Exchange Obyte

GBYTE, also known as Obyte, is a decentralized cryptocurrency and platform that aims to provide secure, scalable, and private transactions. It was created by Tony Churyumoff in 2016. GBYTE is the native cryptocurrency of the Obyte platform.

The vision behind the Obyte project is to create a decentralized platform that offers secure, scalable, and private transactions while enabling the development of decentralized applications (dApps).

Obyte aims to provide a user-friendly experience to attract a wide range of users, including non-technical individuals. The goal is to make cryptocurrency and decentralized applications accessible to everyone.

The Obyte platform utilizes a directed acyclic graph (DAG) structure called the "DAG-based ledger" as its underlying technology, which allows for fast and feeless transactions. This means that transactions on the Obyte network do not require traditional mining or fees typically associated with other cryptocurrencies like Bitcoin.

Obyte seeks to overcome the scalability limitations of traditional blockchain platforms by utilizing the DAG structure. This enables parallel processing of transactions and increases the platform's capacity to handle a high volume of transactions efficiently.

The Obyte platform also offers smart contract functionality, enabling the development of decentralized applications (dApps) on its network. These smart contracts are written in a language called "Oscript."

One unique feature of GBYTE is its focus on privacy. Obyte provides users with the ability to send private transactions using its "Blackbytes" feature. Blackbytes are a separate type of currency on the Obyte network, designed specifically for confidential transactions.

Obyte uses a "Witnessed-Ordering Consensus" (WoC) as its underlying consensus algorithm, designed specifically for the Obyte platform. In WoC, consensus is achieved through a combination of a DAG-based data structure and a voting process involving network participants called "witnesses." Witnesses are chosen based on their reputation within the network, which is determined by the number of tokens they hold and their past behavior.

Transactions are grouped into units, which are then linked together in a DAG structure. Each unit references one or more parent units, forming a chain of transactions. Witnesses take turns proposing the next unit to be added to the DAG. They independently create a unit and include references to one or more parent units. The witnesses then vote on the validity of each proposed unit.

Witnesses cast their votes by signing the proposed units. The weight of each witness's vote is determined by their reputation, which is based on their holdings and behavior. The more reputation a witness has, the more weight their vote carries. Once enough votes are collected for a unit, it achieves consensus. The units are then ordered according to a topological order, which ensures that all transactions are causally linked.

After consensus is reached, units are considered final and cannot be modified. This provides security and immutability to the Obyte network.

Through the Witnessed-Ordering Consensus mechanism, Obyte achieves scalability, fast transaction confirmation times, and resistance to double-spending attacks. It eliminates the need for traditional mining and the associated energy consumption and fees.

Obyte is designed to be compatible with other blockchain networks and protocols. This interoperability enables seamless integration with external systems and facilitates cross-chain transactions. 

The Obyte Foundation is an organization that plays a significant role in supporting and advancing the development and adoption of the Obyte platform. It serves as the driving force behind the project's vision and community initiatives. The Obyte Foundation is responsible for overseeing the ongoing development and maintenance of the Obyte platform. It coordinates efforts to improve the protocol, enhance security, and introduce new features and functionalities.

The foundation actively engages with the Obyte community, fostering collaboration, and promoting participation. It encourages developers, users, and stakeholders to contribute to the project, share ideas, and provide feedback.

The native currency of the Obyte platform is called Byte, and it serves multiple purposes within the ecosystem. Firstly, Byte is used as a means to pay transaction fees on the platform. Additionally, Byte stands out as the most popular and widely distributed asset among the various assets available on the platform (other assets can be found in the Tokens section).

GBYTE serves as the currency unit of Bytes and is actively traded on exchanges. In the Obyte ecosystem, 1 GBYTE is equivalent to 1 billion Bytes. While Byte represents the smallest indivisible unit of currency, GBYTE offers greater convenience when expressing common amounts. GBYTE values can include up to 9 decimal places, allowing for precise fractional numbers.

The relationship between Byte and GBYTE can be likened to that of cents to dollars or satoshis to Bitcoin. In some instances, GBYTE is abbreviated as GB. Additionally, certain applications utilize MBYTE (or MB), which denotes 1 million Bytes. To denote larger quantities, other SI prefixes are employed, such as KBYTE (KB) for 1000 bytes and TB for terabyte, which represents 1 trillion Byte. 

Average Fees on the GBYTE Network

In the Obyte network, users have the flexibility to attach their transactions at any position within the DAG (Directed Acyclic Graph). However, it is important to note that a fee is required for this action, and the fee is determined by the size of the transaction in bytes.

On the Obyte platform, an average payment transaction typically occupies approximately 800 bytes of data. At the current rate, the cost of such a transaction is approximately $0.00001.

GBYTE Coin Wallets 

There are several wallets available that support the storage and management of GBYTE tokens, including Obyte Wallet, the official wallet provided by Obyte, Ledger Nano S/X, Trust Wallet, Coinomi, Bittrex, Exodus, Atomic Wallet, Freewallet, MyEtherWallet, Binance, KuKoin, etc.