If the condition has not been met by the other party then your bytes are sent back to your wallet. This is all done in a direct Peer-to-Peer fashion and there are no intermediaries. You can read the exact requirements on the byteball application. So what sort of functionality is available for those users of ByteBall? Below are a list of the potential applications as well as some simple examples. We would like to be more specific here but setting a specific budget per distribution method would only give a false sense of security.
Obyte Price Live Data
Oracles are basically trusted third parties who monitor specific world events and import their results into Byteball as a data feed. Obyte claims to be the first DAG-based cryptocurrency platform to support dApps. Due to the absence of miners and blocks, the team claims that there is no risk of front-running and other miner manipulation, and dApps are safer and easier to develop than blockchain-based dApps. DApps are developed in Oscript – a new language that avoids many unsafe programming patterns common in earlier dApp platforms.
Conditional Payments
- The goal of Anton was to allow non-developers to easily create these smart contracts.
- Byteball is an interesting project that many in the Bitcoin community may have heard of recently.
- The recipient must already be in the system, and after payment there is no easy way to tell if the payment went to the right person.
- Byteball users can also make payments to peers directly in chats just by clicking links.
Connecting data into a directed acyclic graph rather than a traditional linear chain of blocks, Byteball attempts to solve many of the problems that have impeded the mass adoption of blockchain technology. Highlighted by its versatile conditional payments, Byteball offers a smart contract creation system that is simple enough to be utilized by almost any user. There are also a number of unique features of the ByteBall project. For example, you can send conditional payments, hedge against uncertain events, take part in prediction markets and P2P betting. It supports risk-free conditional payments, enabling users to execute transactions under specific conditions without the need for intermediaries.
Community highlights
- The platform’s security is also enhanced through its connections with other popular networks via decentralized cross-chain bridges, such as Counterstake.
- All of these things help immensely to make sure that you can safely engage in economic activity and execute contracts.
- These external parties are termed oracles and they are already becoming an important part of other smart contract ecosystems.
- There aren’t many other cryptocurrency platforms built using DAG technology out there, so Byteball doesn’t really have many competitors.
- A small number of them control most block production and can collude to (or be coerced to) censor certain transactions.
For example, a financial institution could use the ByteBall network to define its very own asset such as a loan for example. This limitation that is placed on block creation is one of the reasons that transaction times and fees can spike in times of network congestion. ByteBall does away with this by using a completely different data structure. You can also use the P2P smart contract to bet on the movement of a particular price. For example, in this example where you will be betting on the price of Bitcoin. This would automatically send the information to the smart contract so that it can be executed the moment that the flight has been cancelled.
There’s many other ways to take advantage of https://www.tokenexus.com/’s platform. Byteball users can potentially make money by predicting future events. They just create a smart contract that can only be unlocked if a specific event occurs—if the Eagles beat the Patriots in the Super Bowl, for example. The user must find their counterpart in the #prediction_markets Slack channel and create a contract with them. After the result is known, they must chat with the sports oracle to have it post data about the outcome, and then unlock the contract and receive their money. On January 18th, 2017 Byteball announced its partnership with Jumio, a leading provider of identity verification services.
This is exactly what the ByteBall simple contract insurance can help you to develop. We have all been in those situations when an unfortunate event has impacted cost us financially. Although many people may take out insurance on these events, claiming the money back is not quite as clear as one may think.
