We have all heard of the Byteball airdrop by now, so I’m not going to bother nagging any more about that. Just click here if you've been living under a rock the last weeks. I do however want to hear some opinions regarding what you guys think will be the outcome from the airdrop, as well as share my own opinions on the matter.
The airdrop gave us all between $10 and $160 worth of Byteball bytes for attesting our Steem username, where 50 % was liquid, and the other 50 % is locked in a smart contract for a year. I believe this was a very good move from the Byteball team for a few reasons:
- It gave everyone a taste of what the smart contracts on the Byteball DAG can be used for. All of us now hold crypto that is locked in a smart contract, so you are kind of “forced” to learn about the smart contracts.
- It forces everyone to be invested in the success of Byteball for at least a year. If you believe that Byteball will fail, then you should sell all your Bytes right away, right? But you obviously can’t sell the ones that are locked in a smart contract for a year, so you are kind of vested in the success of Byteball. I bet all of us wants it to grow ten times over the next year, letting us cash out $100 to $1,600 each instead of what we got from the liquid half.
- It prevents everyone from dumping all their Bytes, which would lower the price/value of the coin. This is what happened in the past when Byteball airdropped to Bitcoin holders.
What exactly can we do with Byteball?
I have seen a few people wonder exactly what Byteball is, and I think it's important that we holders are aware of exactly what we are holding. In contrast to what many people believe, Byteball does not even run on a blockchain! Instead it uses a system called Directed Acylic Graph, mostly just referred to as DAG. It works a little bit differently, and the main advantages is that it can do things like produce multiple blocks at the time, giving the opportunity for better scaling. If you want to learn more about DAGs, then I suggest reading this article by Forbes.
Anyway, let's return to the point of the Byteball for a second. Right now they have some cool apps, such as sport betting, flight delay insurance, attestations, exchange bots, and even a Zork game running on the system. All these utilizes smart contracts of course.
This is obviously nothing revolutionary, but the idea behind it is to have human readable smart contracts where a huge amount of bots and systems like the ones mentioned above can run. Just like most other blockchains, its future is dependent on dapps being created for it.
Will you be involved with Byteball?
I believe that my point #2 might be the most interesting one, where it “forces” everyone to be long-term investors of Byteball Bytes. This leads to the question; how many people will be involved in the future of Byteball?
I’m not a developer myself, so I often have very little to contribute with when it comes to blockchains and cryptos. However, like here on the Steem blockchain, there’s stuff we can do to promote Byteball, such as telling other people about it, answering people who need help on places like the byteball subreddit, or just get involved with the community. Being a member of a crypto community might not feel like a direct way of helping, but I’m sure the communities actually contribute indirectly with increasing the value of a cryptocoin.
What I want to know with this post is if anyone here plan on getting involved with the Byteball community, either as a developer, or as a community member? I want to get a feel of whether or not people just want to get their free money, or if the airdrop actually has successfully gotten people involved with the project.
I'm long-term holder. I will not sell them for the next two years.
Yup i will do that too its good to hold it for long
That sounds like a good plan. It would be cool if we were able to lock them for X years with a smart contract, and maybe get interest on them for doing it.
To be honest. Took money. Ran
but I am very interested in their smart wallet and its real life use for escrow payments. I will be monitoring them closely for now. I also loved their chat bot processes which worked like a dream. Jury out. High hopes though :-)
we are currently working on a real life smart contract/escrow payment service in Venezuela which we are very optimistic about.
there are current real live examples of smart contracts/escrow that you can use e.g. the sports betting bot https://bb-odds.herokuapp.com/ but the future of byteball is much more than just gambling using smart contracts
Hi mate and thanks for the response. Despite the fact the world needs a blockchain based, or in your case DAG betting exchange so badly, I did think that Byteball was kind of looking like a jack of all trades a little with all due respect.
But it worked, it wasn't too complex althought the multiple wallets and stuff did confuse me some what and as I said in the post, despite my trepidation at such things, the chat bots were right on the ball.
I just think that smart contracts/escrow payments done simply and done well if the cuture of trade, and who gets it right and gets the foot in will bring drag up the whole crypto movement into the mainstream. World trade done seamlessly, quickly and with transparency and trust is the way forward. Good look with the Venezuela project and every success in the future. I will be keeping up to date as I love genuine real world applications that can make a huge difference. Sadly there are so few.
Hehe, that's fair. I think a lot of people did this, and I've also seen a lot of people who used to it buy Steem, which is obviously good for us Steem holders.
I agree with the chat bot; it felt great to use, especially compared to dealing with Ethereum smart contracts.
I'm interested in it because I see the lack of smart contracts as a main weak point for Steem and the recent massive airdrop means there's an opportunity for some integration.
The idea of user-readable contracts is interesting, but I will have to read more deeply to see if that has actually been achieved (I've seen lots of user-readable stuff that gets very complex as soon as it becomes non-trivial).
It's 4th or 5th on my priority list, but if I have time, I do plan to hack around a little, write up a smart contract/steemit idea I have, and maybe post a utopian tutorial if it bears fruit.
Good point. The bots/smart contracts I have seen done on Byteball thus far have been pretty trivial, so maybe it's a bit early to claim that it's a functional readable smart contract platform.
I'm looking forward to seeing what you have in mind (if you find the time)!
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I just made a wallet can someone show some love to get me started. Thank you want to get into it and the airdrops.
Sorry for the late reply, but you got enough Bytes to get started on the Steem attestation now (if you haven't done it already)!
