During Bitcoin Wednesday on 6 December 2017, founder of Byteball, Tony Churyumoff presented his latest work.
Byteball is a decentralized ledger that uses Directed Acyclic Graphs (DAG) to create a P2P structure for payments. One of the most noteworthy characteristics of Byteball is that it establishes trust between parties executing transactions with the help of trusted users, also called witnesses, who are authorized to approve the transactions. Some of the cryptocurrency’s most notable features are trusted smart payments, chatbot-integrated payments, untraceable currency, and a wallet.
Tony explains:
Byteball is a decentralized ledger without blocks, [since blocks can be] quite problematic. In blockchains, we have two basic entities involved: the blocks and the transactions, whereas in Byteball, there is only one entity, which provides a simpler structure. Also, unlike Bitcoin, where there are several complexities involved, such as block size, delay time, and anonymity in [the] creation of blocks, Byteball connects transactions directly to each other in a P2P manner. This structure is known as a Directed Acyclic Graph.
The good thing about the [smart] contracts used in Byteball is that they can be trusted to execute exactly as agreed upon because the terms and conditions of the contract are verified by all the peers on the network that make sure all the conditions were met when the contract was unlocked. This is what we call Decentralized Enforcement.
