Once stored in the Byteball database, the data can neither be revised nor removed.
After certain criteria are met, a new transaction becomes final. It cannot be revised even by a powerful attacker.
Regulated institutions can issue assets that are compatible with KYC/AML requirements. Every transfer of such asset is to be cosigned by the issuer, and if there is anything that contradicts the regulations, the issuer won't cosign.
Payments in private assets are not visible to anyone but the payer and the payee. The payments are not stored in the public database; rather, they are sent peer-to-peer.
For security, you can require that your funds be spendable only when several signatures are provided, e.g. from your laptop and from your phone. For shared control of funds, signatures from different people may be required.
When dealing with untrusted counterparties, you can lock the funds on an address that is spendable either by you or by the counterparty, depending on the events registered to the database by trusted third parties.
When two parties sign a single unit that executes both legs of the exchange, the two transactions either happen simultaneously or don't happen at all. It is no longer necessary to trust any centralized exchanges.
There are no blocks, nor is there a privileged caste of people who create them. Instead, users help each other by securing earlier transactions of peers.
Shop by chatting with a merchant or a merchant's bot. When you are ready to check out, it takes only two clicks to pay.
98% of all bytes and blackbytes will be distributed to current Bitcoin holders who bother to prove their Bitcoin balances during at least one of distribution rounds. No investment is required, you need just to link your Bitcoin and Byteball addresses by making a small BTC payment or by signing a message with your Bitcoin address. Then the number of bytes and blackbytes you receive in each round will be proportional to the balance of your Bitcoin address in the snapshot block of that round.
In the first round, over 70,000 BTC were linked, and we distributed 10% of all bytes and blackbytes according to linked Bitcoin balances in the first Bitcoin block timestamped Dec 25, 2016 (Christmas block).
In the second round, which is expected in mid-February, we'll distribute 62.5 MB for each 1 BTC of linked balance and 0.1 new byte for each 1 byte received in the first round. To participate, install the wallet and chat with the Transition Bot that will help you link your Bitcoin and Byteball addresses. Track linking progress at transition.byteball.org.
Byteball data is stored and ordered using directed acyclic graph (DAG) rather than blockchain. This allows all users to secure each other's data by referencing earlier data units created by other users, and also removes scalability limits common for blockchains, such as blocksize issue.
The consensus algorithm used to protect from double-spends is based on establishing a total order within the DAG. This is achieved by selecting a chain, called main chain, which gravitates towards units issued by commonly recognized reputable users — witnesses. See the white paper for details.
Testnet wallet is also available if you are a developer or want to experience the features of Byteball without spending a penny.