Cryptocurrency Startup Byteball Now Offers Bot Store and P2P Insurance Solutions

· June 20, 2017 · 3:30 am

Russian-based next generation cryptocurrency platform Byteball now offers users an online bot store and P2P insurance. The bot store will provide users with a selection of free bot apps, an integrated chatbot interface, flight delays oracle, sports oracle, and others created by independent developers.

[Note: This is a press release]

Byteball as a cryptocurrency is much different to alternatives like Bitcoin or Ethereum, as it has no blockchain. Instead, Byteball uses Directed Acyclic Graph (DAG), which prevents issues relating to scalability. All new DAG transactions reference the previous transactions (known as parents) by signing their hashes.

In doing so, each new transaction indirectly includes and confirms all previous transactions — all the way back to the original transaction. As the transactional information starts to build up so do the number of registered confirmations. This system creates a snowball effect of transactions, accurately reflected by the name, Byteball.

Unlike traditional App stores, Byteball’s bot store offers free chatbot-based apps. Developers can quickly develop and publish apps that can provide a vast array of services, via the integrated chat interface feature. This new chat feature integration and payments systems are made possible through Ethereum smart contracts.

Chatbots are also pushing smart contracts closer to end-users by automating their creation after the contract is accepted by the user through their app. To appeal to a wider target audience, ByteBall has made sure the contracts are as simple as possible.

The most interesting and effective application of Byteball’s technology is in the area of prediction markets. The company recently launched a flight delay Oracle, which shows the technology’s potential, as it posts live information regarding flight delays. The information can then be used in P2P insurance to compensate the user in the event of a missed flight.

Byteball also offers a sports oracle, which features sports match results and information that can be used for P2P sports betting. The smart contract-based oracle software can also be applied to many other appropriate fields such as weather events, investment ratings, and news.

Although currently underutilized, Byteball is making strides towards implementation of P2P technology within various real-world markets, helping it reach its full potential. Byteball’s P2P integration in prediction insurance markets and new bot store are the first signs that the technology’s potential is finally being realized.

Images courtesy of Byteball, AdobeStock

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