Lately there have been loads of ICOs based on forking ETH and a likes. Now this one is different so we decided to give it a post. And the best thing is that.. its free to claim!
What is Byteball ?
The most important thing in this coins is that there is no PoW, no PoS, and no mining. Instead, we have the DAG, which already establishes partial order between transactions, plus we add the main chain within the DAG. The main chain (MC) allows to define total order between transactions: the transaction which gets included (directly or indirectly) earlier on the MC, is deemed earlier in the total order. When there is a double-spend, the version of the transaction that comes earlier in the total order is deemed valid, all others are deemed void.
The main chain is defined deterministically based on the positions of transactions in the graph below. In Byteball, there is a protocol rule that a transaction must include the previous transaction (if any) sent from the same address, i.e. there must be partial order between subsequent transactions from the same address. Breaking this rule is considered equivalent to double-spending. So not only this coin is giving itself out for free (more on this later) but also it does use totally new algorithm.
What else the coin offers ?
I will just list them, to read full whitepaper and description visit their Bitcointalk Thread.
– Private untraceable payments
– Smart contracts
– Posting of data to blockchain like weather or timestamps
– Private end-to-end encrypted messaging
How to get Byteballs ?
98% of all bytes and blackbytes (the private untraceable currency) will be distributed among bitcoin holders who link their bitcoin and byteball addresses before the launch. No investment required, you keep your bitcoins, plus receive the bytes and blackbytes. See below how to receive the coins. 1% goes toward developer. To get yours do the following:
To take part in the future distribution, you need to link your Byteball and Bitcoin addresses before December 25.
1. Install the wallet for Byteball live network
2. Visit https://byteball.org and click the link to chat with the Transition Bot. The link will open the new wallet and start a chat. Follow the instructions of the Transition Bot to prove your Bitcoin balance.
You can do that by signing a Bitcoin address or by sending small amounts of BTC.
The linking phase will end on December 24 at 23:59:59 UTC, after which we’ll do the distribution in proportion to Bitcoin balances in the first block timestamped after December 25 00:00:00 UTC (Christmas block)
Speaking shortly – put as much BTC as possible to your BTC adresses by this date. For easiest claim of free Byteball cryptocurrency consider moving BTCs to one wallet address until snapshot is taken on 25th.