New Username Payment System By Byteball (GBYTE) Makes Long Wallet Keys Obsolete
An already existing company Byteball Bytes is making headway on value while other cryptocurrencies are currently in a downtrend. GBYTE, as they’re called, has grown in net by a worthy of mention 7.38% in just one day, jumping a sweet $61.14. While it’s an excellent start, it’s still nowhere close to a company high of $1,058.49, as it was in January.
Heads are directed at the company, however, even though they’re still depressed, likely due to the release of the tech team’s most significant breakthrough – something that the entire industry has struggled with – short wallet addresses. Lengthy keys have been one of the most substantial problems the industry has faced, even so much so that there have been hacking programs which change them at the last second, costing the sender their transaction. The innovation by the team supposedly solves the problem, thereby negating the standard errors that occur when people attempt to input them.
Shortening address keys aren’t the first time that a company has attempted to solve the dilemma. Others like BCH and DASH claim to be working on a similar system that has been called ‘intuitive cryptocurrency addresses.’ No one has seen any of these innovations in operation, so as of now, GBYTE takes the title for first of its kind to innovate shortened crypto keys.
To effectively use the keys, Byteball offers accounts that give crypto-users their username through a Steemit account/Byteball wallet. A spokesman at Byteball claims there has been somewhere in the ballpark of 68,000 new accounts started in the last week or so. Another system of a similar nature recently released is on the EOS network. Byteball is the first token, and is also mineable, making it ideal for mainstream use. People are excited about the new GBYTE system, which has been proven by the number of accounts already started. Analysts claim the new platform is perfect for security, although the details as to why so have yet to be discussed in detail.
Even so, with the vast amounts of security tokens happening at the time of this writing, Byteball’s new payment system will likely grow faster than at first anticipated. While it’s true that the team working on the project isn’t specialized in Blockchain technology, they have a lot of knowledge in tech like NANO and IOTA (officially called DAG – Directed Acyclic Graph).
Currently, at least 93% of the company’s trade volume is found on Bittrex. Since the tokens are mainly traded on only one exchange, the potential for price increases are mostly based on actions. Byteball tokens are highly volatile because of their unique trading pattern. Although unpredictable, the tokens have still grown in value on the market. GBYTE has risen in price by some 29% just this week but is still down from its record high by more than 95%.
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