blocks eliminates the risk of front-running and other forms of manipulation.

Smart Contract Functionality

Obyte's user-friendly smart contract functionality allows for conditional payments, enabling merchants to create customized assets and tokenized incentives without requiring extensive coding knowledge. This opens up opportunities for loyalty programs and other innovative applications.

Wallet Use Cases

Obyte's wallet includes features like chatbots that enhance user interactions and provide easy instructions for specific functions. Merchants can also use Obyte's Woocommerce plugin to easily implement GBYTE payments, catering to both desktop and mobile customers while maintaining privacy and flexibility in currency handling.

DeFi Applications

Obyte is well-suited for DeFi (Decentralized Finance) applications, offering features like bonded stablecoins, Oswap DEX (a decentralized exchange), and Prophet prediction markets. These applications are safer and easier to develop due to the absence of miners and blocks.

Other Features

Obyte also supports self-sovereign identity, private untraceable currencies, and the ability to send crypto to email using textcoins. Its extremely small-footprint libraries make it suitable for small IoT devices.

Overall, Obyte's GBYTE offers a unique combination of speed, decentralization, and flexibility, making it an attractive option for various use cases in the cryptocurrency space.

How do I store Obyte?

To store Obyte (GBYTE) tokens, you can use the official Obyte wallet, which is available for various platforms including Windows, Mac, Linux, Android, and iOS. For mobile versions, ensure you download the wallet from the App Store or Play Store and verify that the publisher is "Matrix Platform LLC" or "Obyte Foundation" (formerly known as "Byteball Foundation").

How to buy Obyte?

To buy Obyte (GBYTE) tokens, follow these steps:

Step 1: Choose a Centralized Exchange (CEX) or Crypto Wallet

Select a reliable and trustworthy crypto exchange or wallet that supports Obyte (GBYTE) purchases. Consider the ease of use, fee structure, and supported payment methods when choosing a platform.

Step 2: Register and Verify Your Account
  • Register an account on the chosen exchange or wallet's official website or app.
  • Verify your identity by providing the required information, such as a government-issued identification document.
  • Enable two-factor authentication for added security.
Step 3: Add a Payment Method
  • Add a payment method such as a credit/debit card, bank account, or other supported options.
  • Follow the exchange or wallet's instructions to complete the payment setup.
Step 4: Buy a Base Cryptocurrency (if necessary)
  • If the exchange or wallet does not support direct fiat-to-GBYTE purchases, buy a popular cryptocurrency like USDT, BTC, or ETH using your added payment method.
  • Transfer the purchased cryptocurrency to the exchange or wallet that supports Obyte (GBYTE) trading.
Step 5: Buy Obyte (GBYTE)
  • Use the base cryptocurrency to buy Obyte (GBYTE) on the exchange or through a crypto-to-crypto exchange on the wallet.
Step 6: Transfer GBYTE to Your Wallet (optional)
  • If you wish to hold your GBYTE tokens in a personal wallet, transfer them from the exchange to your wallet.
Alternative Options
  • You can also use peer-to-peer trading services or decentralized exchanges like Uniswap (V3) on Polygon to buy Obyte (GBYTE).
Important Notes
  • Be aware of the fees associated with each step, as they may vary between exchanges and wallets.
  • Ensure you understand the tax implications of buying and holding cryptocurrencies in your region.
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History of Obyte

Obyte, formerly known as Byteball, is a DAG-based cryptocurrency that was launched on December 25, 2016, by Anton Churyumov. It is a fully decentralized network that aims to achieve true decentralization by eliminating big power centers and middlemen, such as miners, from the transaction process. This approach allows for a more equal and open access to the ledger, making it free from censorship and manipulation.

Since its inception, Obyte has continued to evolve and expand its ecosystem. The native currency, Bytes (traded as GBYTE on exchanges), is used to pay for fees and is the most widely distributed asset on the platform. GBYTE is also available as bridged versions on other networks like Ethereum, BNB Smart Chain, Polygon, and Kava chain through the decentralized Counterstake bridge.

Obyte has developed several unique features and applications, including bonded stablecoins, Oswap DEX, OSWAP Token, Kivach cascading donations, and Prophet prediction markets. These DeFi apps are designed to be safer and easier to develop than those on blockchain-based platforms due to the absence of miners and blocks.

In recent developments, Obyte's GBYTE has been listed on Biconomy, a global cryptocurrency exchange, to increase liquidity and expand its market presence. This listing marks a significant step forward in Obyte's mission to make its token more accessible to a broader audience.

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How Obyte works

Obyte, also known as GBYTE, is a decentralized cryptocurrency that operates on a Directed Acyclic Graph (DAG) network. This technology allows for faster and cheaper transactions compared to traditional blockchain-based cryptocurrencies like Bitcoin and Ethereum. Here's how it works:

Decentralized Network

Obyte is a fully decentralized network, meaning that it does not rely on central authorities or middlemen to process transactions. This is achieved through the DAG structure, which allows users to add transactions directly to the network without the need for block producers. This design ensures that Obyte is free from domination, censorship, and centralization of power.

