Byteball: Make DAGs, Not Chains!

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Byteball is a decentralized cryptocurrency like none seen before it. It has no blocks, hence no blockchain, hence no block size issue. It relies instead in DAG (Directed Acyclic Graph) to partially organize transactions, which form their own “blocks” called units. These units are limitless, but the fee paid for each transactions ir proportional to their size. – Read Whitepaper

Byteball DAG

The native currency within the Byteball network is called “Byte”. Bytes are the standard form in which value exchanges hands and it’s also used to pay the transaction fees, which are charged by the network on a one-to-one scale, meaning that if a transaction contains 2000 bytes of data, the sender will be required to pay 2000 Bytes (2 KBytes) for said transaction. Fees do not go to Proof of Work miners, however, as there are none. Instead, the fees go to “Witnesses”, who can be anyone in the network that makes a transaction.

Since transactions are, in a sense, their own blocks, they confirm each other in a chronological order, meaning that new transactions confirm older transactions. When a user creates an outgoing transaction, he is required to choose a

Read more ... source: DeepDotWeb

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