Obyte
Crypto Overview
Project Overview
Obyte (formerly Byteball) is a DAG-based distributed ledger technology platform launched in 2016. Unlike traditional blockchain platforms, Obyte uses Directed Acyclic Graph (DAG) technology for its consensus mechanism, which enables faster transactions and better scalability.
Intended Utility
The platform aims to provide a framework for creating user-friendly decentralized applications, smart contracts, and tokenized assets. The native GBYTE token serves as the primary medium of exchange within the ecosystem and is used for transaction fees.
Actual Usage and Development
The platform has several active use cases including: conditional payments, peer-to-peer insurance, prediction markets, and asset tokenization. The development team maintains regular updates, with consistent GitHub activity showing ongoing technical improvements.
Token Distribution and Governance
The initial distribution of GBYTE tokens was conducted through a fair distribution model where tokens were distributed freely to Bitcoin holders. There was no ICO or pre-mine, suggesting a lack of founder enrichment schemes. The development team maintains transparency through regular updates and community engagement.
Revenue Model
The platform generates revenue through transaction fees paid in GBYTE, which are used to compensate witnesses (validators) in the network. This model does not involve interest-based mechanisms or riba.
Ecosystem Analysis
While the platform supports prediction markets which could be considered questionable from a Shariah perspective, these represent only a small portion of the overall ecosystem. The majority of applications focus on legitimate use cases such as asset tokenization and conditional payments.
Crypto Impact
To assign a comfort level investing in Obyte from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Obyte.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.