Obyte (GBYTE), formally known as Byteball. It is a form of digital cryptocurrency platform. It allows its users to set a condition before a payee will be allowed to receive his/her money. However, if the set condition is not met, the user will get his/her money back. According to GBYTE developers, they are happy to release a cryptocurrency coin that allows people to do something that traditional fiat currencies cannot offer.
How doest it works?
The Testnet wallet includes bond payments, which allows you to set a condition as aforementioned before, that when your payee does not keep one side of the bargain, you will then be able to take back your money safely. It allows you to chat with other users who have the same app and pay him/her if you want to. It allows the users to predict the market price of something if the event occurred then you will be rewarded with blackbyte tokens, which have a corresponding value.
Obyte users are also allowed to create a simple, smart contract, which can only be unlocked by the creator or his/her peer depending on the future game’s results. In the more straightforward sense, betting is allowed in Obyte.
A smart contract refers to the penalties and rules that directly controls the transferring and receiving assets or digital currencies between parties. Each party is obliged to follow certain conditions. It is also referred as the crypto contract, which helps in maintaining how the asset exchange flow to run smoothly. One of the goals of Obyte developers is to make smart payments simpler and open to use for all people across the world.
The blackbytes is a form of digital currency which cannot be traced. It gives GBYTE users complete privacy when they make payments in blackbytes, the transferring of funds will not be visible in the public database; instead, they are sent via the person-to-person method.