Byteball Bytes (GBYTE) Creates a Username Payments System, Says Goodbye to Long Addresses

Byteball Bytes (GBYTE) attracted positive attention while the rest of the market remained in the red today. The GBYTE coin has appreciated fast, adding a net 7.38% in 24 hours, up to $61.14. But even at these prices, GBYTE is depressed, falling from peak levels of $1,058.49 achieved in January 2018.

The Byteball Bytes project recently released its biggest achievement - a system of intuitive usernames to be used in making transactions. The approach solves one of the biggest problems of cryptocurrencies - large and bulky addresses, which often lead to errors and losses.

Projects like DASH and Bitcoin Cash (BCH) have suggested they may work on a similar idea of intuitive crypto addresses. However, the solution has not appeared yet in its full form.

https://twitter.com/CryptoNDaily/status/1031542753564471296

Gaining a Byteball username is also possible through connecting a Steemit username with the Byteball wallet. In the past week alone, the total number of such users has grown to a total of 68,000 accounts.

A similar system of usernames can be found on the EOS network. But Byteball is an older coin, claiming to solve the problem of being a minable crypto coin, ready for widespread adoption. Byteball is gaining popularity for being yet another platform offering token generation. The project’s website suggests the Byteball ecosystem may be ideal for launching compliant security tokens, without going into detail regarding whether or not those tokens would be accepted as legal.

Still, the recent interest in security tokens and tokenized investments may further boost the appeal of the Byteball project. Byteball is not a blockchain specifically, but a network based on Directed Acyclic Graph, or DAG, somewhat similar to NANO (NANO), or IOTA (MIOTA). Byteball was distributed via an airdrop to Bitcoin owners.

More than 93% of Byteball volumes are concentrated on Bittrex, offering an opportunity for concentrated price effects based on price action on only one exchange. This trading pattern may translate into increased volatility. GBYTE has been sliding for months, but still has serious growth to offer even in a bear market. GBYTE has grown by a net 29% this week, but is yet to break the sideways drift. The asset is still down 95% compared to its peak prices.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.