About Obyte

Obyte Coin Review: Mining Guide, Price & Analysis of Obyte Cryptocurrency

Obyte is a distributed ledger based on the directed acyclic graph. The idea is to have a ledger without the middlemen. Therefore, clients have disintermediation, freedom and equality. As such, Obyte fully delivers on the promise of Bitcoin. To get rid of middlemen.

There are internal currencies for this network. These include bytes and Blackbytes. However, users can freely store other currencies on the Obyte wallet. This wallet has no restrictions. It offers users the freedom to decide what they want to do with their assets.

Furthermore, users can define the rules that govern their transactions. The rules may include the need for both parties to co-sign a transfer. This offers versatility that you cannot find on other cryptocurrency wallets.

Moreover, users can choose not to publish a transaction in the public ledger. Therefore, details about the transaction are not visible to third parties. The value proposition for Obyte is freedom. The flexibility this cryptocurrency offers is impressive.

How Obyte Works

In Obyte DAG, each transaction references one or more previous transactions. Each transaction has a hash that identifies it. Additionally, it includes the hash of the parent transaction. This is similar to blocks in a blockchain. Each block in a blockchain includes a hash of the previous block. In this case, links are between transactions.

Users can attach their transactions at any point on the directed acyclic graph. However, this requires users to pay a fee. The fee is equal to the size of their transaction in bytes. The mode of payment is in Byte coins. This is the native currency of Obyte. One Byte or currency allows one to add one byte of storage to the global database.

Users can add their transactions at any point on the DAG. However, the protocol incentivizes users to attach new transactions to the end of the DAG. In this case, users have to select the most recent previous transaction. By doing this, the users have a chance to earn part of the fees paid by the parent transactions.

Can Investors Mine Obyte Native Coins?

No, investors cannot mine Obyte native coins. The total supply of coins comes from the genesis unit. The supply of Bytes and Blackbytes will remain the same throughout.

This means the value of the coins should go up. When the supply is low, and demand is high, the value goes up. In this case, Obyte might see more adoption. Everyone using the platform will need to pay transaction fees. Hence, there will be more need for Byte coins.

Order Providers help manage transactions and keep the network secure. They post transactions to the DAG regularly. This allows all nodes to establish a perfect order of transactions. Order Providers cannot stop anyone from transacting.

Moreover, order providers cannot alter any transactions. Transactions on Obyte are immutable. It is impossible to change, censor or manipulate transactions in any way. Completed transactions enter the ledger without any involvement of order providers.

Obyte Native Coins

As mentioned, Byte coins are the internal currency for paying transaction fees. Moreover, users can send Byte coins to each other to pay for goods and services. The goal is to reduce the amount of useless data users send to the database.

Users will not send valueless data when there are transaction fees. The entry barrier reflects the utility storage for the user and the cost of storage for the network. The simplest measure for both of these is the Byte.

There is no exception in size calculation rules. As such, the model assumes that a unit has exactly two parents. Therefore, the size of two hashes of the parent units is always included. This ensures that users do not try to include only one parent.

Further, users receive an incentive for including as many parents as possible. Moreover, the incentive is higher for including the most recent parent.

Now let’s look at Blackbytes coins. Blackbytes coins are a privacy currency on Obyte. Information about the recipient and the amount in Blackbytes are not visible on the public ledger. This offers a better level of privacy compared to other cryptocurrencies. The system does this by only publishing the hashes of the transactions and the hashes of the inputs on the network. The rest of the information is sent via a private message.

The Team behind Obyte

The founder and lead developer of Obyte is Tony Churyumoff. He has extensive experience in blockchain technology and software development. Additionally, the team consists of Steve Safronoff, Luke Angell, Casper Niebe and more.

These individuals have the experience necessary to spearhead Obyte into the future. This is what makes Obyte gain the trust of the people. The developers are committed to giving the community the most reliable system.

Moreover, they give users a decentralized wallet. This is something that aligns with the original vision for cryptocurrency. The need for middlemen is no more.

Privacy and Security

The team at Obyte take the security and privacy of clients very seriously. The system prevents double-spends in a very interesting way. There are two possible situations. Number one is when there is a partial order between two units. The two units try to spend the same output at the same time.

In this case, one of the units includes the other unit and therefore comes after it. It means one of the units is the parent unit. In this incident, the system rejects one of the units.

The second case is when there is no partial order between the two units. The unit that appears earlier in the total orders is the valid unit. The system rejects the other unit.

The system uses Blackbytes to achieve privacy of transactions. It applies encryption to hide sensitive data about senders and receivers.

Our take On Obyte

Obyte further rids the markets of middlemen. The developers deploy a solution that makes gives users total freedom. Additionally, Obyte allows users to transact privately. This means that users receive the most outstanding value proposition from a wallet.

The value of Byte and Blackbytes coins will only go up. This is because more and more users will adopt Obyte. As it stands, Byte coins rank 408th in market cap share. They have a vast room for improvement.

Advantages

• It is a decentralized wallet.
• The platform very secure and reliable system.
• The company is available for all operating systems

Disadvantages

• Obyte is not very popular. In turn, Bytes do not rank high in market cap share.

Where to Buy Bytes

Luckily, there are many exchanges that host the trading of Bytes. Some of these include Bittrex, Poloniex, Upbit, Kaiserex and Bitladon. Storing Byte coins is easy. You can store your coins on the Obyte wallet.

It is impossible to tell how the value of this coin will change. It is not very popular. However, that means that it has a huge room for improvement. In any case, the success of Byte coins depends on the success of Obyte.

Final Verdict

Obyte is a revolutionary cryptocurrency wallet. It offers decentralization in a space that does not have that. Hence, it is easy to pitch this cryptocurrency wallet to users. The success of its utility coins depends on its success.

If Obyte sees massive public adoption, Byte coins will see an increase in value. Therefore, the Obyte team needs to convince users to onboard. This is the only way Byte coins will see more success.