Obyte (byte snowball) is a decentralized system that uses DAG technology to store and transmit value, allowing tamper-proof storage of any data, including transferable value data, such as currency, property rights, debts, shares, etc. And the more crowded the transaction, the faster it will be. These storage units are linked to each other, and each storage unit includes the hash value of one or more earlier storage units, which is used both to verify the earlier units and to establish their partial order relationship. Linked units form a DAG (Directed Acyclic Graph). There is no single central entity that manages or coordinates the entry of new units into the database, allowing everyone to add new units as long as he signs and pays a fee equal to the size of the added data bytes. Other later users confirm the earlier units by the hash value in their own units, and collect fees. As new units are added, each earlier unit, including the hash value within it, receives confirmations, directly or indirectly, from more and more later units.

Because Byte Snowball uses DAG (Dierected Acyclic Gragh) Directed Acyclic Graph, which is a data structure without the concept of blockchain at all, so that the consensus mechanism does not require POW and POS, and it does the same 100% reliable. Obyte has a very easy-to-use wallet. It is the first time to adopt a model similar to AppleStore in the encrypted world. Free developers can freely develop various applications on the Obyte platform. It involves internal exchanges, private chats similar to telegram, mutual insurance, Gambling, lottery. In this system, there is also a digital currency with strong privacy - black ball, which is the first time that transaction information cannot be traced even on the general ledger.

Core features

Obyte has core features that make its platform very powerful:

Atomic Swap
This removes the need for trusted centralized exchanges. Instead, transactions between users happen simultaneously or not at all.

Regulated Assets
Institutions can easily issue assets that comply with Know Your Customer and Anti-Money Laundering policies.

Multi-Signature Capabilities
For added security, users can require approval signatures from multiple devices before a transaction is processed. Additionally, the multi-signature feature creates a process for exchanging shared assets with multiple owners.

On-Chain Oracles
Oracles are verified data sources of world events connected to the database. Users can use oracle's imported data to create customized services for any smart contract. Oracles are basically trusted third parties who monitor specific world events and import their results into Obyte as a data feed.

Immutable Storage
Once data is put into an Obyte database, it is never changed or deleted.

Settlement Finalization
A new transaction is finalized when certain criteria are met. Even a powerful attacker cannot modify it. There is no need to guess how many confirmations a transaction needs to be credible, and there is no 51% attack.

Features

Obyte is versatile and has significant advantages over some of its blockchain competitors:
Multiple asset classes
Obyte can be used to store and transfer different asset classes values ​​such as currencies, bonds, and commodities.
Privacy
Blackbytes enables users to send payments and mail securely and anonymously.
Free distribution
Unlike most cryptocurrencies with profitable ICOs, Obyte has decided to give away most of its supply for free.
Conditional Payments
Obyte allows users to make simple risk-free conditional payments, which are only made when specified contract criteria are met. Conditional payments allow users to set a smart contract condition that bound funds must be collected for the payee. If the payee does not fulfill its commitments (or the external data does not meet the stipulated contract condition criteria), you can safely get your money back after a specified waiting period.
Oracle-based betting and hedging
Combining Obyte's conditional payment smart contracts with trusted data feeds from oracles gives the ability to bet (or hedge) major world events.

Obyte 用户可以推测各种各样的事件：
 
体育赛事 – 在世界上任何体育赛事的结果上投注，无需预定。
Weather Events – Fight against extreme weather events that can affect your business or vacation experience.
Travel Events – Users can purchase flight insurance and get reimbursed if their flight is delayed or canceled.
Political Events - Bet on the outcome of political events. Users can counter the commercial risk of adverse political outcomes.
Price Events - Price Events allow you to short cryptocurrencies without owning them. This is done by simply enacting smart contract conditions that depend on the price of the selected coin reaching a certain price threshold.
 
转账特点
 
1、确认速度非常快。 A confirmation takes about 30 seconds. If you want to have 3-4 confirmations, it is not 30 seconds x3, but multiple confirmations may be obtained within these 30 seconds. High concurrency, no TPS upper limit.
2. No block size limit, no miners, good scalability.
3、交易费用低廉
 
设计
 
Obyte中没有区块的概念，也没有区块容量的问题。 Instead, each new transaction references one or several earlier (parent transactions) transactions by including and signing their hashes.交易中的链接形成了一个DAG(有向无环图)(directed acyclic graph ):
　　
通过包含它的父母交易，每一个新的交易也可以间接地包含和确认所有父母交易的Parent, parent of parent transaction, parent of parent transaction, and so on.随着添加的交易越来越多，收到的确认数也会像滚雪球一样一直增加，这也是为什么命名为Obyte的原因(这里的雪花是数据字节).
 
共识
 
Obyte使用了DAG，没有PoW，也没有PoS以及挖矿。它可以在交易之间建立部分有序，加上在DAG中添加的主链:
　　
主链(MC) 允许在交易之间定义完整的顺序: 已经包含在主链中的更Earlier transactions (direct or indirect) are also considered earlier in the full sequence. When a double spend occurs, the transaction that appears earlier in the complete sequence is considered valid, and the others are considered invalid.

The main chain is determined based on the position of the transaction in the image. According to the details of the white paper, in general, the main chain attracts transactions authorized by well-known users, who are never called witnesses. The list of witnesses is defined by the user as they include this list in every transaction.
The main chain is based on the path in the DAG:
1. The list of adjacent transaction witnesses on the chain is either the same or different, there is only one case
2. The chain will carefully check the large Transactions authorized by part of the witnesses and compared with the alternative chain.
 
交易费和内在价值

The fee paid for saving a transaction in the Obyte database is equal to the size of the stored data. If your transaction capacity is 500 bytes, you pay exactly 500 bytes (Obyte's native token) transaction fee. This means that there is intrinsic value in these bytes: it stores data of the same size permanently in a decentralized immutable database. For data that represents financial transactions, the value is social, not just personal, because you need to store all the historical records to be able to prove the value and authenticity of the coins owned by each owner.

Part of the transaction fee is earned by the user who first referenced your transaction as the parent transaction, and another part of the transaction fee is earned by the witnesses. The former incentivizes the most recent transaction to be referenced as the parent transaction, thus realizing that the DAG only grows in one direction. Like a tree trunk, minimize network latency as much as possible. If there are very few new transactions, so that all nodes have enough time to synchronize before new transactions appear, the DAG will look like a chain, with occasional forks and rapid merges.
 
最终确定性

In Obyte, the protocol rules are such that a transaction must contain previous transactions sent by the same address, for example, there must be a partial order between subsequent transactions sent by the same address. Breaking this rule means double spending, so at least one of the out-of-order transactions will be invalid. If we assume that the majority of witnesses follow this rule (which also selects their purpose) they must only refer to transactions that are as recent as possible as parents, and not inherit from long-ago parent transactions. Therefore, in the part before the DAG, they will not affect the main chain, and that part of the main chain also becomes stable, because the overall order also becomes stable. See the whitepaper for a discussion of the exact conditions for achieving stability. The important thing is that the conditions are certain. Once a transaction becomes a stable part of the main chain, it will eventually be impossible to reorganize, unlike all other cryptocurrencies.

This is extremely important for applications in the financial industry and more generally, because most people want certainty when it comes to near-term and asset ownership, and the concept of possibility is a difficult one. accept things.
 
 
相关资料：
Obyte中文网：http://www.byteball.cn/