Byteball, also know by the name GBYTE is one of the 500+ cryptocurrency brands that are available in the world market with some distinctive features. There was a time when bitcoins dominated most of the cryptocurrency market. But now, with the emergence of other crypto brands like Byteball, Ethereum, dash different brands need a unique trading point to stand out.
Byteball features
1. The feature that makes Byteball stand out is what it calls the Smart/conditional payment system. It is a system in which you set a definitive condition for how the recipient receives the money. After a certain condition is met, the system automatically releases the funds. Because of this neither the sender nor the payee will be scammed.
2. Insurance can be bought from peers using the peer-to-peer insurance system and get paid if, in case, anything negative event happens like delay of flight.
3. In Byteball, anyone can make private payments using black bytes, a cash like untraceable currency, sent through peer-to-peer instead of an encrypted session(white bytes). One of the principle significance of using peer-to-peer is that the transactional details are not available in public databases.
4. Byteball also provides you with the exclusive luxury of using chatbots which can be very handy and can facilitate real-world transactions which may include shopping with a salesman or paying a merchant in two simple clicks. There are several chatbots that can be discovered and accessed via the built-in Bot store.
5. There are several usual features that can be found in other cryptocurrencies like transactional cryptography intertwined between different users through a decentralized system where there is no third party involvement and multi-signature security.
In Byteball, since there is no centralize entity to regulate, process and store funds, all the payments are created by users who are linked to each other cryptographically and once your new transaction gets added, the number of other transactions that are connected to it grows significantly. Moreover, when a certain settlement criterion is met between two parties, the transaction becomes final and can’t be attacked by strongest of attackers.
