Obyte
Crypto Overview
Overview
Obyte (formerly Byteball) is a decentralized platform launched in 2016 that uses Directed Acyclic Graph (DAG) technology instead of a traditional blockchain. The platform aims to facilitate peer-to-peer value transfers and enable the creation of smart contracts without intermediaries.
Purpose and Utility
The primary intended purposes of Obyte include: facilitating peer-to-peer transactions, enabling conditional payments through smart contracts, creating and trading tokenized assets, and supporting decentralized applications. The GBYTE token serves as the native currency of the network and is used for transaction fees and as a medium of exchange.
Current Usage and Development
The platform maintains active development, with regular updates to its protocol and tools. Key features include: Autonomous Agents (smart contracts), a decentralized exchange called Oswap, and various user-friendly wallets. The project demonstrates ongoing technical progress and maintains transparent development practices.
Business Model Analysis
Obyte's business model focuses on providing a platform for legitimate value transfer and smart contract execution. The platform does not inherently facilitate any haram activities like gambling or interest-based lending. The revenue model is based on transaction fees and the natural market dynamics of the GBYTE token.
Token Distribution
The initial distribution of GBYTE tokens was conducted through a fair distribution model where tokens were given away for free to Bitcoin holders. There was no ICO or pre-mine, suggesting a fair launch approach. The development team received a portion of tokens for continued development, but this was transparent and reasonable.
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.
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