Obyte

What is Obyte?

Obyte, a cryptocurrency platform, employs Directed Acyclic Graph (DAG) technology to facilitate Decentralized Applications (DApps). This project utilizes a distributed ledger based on DAGs, allowing it to function similarly to traditional blockchain-based cryptocurrencies without relying on blocks or miners. Obyte is characterized as decentralized, disintermediated, equal, and open due to its unique approach, eliminating the need for blocks and miners.

Positioning itself as an ideal platform for Decentralized Finance (DeFi) applications, Obyte already hosts features like Bonded Stablecoins, with ongoing development of additional functionalities. The platform aims to offer:

• Self-sovereign identity
• Untraceable private currencies
• Secure messaging via text coins
• Minimal memory requirements suitable for Internet of Things (IoT) devices

A standout feature of Obyte is Textcoin, enabling users to send cryptocurrency through email or chat. Notably, the sender doesn't require knowledge of the recipient's Obyte address; instead, funds are transferred to a familiar identifier, such as an email or chat contact. Even if the recipient lacks an Obyte wallet initially, they can claim the funds by installing the wallet later.

Another distinctive aspect of Obyte is that 99% of its currency (GBYTE) is distributed through cashback deals and referrals.

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Recent Video Interview

Main points of the interview:

• Faculty members from the University of Nicosia discuss their collaboration with Obyte Network.
• Plan to contribute research on Obyte's consensus mechanisms and stress testing.
• Obyte's human-readable smart contracts for potential applications in micro-payments.
• Aim to join Obyte Network as witness nodes to enhance decentralization.

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How Obyte Prevents Double-spend

If a user attempts to spend the same output twice, two possible situations arise:

1. In the first scenario, there exists partial order between the two units attempting to spend the same output. This means that one of the units (directly or indirectly) includes the other unit and, consequently, comes after it. In such cases, it is evident that the later unit can be safely rejected.

2. Alternatively, if there is no partial order between the units attempting to spend the same output, both units are accepted initially. A total order between the units is established later, once they are sufficiently buried under newer units (details on this process are provided below). The unit that appears earlier in the total order is considered valid, while the other is deemed invalid.

Additionally, there is a protocol rule that simplifies the definition of total order. It stipulates that if the same address posts more than one unit, each subsequent unit should include (directly or indirectly) all its previous units. This implies that there should be partial order between consecutive units from the same address. Put simply, all units from the same author should be serial.

Breaking this rule, wherein the same address posts two units without establishing partial order between them (nonserial units), results in treating the two units as double-spends. This applies even if the units do not attempt to spend the same output. The handling of such nonserial units aligns with the description provided in situation 2 above.

Obyte Team Background

The Obyte project, formerly named Byteball, originated in September 2016 under the guidance of Anton (Tony) Churyumov and a team of developers based in Russia. Churyumov, known for launching various start-ups, including SMS Traffic—a platform facilitating the integration of consumers' and employees' mobile technology—shifted his focus to cryptocurrencies in 2014. Specifically, he delved into the foundational blockchain technology. Recognizing significant flaws and concerns hindering the widespread adoption of cryptocurrencies, such as high energy consumption, scalability issues, and the existence of a privileged class of miners, Churyumov was motivated to seek a superior alternative. These concerns heavily influenced the design principles of Obyte.

Obyte Project Development

Obyte, a fully decentralized distributed ledger, is excited to announce its active participation in the Kava Rise program. Through this collaboration, investors and members of the Obyte community now have the opportunity to earn regular income on their GBYTE and other cryptocurrency holdings.

Initiated by Kava, a prominent Layer-1 blockchain, the Kava Rise program is designed to incentivize dApps registered on the Kava network based on their Total Value Locked (TVL). Obyte has wholeheartedly embraced this program and has enrolled two dApps: Counterstake, a cross-chain bridge facilitating token swaps between different ledgers, and the new dApp LINE.

Within the framework of the Kava Rise program, dApps stand to receive substantial rewards, amounting to 1,000,000 KAVA tokens (equivalent to approximately $1 million) on a monthly basis. These rewards are allocated among participating dApps in proportion to the TVL they generate on Kava, with DeFiLlama tracking this metric. Obyte plans to utilize these rewards to acquire GBYTE from the market, thereby creating buy pressure, and subsequently distribute 90% of the obtained GBYTEs to users actively contributing to the TVL on Counterstake and LINE.

Obyte Price Analysis

As of November 24 2024 Obyte has a marketcap of $6.3M. This is {{percentagefromath}} from its all time high of $1.18539K. In terms of its tokenomics, there's a total supply of 1M with 87% currently outstanding. Keep in mind Obyte has a fully diluted value of $7.3M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.