DAG-driven Byteball to Give Away Its New Cryptocurrency for Free to Bitcoin Holders on Christmas Day

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The cryptocurrency platform Byteball has announced its upcoming launch on December 25, 2016 and as a part of its launch offering, Byteball will allow Bitcoin users to claim fresh Bytes (Byteball’s crypto tokens), proportional to their respective Bitcoin balances on the day of Christmas.

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The platform will take into account the status of Bitcoin distribution across the network, as available on the first Bitcoin block mined on December 25, 2016.  

Byteball, the cryptocurrency platform for decentralized storage and transfer of value, is built on Directed Acyclic Graph (DAG) instead of Blockchain like other existing cryptocurrencies. The idea of using DAGs was first proposed the team from Iota publicly in 2015. Iota is a brand new and novel micro-transaction cryptotoken optimized for the Internet-of-Things (IoT).

Another proponent of DAG is  Dr. Tom Holden, A lecturer at the Centre for International Macroeconomic Studies (CIMS), School of Economics at the University of Surrey in the UK who talked about it at Bitcointalk in June 2016. 

Read the whitepaper.

The absence of Blockchain helps Byteball avoid block size related scalability issues, which Bitcoin is currently facing.

In order to receive free Bytes, members of the Bitcoin community will have to prove their Bitcoin balance and link the addresses with that of Byteball before December, 25.

The unique cryptocurrency platform can be used to issue assets representing debt, shares, commodities, etc. Regulatory compliance can be easily achieved through a multi-signature process that requires the issuer to co-sign all transfers. Byteball also makes allowance for the creation of untraceable assets where transaction information is conveyed directly from payer to payee, and only hashes are stored on a public database.

The developers of Byteball have created an entire cryptocurrency ecosystem, including an easy-to-use smart contracts platform, cryptocurrency wallets, bot supported e-commerce, and more. The platform already has a running testnet. Like Blockchain, DAG is decentralized and the information stored on the Byteball is immutable. Developers of the platform have set a maximum cap of 1015 Bytes, out of which 98 percent will be distributed among the community members.

Byteball is an initiative of a Moscow, Russia-based development team. The innovative cryptocurrency uses DAG structure instead of the conventional Blockchain, eliminating scaling issues. It is a complete cryptocurrency ecosystem set to go live on the Christmas day of 2016.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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