Not only can you pay with cryptocurrency in our store, but you can now get cashback in Byteball Bytes, a digital currency, on every purchase. Bytes are the native currency of the Byteball platform and can be used to move money and buy and sell things. We take Byteball, but we do also give it away!
If you already use Bytes please do pop over to our store where they are accepted and do be sure to pop your Byteball address into the box on the checkout – you’ll receive 10% cashback in Bytes for free from the Byteball Foundation.
If you don’t use Bytes but are curious about crypto, just pop your email address into the box on the checkout – you’ll have some Bytes reserved for you – check your emails.
The Byteball system is really quite clever in that anyone can make applications for it, currently you can; exchange currency, buy insurance, play the lottery, and bet on the football. What all these things have in common is the need for a middleman. If Arsenal win then the bookie pays out to anyone who bet that Arsenal would win. Of course, the bookie sets the odds in his favour – the house always wins.
Where platforms like Byteball offer an exciting challenge to these third parties is the way they do away with the need for third parties, and the fees they charge. A transaction on the Byteball network cost a tiny fraction of a transaction on the VISA network, for example. The implications couldn’t be more serious for major financial interests.
Where third parties are expensive they are not always a safe option. If you are a retailer and you accept a VISA payment, for example, VISA could provide you with that money and then take it away again, upto six months later, if they found that your customer had used a stolen card. As a retailer you could mount your own action to recover the money, but to VISA the case is closed and the ball’s in your court.
Byteball Bytes are sold by the Giga Byte (GBYTE), and one of them is currently worth around £100, so why are the Byteball Foundation giving money away? Byteball was started differently to many crypto related projects. The aim has always been to give 99% of the Byteball platform native currency away for free. This is to encourage use of the Byteball platform and allow the developers to work on a really stable platform and user friendly contracts.
If Arsenal win pay Geoff
If Chesley win pay Sarah
Sarah and Geoff’s money is held in Smart Contract until official winner is announced.
Money released to either Geoff or Sarah.
Smart contracts can be scaled up with thousands of transactions happening at the same time. It could easily be a replacement for VISA, MasterCard or any other payment system.
Byteball doesn’t use a blockchain.
Instead of a blockchain, Byteball writes the public ledger and confirms transactions using a Directed Acyclic Graph – each transaction verifies other transactions happening at around the same time. The system is infinitely scalable. More is more.
Not Just A Cryptocurrency.
The really exciting thing about Byteball is that, like Ethereum, one can build smart contracts. Unlike Ethereum, Byteball can execute them in unlimited number. Byteball is energy efficient.
“Byteball enables trust where trust couldn’t exist before. When a contract is created on Byteball platform, it can be trusted to work exactly as agreed upon. Why? Because it is validated by multiple nodes on the decentralized network, which all follow the same immutable rules. The counterparty, even if it is a total stranger, has to behave honestly because only the rules have authority. Such a contract is called a smart contract” – Byteball.org
Right from within the Byteball wallet you can already; exchange currency, buy delayed flight insurance, bet on football results and play games, with active development of many more applications using these smart contracts.