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Byteball, the Moscow-based Russian cryptocurrency platform has announced the upcoming distribution of its “Bytes” crypto tokens. The second round of distribution, which follows the initial bytes’ giveaway organized on the Christmas day of 2016 is scheduled for February 11, 2017, at 0033 (UTC) hours.
[Note: This is a press release]
The upcoming distribution round is set on the full moon day of February. This time, both Byteball and Bitcoin community members can participate in the distribution. The existing Byteball community is made up of Bitcoin community members who took part in the launch day giveaway where they were issued Byteball tokens proportional to their respective Bitcoin holdings.
During the initial distribution, Byteball gave away bytes (native cryptocurrency) and blackbytes (untraceable private currency) to accounts linked to over 70,000 BTCs. In the upcoming distribution, Byteball will be offering 0.1 gigabytes (GB) for every GB and 0.0625 GB for every Bitcoin held by eligible community members.
In a press release, the Byteball team was quoted explaining the distribution process by saying,
In the new distribution, 1GB holding receives the same share as 1.6 BTC. 1 GB is currently traded at 0.05 BTC.
The technology behind Byteball is designed to help the cryptocurrency avoid scalability issues similar to that of Bitcoin network. The platform, instead of using the conventional blockchain technology uses Directed Acyclic Graph (DAG). The absence of blockchain saves it from the problems related to block discovery times and block sizes.
Also, Byteball community members, when compared to other cryptocurrency users have much greater control over the funds. The easy to use, user readable smart contracts implemented by the network makes it easier for the community members to navigate through the Byteball ecosystem.
The Byteball ecosystem is currently comprised of cryptocurrency wallets, a bot supported marketplace, an untraceable private currency and more. It also has a chatbot enabled exchange platform where users can exchange their bytes to bitcoin and vice versa.
Images courtesy of Bitcoin PR Buzz, Shutterstock