Byteball overview using the Feynman Technique
This post is one of a series of posts I am writing where I try to apply the Feynman Technique to a number of different crypto token projects. You can find the rest here. None of this should be taken as investment advice. They are just meant to be simple introductions to the projects.
Byteball is a secure platform that allows anyone to store any kind of data they want without needing another person or entity to manage it.
Anyone who wants to store data using Byteball needs to pay a fee using Byteball’s currency called a Byte. The amount of Bytes required to store data is equal to the amount of data you are trying to store, where 1 byte of data costs 1 Byte token to store.
Byteball is similar to Ethereum in that you can use it to create smart contracts, which are just software with specific rules. This makes Byteball a flexible platform where anyone can store their data and create rules about how that data can be accessed. It also allows for privacy.
Byteball differs from Bitcoin, and similar blockchains, because instead of combining transactions together before storing, each transaction on Byteball is separate and not required to be linked to all other transactions. This allows for much faster transactions.