I registered byteball, but I don't know how to use byteball. How do we increase our bytes?
You need to buy it or get it if you want more ;)
Oe, I think if we increase the reputation of the steemit account, then the bytes will increase.
No, I don't think it works like that :( I think the reputation only matter when you do the airdrop the first time.
Yeap, i see now....
@valth yes deifintely many people have involved with byteball due to this airdrops. People also enjoyed these airdrops also.
Yeah, I think a lot of people enjoyed it :)
I have already get my byteball reward. And helped others. A great reward fo steemians
Yeah, it was a great reward indeed. Did you sell your Byteballs, or are you holding on to them?
I exchange them with steem.
That's not a bad idea ;) Don't forget to power it up!
yes i take my byteball reward...its amazing
Yep, it sure is :) Did you sell them, or keep them?
Great and amazing information about byteball @valth. 🤗💚
Thanks for sharing this post.
I'm glad you found it interesting, @stardivine.
I just know this was a motivational opportunity.I got my airdrops.which was no doubt too less but I am happy to receive them .
To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.
Hehe, that's good! :)
not sure yet, but i will use it for something, i love the chat bot approach to doing things with the DAG and it's really fast. i love that bit about it the most -- it's a perfect fit with the steem blockchain -- i'm hoping to see some interesting crossovers, i'd love for instance to see some kind of 'tipping intergrations' for byteball with a plugin or a submission to the condenser frontend (at least when hivemind is running etc)
While it was cool to get free stuff, i sold the first half of mine and will sell the 2nd half in a year. I have my doubts that something that was given away for free will increase in value. Also the day after the airdrop the wallets weren't working and you couldn't send anything, and that lasted a while. Is it really going to scale? This was just 50 000 steemit users, what would happen if it was 10 million gamblers on superbowl sunday? It's also kind of confusing with gigabytes and all the zeros. Hopefully this doesn't offend the byteball team, i like free stuff, just my honest opinion.
the network problems on july 13- 15 were nothing to do with steem, was a wallet upgrade feature that was released at the same time as the Steem release. the network has been stress tested to handle far more than steem give it. did you see this post explaining? https://medium.com/byteball/network-issues-over-the-weekend-and-questions-about-steem-attestations-99935d9a3efd
regarding your doubts about whether something given away for free can increase in value.
I suggest reading the byteball whitepaper or this https://en.wikipedia.org/wiki/Metcalfe%27s_law
Metcalfe's law
Metcalfe's law states the effect of a telecommunications network is proportional to the square of the number of connected users of the system (n2). First formulated in this form by George Gilder in 1993, and attributed to Robert Metcalfe in regard to Ethernet, Metcalfe's law was originally presented, c. 1980, not in terms of users, but rather of "compatible communicating devices" (for example, fax machines, telephones, etc.). Only later with the globalization of the Internet did this law carry over to users and networks as its original intent was to describe Ethernet purchases and connections.
I find the technology interesting and I would like to see its development on a large scale. For this, it would require applications that can reach a large number of people.
For example, insurance on aircraft flights only reaches travelers who are interested in cryptos, who know Byteball and who will think about using the bot.
@valth you were flagged by a worthless gang of trolls, so, I gave you an upvote to counteract it! Enjoy!!
Thank you :)
I didn't get many referrals, so I sold them right away. I don't see the point of hodling a small amount of bytes. Now if I would have gotten a lot of referrals, I would have either kept them or turn them into steem (which is pretty cheap now, so it's worth).
Hi @valth
Very nice of you to share some more info about Byteball
I will follow the development for this coin. I received my share, even if I'm not that happy that i did not get any money for those I sent sponsorship too. I guess that happened for you too? I read that some bot's had a thing or two to do with that.
I have some experience with the Ios app. And noticed that it is not possible to turn of the chat bot after starting it. I started the luckybytes chat and there is no way to turn it off. I don't want too have notification on this every time I log inn.
To your questions. I will try to get involved, but not as a developer, since as you know, I don't have a clue about programming. I did wonder if I should try the flight delay part since I'm flying to Spain on Friday. But thinking about it, RyanAir har only been delayed 1 time since i started using them many years ago.
My holding is 0.39 gb and 0.62 in smart wallet. Hopefully this will give me som fun money in the future
To disable the notifications from a bot, simply remove it from your contacts list. You can always add it later on in case you need it again.
This I should have done if I knew how. I don't see how on my app for Ios, please enlighten me if i have failed to see a button
Thank you, I finally found it:-)
I came to byteball for the airdrop, but then I learned a few things about trading that I wanted to learn long time ago and got hooked. I understood about the referrals and also why they locked 50%, it was a clever way to keep us learing about byteball and make the community grow and care. Thanks to this I learned good things in the crypto-world, and now I'm in to everything they do.
For the question in the last part, my answer is being a passive holder for a while. Lol
I was very curious what the byteball really is, and your article helps me a lot to understand what it is. Same as you, I am not a developer myself, and also soooooo newbie in blockchains and cryptos. However, cryptos got my serious interest and I am getting addicted to know about it. Not now, but maybe in close future, I will be a member of a crypto community to encourage or help people to understand about it.
Btw, thank you for your easy explanation.
Following you, and i will be appreciated if you follow me back. :)
Simple rule apply... Buy low and sell high...
I prefer holding mine... Cryptos are in a slum right now and a fool would sell now, as we are almost at the end of bear run...
Let the bullishness return and let btc regain its lost ground... I say, wait at least till the end of 2018.