One of the earliest issues that cryptocurrencies talked about was that with every transaction being recorded on the cloud and a network of distributed ledgers, there will be an ensured security against any breach of contracts. However, different blockchains encountered different scams, data theft and cyber-attacks over the years that made it obvious that nothing is as secure as everyone thinks it to be.
To address this very same issue, Obyte was released into the crypto-markets. It is not a blockchain by nature, but is based on DAG technology. It allows its users to have access to unbreachable contracts on the network, user-controlled identities, application development environment and a platform to send and receive payments on the network.
Obyte is basically the technology or the platform, its crypto-token is called Byte. It is scheduled to be released soon and will then be available on major cryptocurrency exchanges like Changelly, Binance and Bittrex. Obyte will also release its purposely built E-wallet specially designated for Byte tokens. The wallet will be known as ByteBall wallet (Team, 2019).
Team and community of Obyte
Obyte was founded by Tony Churyumoff, who is also the lead developer of the project. The team consists of other experienced developers like Mikhail Pustovalov, Evgeniy and Tarmo. The team is actively working on the development which can be tracked on their Github repository. Obyte has also managed to gather around a large community which is very active on its news releases and promotions. Social platforms have designated forums which have Obyte groups, discussing its development and future roadmap.
The technology behind Obyte is not a blockchain but Directed Acyclic Graphs (DAG). The concept of DAGs in cryptocurrencies is a relatively newer one but a lot of crypto-tokens are seen to be built on this scheme. Obyte has a vision of developing a platform that can be scalable, offer fast transactions and be virtually free. The elimination of blockchain technology from the technology stack makes all of this possible. There would be no traffic congestion as transactions would not need to wait for new blocks to be created, no mining means there would be no need for transaction fees and users would add transaction on to the network themselves.
Obyte also made use of the technology commonly known as ‘atomic exchanges’. This means that if the transaction is not executed at the same time from both ends, then it would not happen at all. This ensures the security of the transaction. Also, Obyte is completely decentralized, without any interference from any central body.
The team and the technology behind Obyte, both attempt to solve many of the problems that have contaminated the practicality of blockchain technology. It offers a smart contract creation system that is simple enough to be used by common people. Much of the total Byte supply were distributed for free because the team believes that mass adoption requires wide distribution. Currently the price of Obyte token is around $26 and is holding on to the market pretty nicely (Verna, 2020). However, the DAG technology is a relatively newer one in the crypto-sphere and will need time to evolve in to a thoroughly tested tool.
With all this, Obyte is a promising technology with some ambitious goals. The team is adamant and have proper vision to solve the underlying problems in the cryptocurrency world. The coming year will decide the future of Obyte, once it rolls out in to the testing phase. Till then, keep an eye out for any further developments.
Official website : https://obyte.org/