Byteball is a Moscow based new generation cryptocurrency platform rival to Bitcoin and Ethereum. In its efforts to differentiate itself from other cryptocurrencies and attract more investors, it managed to create new dynamics for the market by offering innovative services to all its users.
These innovative services include the creation of a bot store as well as offering Peer-to-Peer (P2P) insurance to all its users.
Facts about Byteball
Byteball is a new generation start-up cryptocurrency platform that was launched on Christmas day last year. It offers a decentralized storage and transfer of value system.
It was developed on Directed Acyclic Graph (DAG) rather than on blockchain technology like other traditional cryptocurrencies like Bitcoin and Ethereum. This allows it to avoid block size scalability related issues.
The start-up cryptocurrency platform can be effectively used for the issue of assets that represent debt, shares and commodities among other things. Byteball is similar to Ethereum because it uses a user friendly smart contracts platform. It also has other innovative features such as cryptocurrency wallets and bot supported e-commerce among other things.
The following paragraphs briefly describe two very important Byteball innovations that differentiate it from traditional cryptocurrencies and provide new dynamics for the entire cryptocurrency market.
Byteball’s bot store
The new bot store that was developed by Byteball offers its users various apps with an integrated chatbot interface. These include things like cryptocurrency exchange, flight delays oracle and sports oracle among other apps. All of the apps were created by independent developers.
The bot store is very similar to any traditional app store.
However, the significant difference is that the users can begin using apps based on chatbot absolutely free of any charge.
Peer-to-Peer (P2P) Insurance
Byteball’s primary real-world Peer-to-Peer (P2P) application relates to prediction markets. More specifically, to the insurance market.
The Peer-to-Peer (P2P) insurance is a reciprocity insurance contract that works via the Collaborative Consumption concept.
Its aim is to save time and money by reducing overheads, increasing transparency, bypassing inefficiencies and by eliminating conflict among the insurance carriers and their policyholders when a claim occurs.
Byteball’s future plans
Unfortunately, until now, Byteball’s Peer-to-Peer (P2P) insurance application has not been fully utilized. However, the company is planning to change this by applying its technology to real-world situations in order to serve the interests of all consumers. The company aims to exhibit how much a start-up cryptocurrency can achieve in a small amount of time by combining its Peer-to-Peer (P2P) technology in the insurance market with its newly formed bot store. Such innovations and forward thinking are vital for cryptocurrencies wishing to expand and hain market share.
