Project Overview
Obyte (byte snowball) is a decentralized system that uses DAG technology to store and transmit value, allowing tamper-proof storage of arbitrary data, including transferable value data, such as Currency, property rights, debt, shares, etc., and the more crowded the transaction, the faster it will be. These memory cells are linked to each other, and each memory cell includes the hash value of one or more earlier memory cells, both for validating the earlier cells and for establishing their partial order relationship. A DAG (Directed Acyclic Graph) is formed between the linked units. There is no single central entity that manages or coordinates the entry of new cells into the database, allowing everyone to add new cells as long as he signs and pays a fee equal to the size of the bytes of data added. Other later users confirm the earlier unit by the hash value within their own unit and receive a fee. As new units are added, each early unit, including the hash value within it, directly or indirectly receives confirmations from more and more subsequent units.
Because Byte Snowball uses DAG (Directed Acyclic Gragh) directed acyclic graph, which is a data structure, there is no concept of blockchain at all, so that the consensus mechanism does not need POW and POS , as is 100% reliable. Obyte has a very easy-to-use wallet. For the first time in the encrypted world, a model similar to AppleStore is adopted. Free developers can freely develop various applications on the Obyte platform. It involves internal disk exchanges, telegram-like privacy chat, mutual insurance, Gambling, lottery. In this system, there is also a digital currency with ultra-privacy - black ball. For the first time, transaction information cannot be traced on the general ledger.
Core Features
Obyte has core features that make its platform very powerful:
Atomic Swap
This eliminates trust in centralized exchanges needs. Instead, transactions between users occur concurrently or not at all.
Regulated Assets
Institutions can easily issue assets that comply with Know Your Customer and Anti-Money Laundering policies.
Multi-signature feature
For added security, users can require approval signatures from multiple devices before a transaction is processed. Additionally, the multi-signature feature creates a process for exchanging shared assets with multiple owners.
On-Chain Oracles
Oracles are proven data sources for world events connected to the database. Users can use oracle's imported data to create custom services for any smart contract. Oracles are basically trusted third parties who monitor specific world events and import their results into Obyte as data feeds.
Immutable Storage
Once data is placed in an Obyte database, it is never changed or deleted.
Settlement Finalization
A new transaction will be finalized after certain criteria are met. Even a powerful attacker cannot modify it. There is no need to guess how many confirmations a transaction needs to be trusted, and there is no 51% attack.
Featured Features
Obyte is packed with features that give it significant advantages over some of its blockchain competitors:
Multiple asset classes
p>Obyte can be used to store and transfer value in different asset classes such as currencies, bonds and commodities.
Privacy
Blackbytes enables users to send payments and mail securely and anonymously.
Free distribution
Unlike most cryptocurrencies that have profitable ICOs, Obyte has decided to offer most of its supply for free.
Conditional Payments
Obyte allows users to make simple risk-free conditional payments that can only be made if specified contractual criteria are met. Conditionally bound payments allow users to set a smart contract condition that bound funds must be collected for the payee. If the recipient doesn't meet their promises (or the external data doesn't meet the stated contract condition criteria), you can safely get your money back after a specified waiting period.
Oracle-based betting and hedging
Combining Obyte’s conditional payment smart contracts with trusted data feeds from oracles, the ability to place bets (or hedges) ) major world events.
