Obyte(Byte Snowball) is a decentralized system that uses DAG technology to store and transfer value, allowing tamper-proof storage of arbitrary data, including transferable value data such as currency, property rights, debt, shares, etc., and faster with more crowded transactions. These storage units are linked to each other, and each storage unit contains the hash values of one or more earlier storage units, both to confirm the earlier units and to establish their partial ordering relationships. DAG (directed acyclic graph) is formed between linked elements. There is no single central entity that manages or coordinates the entry of new units into the database, allowing everyone to add new units as long as he signs and pays a fee equal to the size of the added data bytes. Other subsequent users confirm the earlier cells by hashing values within their own cells and charge a fee. As new cells are added, each earlier cell, including its hash values, directly or indirectly receives more and more validation from later cells.
Because byte Snowball uses DAG (Dierecting Acyclic Gragh) directional Acyclic graph, which is a data structure, completely without the concept of blockchain, so that the consensus mechanism does not need POW and POS, as well as 100% reliable. Obyte has a very handy wallet, which is the first in the crypto world to adopt an AppleStore-like model. Free developers can develop a variety of applications on Obyte platform freely, including internal exchanges, Telegram like private chat, mutual insurance, gambling, lottery. The system also includes a highly private digital currency, the Black Ball, which for the first time cannot be traced to transactions in the ledger. In the latest version 2.1, developers developed TextCoin (a 12-word string connected by -), which allows traders to easily transfer money through strings. Users can easily transfer money through QQ, wechat, Telegram, email and other social media tools. It greatly expands the usage of Obyte, such as the ability to get a $20 red envelope with a string through KYC certification. Obyte is not sold through an ICO, but is given away for free to anyone who installs a wallet, subject to certain rules. And the circulation is very small, only one million.