What Is Obyte?
Obyte is an open cryptocurrency platform built on open and scalable DAG technology that provides users with access to unbreachable contracts, user controlled identities, the ability to develop applications and the ability to send payments over any networks.
By using directed acyclic graph (DAG) instead of blockchain technology, the platform will be scalable, have fast transaction confirmation, and will have no blocks and fees. The lack of blocks means that users can add transactions on the DAG themselves without having to wait for miners to create new blocks.
Bytes will be the platform’s cryptocurrency and users can purchase them on the major exchanges such as Changelly, Bittrex, and many more. After a user purchases the Bytes, they will be stored the on ByteBall wallet.
Obyte can complete atomic exchanges, which enable transactions to take place simultaneously at both ends of the transaction. If the transaction is not executed at the same time, the transaction will not happen at all.
No central body processes or stores the payments since the transactions are cryptographically linked to each other. When a user adds another transaction, other users can then add their transactions on top of that transaction, and this process is replicated as the number of transactions increases.
Regulated institutions can issue assets that are compliant with KYC/AML requirements. Transfer of the assets will require signatures from the issuer to ensure that no regulations are contradicted.
During transaction where the other party is not trusted, users can lock the funds in an address accessible to both parties. Trusted data providers known as oracles will oversee the address.
After all criteria are met, a transaction is deemed as completed and thus cannot be reversed be external attackers. Additionally, the entire data store in the Obyte database cannot be edited or deleted.
Obyte will feature an in-wallet bot store similar to the Apple App Store or Google Play Store where application developers will have access to all the users on the Obyte platform. However, on the Obyte Bot Store developers do not need to compete with thousands of other applications.
Conditional Smart Payment
On the Obyte platform, users will have access to risk-free conditional smart payments where users can set condition that the payee should meet when they receive the money. If the payee does not meet the condition, the money is reversed back to user.
Users can purchase insurance from other users and in case a negative event such as flight delays occurs the user will be paid. Users will also have the option of selling the insurance to earn profits.
By creating a P2P platform, smart contract users can earn from predicting future occurrences. The smart contract can only be unlocked if the predicted event occur. This will be beneficial to users when betting on sports, betting on price movements, and during insurance.
Transfer Cryptocurrencies Via Email
Users can send cryptocurrencies via email or chat through the Obyte platform by simply writing an email address where the user normally writes the Obyte address and the recipient will receive an email containing a link that will direct them to their Obyte wallet.