Byteball airdrop round for june just ended and around $47 Million worth of byteball were distributed. A total of 450,000 BTC participated in this round of airdrop.
What is ByteBall?
Byteball is an altcoin developed by Anton Churyumov who has a Russian equivalent of PhD in physics and math. Byteball can be described as a system of stored tamper proof data which can represent currencies, shares etc. The currency bytes is what gives byteball value. Currently Byteball is trading at 0.25btc per 1GB.
ByteBall Technology – Cryptocurrency without Blockchain
The underlying technology of byteball is different from the traditional cryptocurrencies. Byteball does not have a blockchain. It has no blocks. Instead every transaction includes a reference to its parents by including and signing their hashes forming a Directed Acyclic Graph(DAG). Currently only 1 other cryptocurrency follows this approach which is IOTA.
Byteball follows a simple rule while deciding the fees for any transaction. The fees required for the transaction is equal to the size of data being stored. If the size of the transaction is 300 bytes, the fees required is 300 bytes. The fees is collected by those who references your transaction as parent and partially by witnesses.
Byteball has a total cap of 1 Million GBs. This supply is fixed and will never increase or decrease.
- Declarative Spending Conditions : Also known as smart contracts, Byteball provides the features of smart contracts that provides the features of issuing a sum that will only be paid after specific conditions are met.
- Mutisig: A special case of smart contracts
- Private end to end encrypted messaging
Byteball is being distributed 100% free of cost to those people who hold bitcoins. 10% of bytes were distributed on December 25, 2016 when the network was first launched. Another 9% has been distributed in the rounds 2 to 5. Last round was held on June 9, 2017 and subsequent round dates are yet to be announced.
ByteBall Airdrop Effect on Price
The round that was held on June 9, 2017 resulted in a dip of price of 20%. The price fell from 0.30 btc per coin to 0.20 btc and is currently being fluctuating between 0.20 to 0.25btc. Every round held will increase the supply available but due to the promising technology and the future of the currency, the price bounces back everytime.