Transaction Processing

Transactions in Obyte are processed quickly, usually within seconds, due to the DAG structure. This is in contrast to blockchain-based networks, which can experience slower transaction times and higher fees, especially during periods of network congestion. The fees for GBYTE transactions are extremely low, typically around $0.00001 per transaction.

Cross-Border Transactions

Obyte facilitates cross-border transactions, which can save merchants from dealing with international transaction fees, complex requirements, and delays. Transactions are processed instantly, regardless of the user's location.

Wallet Functionality

The Obyte wallet offers various features, including conditional payments and smart contract functionality. Merchants can create customized assets without coding, which can be used for loyalty programs and tokenized incentives. Additionally, wallet chatbots enhance user interactions and provide easy instructions for specific functions.

Exchanging GBYTEs

GBYTEs can be exchanged for other digital coins and fiat money through various platforms. Users can exchange GBYTEs peer-to-peer (P2P) without middlemen, but this carries a higher risk. Alternatively, they can use crypto exchange apps, which can be decentralized (DEX) or centralized (CEX). Decentralized exchanges only require a crypto address and do not hold custody of funds, while centralized exchanges require personal information and can facilitate fiat transactions.

Oswap

Oswap is a platform that allows users to exchange GBYTEs for other Obyte-based assets. The interface is user-friendly, requiring users to fill in the input and output assets, and set a slippage tolerance percentage to account for potential price changes. The transaction is then confirmed through the Obyte wallet.

Overall, Obyte's decentralized DAG-based network and low transaction fees make it an attractive option for merchants and users seeking faster and more cost-effective transactions.

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Obyte's strengths

The token Obyte (GBYTE) has several strengths that contribute to its unique value proposition:

  1. Decentralized Structure: Obyte operates on a Directed Acyclic Graph (DAG) technology, which ensures full decentralization, eliminating the need for miners and blocks. This structure makes it free from domination, censorship, and accessible to all users.

  2. Security and Transparency: The DAG-based system ensures that transactions are added directly by users without intermediaries, making it secure and transparent. Additionally, the absence of miners and blocks reduces the risk of front-running and other forms of manipulation.

  3. Flexibility and Customization: Tokens on Obyte can be tailored to specific environments, allowing for properties such as cosigning by issuers, attestation for verified users, and private transfers. This flexibility makes it suitable for various use cases, including regulated environments and DeFi applications.

  1. Robust Trading Infrastructure: Obyte has been listed on multiple exchanges, including Biconomy, which provides a secure and user-friendly platform for trading GBYTE. This listing enhances liquidity and global presence, making it easier for users to buy and sell GBYTE.

  2. Community and Development: Obyte has a dedicated community and active development, with a non-profit foundation responsible for distributing undistributed Bytes. The platform also supports various DeFi applications and features, such as bonded stablecoins, prediction markets, and cascading donations.

These strengths position Obyte as a pioneering force in decentralized ledger technology, offering a unique combination of security, flexibility, and community-driven development.

Obyte's risks

Obyte (GBYTE) is a decentralized cryptocurrency that operates on a Directed Acyclic Graph (DAG) structure. This structure allows for faster and cheaper transactions compared to traditional blockchain-based cryptocurrencies like Bitcoin and Ethereum. Here are some key financial risks associated with Obyte:

  1. Market Volatility: The value of GBYTE can fluctuate rapidly due to market conditions, making it a high-risk investment. Market capitalization and trading volumes can impact the price, and sudden changes can result in significant losses.

  2. Security Risks: Although Obyte's DAG structure is designed to be secure and decentralized, there is still a risk of security breaches or exploits. If a vulnerability is discovered, it could lead to the theft or manipulation of assets.

  3. Regulatory Uncertainty: Cryptocurrencies are still largely unregulated, and governments may impose strict regulations or even bans in the future. This uncertainty can impact the value and usability of GBYTE.

  1. Liquidity Risks: If there is low liquidity in the market, it can be difficult to buy or sell GBYTE quickly and at a fair price. This can lead to significant losses if an investor needs to liquidate their assets rapidly.

  2. Smart Contract Risks: Obyte's use of smart contracts for conditional payments and other applications can introduce additional risks. If a smart contract is poorly designed or contains bugs, it can lead to unintended consequences or financial losses.

  3. Dependence on Order Providers: While Order Providers cannot censor transactions, they do play a crucial role in maintaining the order of transactions on the DAG. If these providers were to collude or experience technical issues, it could impact the stability of the network.

  1. Competition from Other Cryptocurrencies: The cryptocurrency market is highly competitive, and Obyte faces competition from other DAG-based and blockchain-based currencies. If other currencies offer more attractive features or better performance, it could negatively impact the adoption and value of GBYTE.

  2. Technical Risks: As with any complex technology, there is a risk of technical issues or bugs that could impact the functionality of the Obyte network. If these issues are not addressed promptly, they could lead to financial losses or a loss of confidence in the currency.

It is essential for investors to carefully consider these risks and conduct thorough research before investing in Obyte (GBYTE).

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Did Obyte raise funds?

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Obyte’s team

Here are the team members behind the crypto Obyte (GBYTE):

  • Tony Churyumoff: Founder and Lead Developer
  • Steve Safronoff: Partner Relations
  • Luke Angell: Events and Partnerships Manager
  • Casper Niebe: User Experience and Design

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