Moscow-based next generation cryptocurrency platform Byteball has released an online bot store and P2P insurance for all users. The new bot store provides various apps with an integrated chatbot interface, such as cryptocurrency exchange, flight delays oracle, sports oracle, and others created by independent developers.
Unlike traditional blockchain-based cryptocurrencies, Byteball has no blocks; instead, Byteball uses a technology known as Directed Acyclic Graph (DAG) to avoid scalability issues. With DAG, every new transaction references several previous transactions, (known as parents) by including and signing their hashes. By including its parents, each new transaction also indirectly includes and confirms all the previous parent transactions, dating back to the original transactions. As more transaction information gets added after a particular transaction, the number of confirmations registered by that particular transaction will continue to grow.
Byteball’s bot store offers bot developers a level of exposure while giving consumers a platform to access cryptocurrency-powered apps. The bot store is similar to a traditional app store, except that users can start using chatbot-based apps free of charge. In addition, chatbots also bring smart contracts closer to end-users by automating their creation. The user only needs to accept the smart contract to use the app’s service. In order to keep the interest and use of this high, Byteball has dictated that these contracts by very simple and easy to read, for the benefit of regular users.
Byteball’s primary, real-world P2P application relates to prediction markets, specifically insurance. The recently launched flight delays oracle is one example, capable of posting live information about flight delays. The information can then be used in P2P insurance to get paid if the insured flight was delayed.
Similar to the flight delays oracle, the Byteball sports oracle posts information about results of football matches. The information from this can then be used in P2P sports betting smart contracts. Other markets in which these oracles can be utilized include insurance for weather events, investment ratings, and news. Byteball hopes this will bring cryptocurrencies and peer-to-peer services greater publicity.
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I like the idea of parent transaction encryption but I don't understand how that indirectly contains the entire blockchain? I would assume after a while, earlier transactions in the chain would become obscured by writing and encrypting new transactions with the parents.
I'm by no means an expert in blockchain tech so if you can illuminate me on this I would massively appreciate it. :)
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