Obyte

Overview

Obyte (formerly Byteball) is a DAG-based distributed ledger technology launched in 2016. The platform aims to provide a framework for creating decentralized applications and smart contracts without the limitations of traditional blockchain architecture.

Purpose and Utility

Obyte's primary purpose is to serve as a platform for decentralized applications and conditional payments through its smart contract functionality. The native GBYTE token is used for transaction fees, smart contract execution, and as a medium of exchange within the ecosystem.

Technical Implementation

Instead of a blockchain, Obyte uses Directed Acyclic Graph (DAG) technology, which allows for parallel processing of transactions and improved scalability. The platform features atomic exchanges, condition-based smart contracts, and a unique consensus mechanism called 'Main Chain' that helps maintain network order.

Current Usage and Development

The platform supports several real-world applications, including a decentralized exchange (Oswap), prediction markets, and conditional payments. Development activity continues with regular updates to the core protocol and ecosystem applications. While adoption remains relatively modest compared to larger platforms, there is consistent usage of its core features.

Token Distribution and Governance

The initial distribution of GBYTE tokens was conducted through a fair distribution model, with tokens being distributed to Bitcoin holders who verified their identity. There was no ICO or pre-mine, suggesting a relatively fair launch structure. The development team maintains transparency about protocol updates and future developments.