A ledger based on DAG
Obyte is built on DAG technology crypto (directed acyclic graph), not blockchain, unlike most other crypto networks.
Obyte completely fulfills the promise of cryptocurrency—eliminating middlemen—by employing a block-free, DAG technology crypto-based ledger.
All users in Obyte have equal privileges and can freely add their transactions to the ledger; there are no miners (block makers) in the system.
They act directly without using middlemen or gatekeepers who can obstruct or postpone transactions they don’t like.
Each Obyte DAG technology crypto transaction refers to one or more parent transactions that came before it. Each transaction has a unique hash, and by referring to parent transactions, a child transaction also contains the hashes of those transactions.
When a new transaction is added to the DAG technology crypto, it immediately receives transactions that include its hash as children, followed by grandchildren. The number of subsequent transactions that directly or indirectly include increases over time.
Users must pay a charge equivalent to the transaction’s size in bytes to connect their transactions to the DAG technology crypto at any time.
Byte, Obyte’s native unit of the account value, enables you to contribute one byte of storage to the world’s immutable database, where it will be permanently kept.
The protocol encourages users to attach new transactions to the end of the DAG technology crypto, i.e., choose the most recent previous transactions as parents, despite the fact that users can add their transactions at any point on the DAG technology crypto. By doing this, the user has a chance to profit from the fees paid by the parent transactions.
Transactions are signed by user private keys, much as in other crypto networks, and it is conceivable for a user to transmit two conflicting transactions that attempt to spend the same money twice—a double spend. Miners handle double spending on blockchains.
In Obyte, the order of transactions is predetermined by rules, which all nodes follow to produce the same sequence of transactions. When two double-spends occur, the one that occurs earlier in the order of commerce—the same for all nodes—wins.
Some transactions are already organized by the DAG technology crypto and one or more parent-child links that connect them.
The so-called Main Chain is the sequence in which transactions that are not related by parent-child linkages are placed.
The Main Chain is a chain on the DAG technology crypto that favors transactions created by users known as Order Providers who post regularly (formerly called Witnesses).
All nodes may construct the MC around the transactions they consistently post since they act as waypoints.
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