XTRABYTES – XBY ICO Proof Of Signature Blockchain Technology?
Xtrabytes is a modular blockchain platform designed to significantly increase security, scalability, and decentralization opportunities over current blockchain technology. Find out what that means in our review.
What Is XTRABYTES?
Xtrabytes, found online at Xtrabytes.global, is a series of blockchain technologies that aim to improve the overall capabilities of blockchain.
Two of the key Xtrabytes blockchain features include a newly created consensus algorithm called Zolt and a new consensus method called Proof of Signature, or PoSign.
The overall goal of Xtrabytes is to provide substantial increases in security, scalability, and decentralization over today’s blockchain platforms. The platform is open to developers, and aims to offer a blank canvas of unlimited potential to anyone who wants to build decentralized apps.
How Does The XTRABYTES Blockchain Work?
Xtrabytes has created a unique consensus system. That consensus system involves the consensus algorithm (Zolt), which uses “proof of signature” to ensure a block signature rate of 100% systemwide.
A 100% block signature rate leads to “an unparalleled level of security,” explains the official website.
Another benefit of this unique consensus mechanism is that it significantly decreases energy consumption because Zolt does not require a network of miners.
The backbone of the blockchain is formed by STATIC nodes. STATIC stands for “Services Transactions and Trusted-in-Control”. As a STATIC node owner, you’ll receive transaction fees and service fees for the decentralized modules you’ve opted in to host.
The Xtrabytes blockchain provides security and PoSign consensus using encryption hash technology where every block is signed by the nodes.
What does all of this mean for blockchain developers and decentralized app makers? The Xtrabytes blockchain can lead to the creation of more secure decentralized apps. We’ll talk about some of the potential uses for Xtrabytes below.
The DICOM API is another key part of the Xtrabytes ecosystem. Modules can be built on the Xtrabytes core (XBY Core) or on the Distributed Command Message language core application programming interface (DICOM API). DICOM connects external modules to the core and provides a set of functions and procedures allowing the creation of applications that need to access the Xtrabytes core.
Xtrabytes DICOM means a module can be coded with many different programming languages, including Visual Basic, Java, C++, and many others. Xtrabytes modules are considered code-agnostic, which is why Xtrabytes could be a big deal for third party developers.
Uses For XTRABYTES
Developers can build modules on the Xtrabytes core or on the DICOM API. Both the core and DICOM API aim to provide programmers with an easy-to-use platform for development in a highly secure environment.
DICOM API Use Cases:
Modules for global marketplaces, cloud services, concert tickets, medical records, sports betting, payment services, and more.
Xtrabytes Core (PoSign Network):
Smart contracts module, data storage module, instant messaging module, and the X-Change module (a decentralized cryptocurrency exchange being developed by the Xtrabytes team).
The Xtrabytes website mentions two specific modules already built on the platform, including X-Change, a decentralized cryptocurrency exchange, and X-Vault, a decentralized storage solution. The platform also has wallets available for desktop operating systems.
X-Change will be built directly into the Xtrabytes wallet, and will allow users to access a trusted, decentralized, secure P2P exchange at their fingertips. X-Change will use XBY/XFUEL as its currency. XFUEL is a complete PoSign coin built to provide proof of concept on the Xtrabytes platform while facilitating future development.
X-Vault provides decentralized, secure data storage. It uses shared storage technology to allow users to store data securely on their STATIC node network. The data is encrypted, then split into shards across the network of STATIC nodes – similar to how the blockchain ledger is shared between all wallets. This storage network will be the foundation layer for the entire Xtrabytes decentralized app ecosystem.
Xtrabytes has wallets available for Windows, Mac OS, and Linux.
XBY Tokens have a total supply of 650,000,000, with an available supply of 426 million.
There are currently 449 registered STATIC nodes on the network. The currency has a market cap of $10.2 million. You can buy tokens at Cryptopia, C-CEX, Nova, and Yobit.
You can learn more about XBY tokens at their official CoinMarketCap page.
Xtrabytes is a blockchain platform that aims to provide key benefits over other blockchains – including better decentralization, scalability, and security. Xtrabytes creates a more secure DApp ecosystem by forcing 100% of nodes to reach a consensus. The Xtrabytes consensus mechanism is a Proof of Signature (PoSign) algorithm called Zolt.
To learn more about Xtrabytes and how the platform plans to “decentralize everything”, visit the platform online today at Xtrabytes.global. The platform aims to offer a blank canvas of enormous potential for developers with several key advantages over today’s blockchains.